Cyprus accelerates business digitalization: €30 million for enterprise modernization

Minister of Energy, Commerce, and Industry Michalis Damianos stated the need for accelerated adoption of digital technologies in Cypriot companies while speaking at the 6th "Technologies in Action" conference and exhibition.

According to the Ministry, the event focused on the opportunities that artificial intelligence and smart digital solutions open up for businesses and public organizations. The Minister emphasized that digital transformation is becoming a key factor in economic competitiveness.

Within the 2021–2027 programming period, €30 million has been allocated to the Digital Modernization Plan for Enterprises. Out of this amount, €20 million comes from the EU Cohesion Policy Funds and €10 million from the Recovery and Resilience Facility. To date, three calls for applications have already been conducted, covering the entire available budget.

The program aims to support small and medium-sized enterprises in almost all sectors of the economy, with the exception of certain areas of primary production, agricultural processing, fisheries, and aquaculture.

Damianos noted that modern technologies — including industrial digitalization, 3D printing, and artificial intelligence systems — are shaping a new economic reality. In these conditions, businesses need to review their processes, adapt strategies, and invest in continuous technology updates.

The Minister stressed that the transition to a digital economy is not a temporary trend but a structural change upon which the sustainability and development of Cypriot business depend in the face of global competition.