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12° Nicosia,
17 July, 2024
 

Cyprus' defense industry poised for growth

Kathimerini reporter Andreas Karamitas chats with the President of the Cyprus Association of Research and Innovation Enterprises, Dr. Tasos Kounoudes

Newsroom

In an interview conducted by Kathimerini reporter Andreas Karamitas, Dr. Tasos Kounoudis, President of the Cyprus Association of Research and Innovation Enterprises (CRAI), provided significant insights into the European Union's investment in the defense industry and its implications for Cyprus.

The EU plans to invest approximately €1.5 billion in the Union's defense industry by 2027. This initiative comes amid heightened concerns about European security due to geopolitical tensions and ongoing conflicts.

The investment is expected to create numerous job opportunities and foster the growth of start-ups in member states. Additionally, the development of the defense industry in Cyprus will lead to increased exports and provide avenues for young entrepreneurs to engage in various investment programs.

The European Commission introduced the European Defense Industrial Strategy (EDIS) along with the European Defense Industrial Programme (EDIP). These initiatives aim to promote common defense markets and accelerate the development of European defense products. Member states are encouraged to procure a significant portion of defense equipment cooperatively and increase intra-EU defense trade.

Cyprus boasts a dynamic and rapidly growing defense industry, comprising around thirty innovative technology companies. These companies design, produce, and export dual-use products, contributing to both military and civilian sectors. Cyprus has actively participated in European defense programs, securing contracts worth €312 million for the development of new defense systems.

Dr. Kounoudis emphasized the importance of industrial cooperation in armaments, citing its widespread adoption in countries worldwide. This approach facilitates technology transfer, enhances self-sufficiency, and strengthens the defense industry. Cyprus aims to institutionalize industrial cooperation in armaments to bolster its defense capabilities and economy.

The Cyprus government has demonstrated a commitment to enhancing the country's defense industry, evident in the creation of a dedicated directorate within the Ministry of Defense. Important steps have been taken to support the industry, with further initiatives underway to institutionalize industrial cooperation.

Dr. Kounoudis expressed optimism about the future, citing the government's efforts to strengthen Cyprus's position in the European defense industry and its potential for significant economic contributions.

Overall, the interview sheds light on the transformative impact of EU investment on Cyprus's defense industry and the country's strategic positioning within the European defense landscape.

TAGS
Cyprus  |  EU  |  defense

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