The Finance Ministry welcomed a decision by the Council of Ministers on Wednesday to establish an innovation zone and a business zone/exhibition space at the Cyprus International Fair site.
In a press release, the Ministry of Finance emphasized that "the aim of the zone of innovation and entrepreneurship is to create an environment that strengthens the culture of innovation, cooperation, knowledge transfer and innovative entrepreneurship, the management of transfer technology between research institutions and innovation bodies as well as to facilitate communication and networking between companies, entrepreneurs and scientists, creating synergies, collaboration and new businesses."
It states that the proposed facilities will include the construction of offices and other shared workspaces, a research and innovation center, as well as, a business center and a high-end modern exhibition/conference space of 10,000 sq. meters to host a wide range of conferences and other events.
"Support facilities include a hotel, residential areas, restaurants, cafes and shops with the aim of creating a vibrant community on-site, in line with best practice," the press release adds.
"For the monitoring and implementation of the project, an interministerial and steering committee is established with the participation of relevant government agencies and the Municipality of Engomi," it concludes.