Limassol: Intellectual property (IP) is crucial for sustaining innovation, as emphasized by the Minister of Energy, Commerce and Industry, George Papanastasiou. He highlighted that Cyprus recognizes the importance of innovation and IP, having made significant advancements in recent years to enhance transparency and align with EU best practices.
According to Cyprus News Agency, Papanastasiou delivered his keynote speech at the EUIPN Annual Cooperation Meeting in Limassol, discussing ‘Europe’s Innovation Imperative: The Next Frontier for EU Business.’ He underscored the strategic role of intellectual property in maintaining the competitiveness and forward-thinking nature of the European project. Papanastasiou remarked that intellectual property protects creative outputs, encourages investments, and transforms ideas into marketable assets, acting as the vital fuel for economic growth’s engine of innovation.
The Minister also spoke about the IP system’s capacity to create trust by providing a legal framework that rewards risk-taking and drives progress. Despite its small size, Cyprus boasts a dynamic start-up scene, strong universities, and a growing base of knowledge-intensive firms, he noted.
Papanastasiou highlighted that the Department of the Registrar of Companies and Intellectual Property, under the Ministry of Energy, Commerce and Industry, has been modernizing IP services, improving transparency, and aligning with EU best practices. The country is investing in awareness campaigns, digital platforms, and policy reforms, recognizing that a robust IP system is essential for both national and European resilience.