Nicosia: The competitiveness of Cypriot businesses depends on their green and digital transition, Energy, Commerce and Industry Minister Michael Damianos said on Thursday, noting that more than £500 million has been secured for related measures under the 2021-2027 programming period.

According to Cyprus News Agency, addressing the first Cyprus IT Directors Forum, held as part of the 3rd Cyprus Tech Summit, Damianos stated that the funding supports entrepreneurship, industrial development, energy upgrades, the circular economy, and the digital transformation of businesses.

He elaborated that government policies and grant schemes aim to help companies modernize their infrastructure and processes, improve productivity, and strengthen their outward orientation, while creating a business environment that promotes innovation and attracts investment.

Damianos identified artificial intelligence, cybersecurity, and human capital as three major challenges facing businesses. On AI, he emphasized that the focus should not simply be on adopting new tools but on using them responsibly to solve real problems, improve decision-making, and deliver measurable results.

He added that cybersecurity has become an issue of business continuity, corporate governance, and trust, while digital investment cannot succeed without the right skills and continuous upskilling.

The Minister also stressed that technology can improve efficiency in trade and industry and help SMEs overcome disadvantages of scale and access new growth opportunities.