Cyprus developing knowledge-based economy
The government of Cyprus has committed to making the island a regional centre of excellence for educational services in a bid to transform the economy into one that is knowledge based.
The commitment made by Cypriot president Tassos Papadopoulos is in line with the goal of the EU's Lisbon strategy that aims to make the bloc the "most dynamic and competitive knowledge-based economy in the world" by 2010.
Following a meeting with the Cyprus Research and Educational Foundation (CREF), Mr Papadopoulos made the assurance to make government funds amounting to 1% of gross domestic product available by 2010 to promote the development of research infrastructure and human resources. Mr Papadopoulos added that the establishment of the CREF was an "integral part of this policy", the Financial Mirror reports.
Mr Papadopoulos' commitment is further evidence of Cyprus' raising its profile within the EU as it launches its bid to join the euro-zone.
He noted: "A small country, like Cyprus, with limited economic resources for research, can survive and distinguish itself in the highly competitive world of knowledge and research only by setting out to be excellent."
The continued growth of Cyprus' economy will only make the country more attractive to investors who have already been won over by its existing attractions.
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