Nicosia fair site becomes innovation zone

Cyprus’ 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 Nicosia.

In a press release, the ministry 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.”

The proposed facilities, it said, 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 square 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 practices,” it added.