Demetris Skourides, Chief Scientist of the Republic of Cyprus, outlined Cyprus’ 2025 vision for research and technological development last Thursday, September 4, in Melbourne. The event was hosted by Madgwicks Lawyers and the Cyprus Chamber of Commerce and Industry (CCCI and was part of a recently signed Memorandum of Understanding (MoU). Skourides, holds a BSc in Computer Science from Arizona State University and an MBA from Henley Management College.
Skourides has trained in AI, digital transformation, and data monetisation at Columbia, Stanford, MIT, and Harvard.
George Georgiou, CEO of CCCI in Australia, highlighted the significance of the MoU and the new opportunities opening for the Cypriot diaspora.
“The Chamber of Commerce has worked with the Cyprus High Commission offices in Canberra and Nicosia to further reinforce the bonds between Australia and Cyprus,” Georgiou said.
“The Chamber of Commerce wants to expand the Cypriot global presence and influence the Diaspora.” He also noted that a “double taxation treaty” between Cyprus and Australia is expected to be signed soon.
South Australian Minister for the Arts and Minister for Consumer and Business Affairs, Andrea Michaels MP, shared her personal connection to Cyprus, recalling how her parents were forced to flee the country after the Turkish Invasion and worked tirelessly for her family’s success. “When George [Georgiou] and James [Demetriou] first approached me to come over, I jumped at it,” she said.
Michaels stressed the importance of engagement with Cyprus: “Cyprus hasn’t forgotten us, and we want to contribute to whatever we can do to support Cyprus. Whether it be the Cyprus problem or economic development in Cyprus, we genuinely want to be able to be there.”
Filli Kaoullas, Vice President of the Cyprus Diaspora Forum and Country Manager for Australia and New Zealand, and James Demetriou AM spoke of the Forum’s role as a global business gathering. It highlights Cyprus as a hub for trade, investment, and innovation, building and strengthening business connections with Europe, the Gulf and MENA regions, India, China, Australia, Africa, the US, and Canada. All speakers thanked Marina Papas, from Madgwicks Lawyers for hosting the event.
Building bridges: Cyprus and its global Diaspora
Demetris Skourides took the floor with a PowerPoint presentation on Cyprus’ developments under his stewardship, emphasising his personal link to Australia through his godmother, who lived in Sydney for 30 years.
He stressed “building bridges” between Cyprus and its diaspora and presented a vision of the island as a “home away from home” for global Cypriots and international partners. Skourides said Cyprus is implementing reforms, MOUs, policies, and programs to shorten distances and open opportunities, with significant investment in digitisation, e-governance, research, and innovation. “We’re not talking. We are walking the talk,” he said.
Once known mainly for tourism and shipping, Cyprus is now forging partnerships with Japan, Israel, the UAE, India, Singapore, and Australia, signalling its ambition to connect East and West through innovation. Skourides pointed out that Cyprus has been climbing the European Innovation Scoreboard, ranking ahead of larger nations like France. The government aims for a consistent top-10 placement in Europe.
Start-ups, scale-ups, and the entrepreneurial boom
Driving this push is the National Strategy for 2024–26, focused on forging ties with world-class institutions, making R&D a practical tool for SMEs, investing in people and talent, and learning from the best globally.
“In 2024 we attracted more than 74 per cent of new start-ups in Cyprus, coming from all over the world. We now count more than 500 start-ups and scaleups, 140 telcos, 3,500 researchers, and 4,000 entrepreneurs,” Skourides said.
“We might be small as a country, but we have what it takes to really play along our way.”
“There have been hundreds of millions of euros invested and many concrete programs underway.”
Skourides highlighted four reasons for investing in Cyprus: quality of life on a sought-after Mediterranean island; competitive tax incentives, including “12.5 per cent on corporate tax, and a 120 per cent R&D tax discount”; direct access to EU markets with €800 billion in R&D funding and the EU’s €19 trillion market; and a “business-friendly framework: favourable visa programs, no capital gains tax, English-based common law system.”
An audience member quipped, “You also drive on the correct side of the road!” to the agreement of Skourides and laughter from the Australian Cypriot audience.
He emphasised the human element behind Cypriot advances: “The most important currency is trust — and it’s a currency we can activate, build further, and enable.” He added, “When people asked, ‘Is this going to work?’ I said yes — and every four to eight weeks I sit with the team, review progress, and push: ‘We have to make this happen’.”
Innovation in action: Health, space, and sustainability
Cyprus is emerging as a hub for cutting-edge innovation, impacting people and the planet. In health, the country funds projects connecting start-ups, researchers, and hospitals to tackle major challenges.
“We’re funding innovation on cancer and we’re putting in place specific projects where start-ups, researchers, and hospitals come together to build solutions that can scale globally,” Skourides said. “Health innovation is not just about hospitals, it’s about creating a space where scientists, start-ups, and industry meet — and Cyprus is now providing that space.”The nation is also advancing in the space sector, partnering with NASA, ESA, and Japanese and French agencies on satellites, remote sensing, and data applications. “Space is not a luxury; it’s part of the digital and green transition. Cyprus may be small, but it is positioning itself as a testbed for space innovation.”
Sustainability initiatives include pioneering artificial reefs to restore marine ecosystems while creating economic opportunities. “We’re working on artificial reefs as part of our innovation in sustainability, combining marine biology, engineering, and tourism to regenerate ecosystems and create new economic opportunities,” Skourides said.
“Sustainability for us is innovation — from artificial reefs to renewable energy, we are bringing scientists and entrepreneurs together to make it happen.”
Minds in Cyprus: Returning talent, driving change
From health tech to satellites and reefs, Cyprus is proving that innovation knows no borders. The island, “less than a million people,” is ranked 10th in Europe’s Innovation Scoreboard — ahead of France and close to Germany. Cyprus is also reaching out to its global diaspora through the “Minds in Cyprus” program, linking talent abroad with local industry, research, and technology opportunities.
“What our president wanted to do is give the opportunity to every separate mind that wanted to come back to be able to find a job right in Cyprus and not just change careers,” Skourides said. “We launched the ‘Minds in Cyprus’ initiative — a platform that allows talented Cypriots abroad to connect, work remotely, or contribute to projects here at home.” He added, “We want to make sure that brilliant minds have a way of coming back home and engaging with research, innovation, and industry in Cyprus.”
The program has immediate impact. “Every week, I see people from around the world who want to contribute, and this program helps them plug into opportunities that can really make a difference.”
Through the initiative, Cyprus is drawing talent home while building bridges between its diaspora and the country’s future.
Cyprus is also emerging as one of Europe’s fastest-growing economies, combining strategic investment with accountability and inclusivity.
“We rolled out digital portals so that everyone can see exactly what is happening, how projects are progressing, and where improvements are needed,” Skourides said.
Gender equity in research leadership has improved, with women now heading most projects.
“We saw only 22 per cent of female researchers leading projects, and we said that’s not going to continue. Today, women are stepping up, creating companies, and driving innovation forward.”
Leveraging Australia’s position through the Cypriot Diaspora
Neos Kosmos asked Skourides about leveraging Australia’s links to Asia through the Australian Cypriot diaspora.
“I think Australia could be a pivot to Asia in specific segments, and I would see that, in enviro-tech, agri-tech, areas for example. The biggest benefit that I could see right now from what I have experienced, is the scale — I looked at Monash University, and they are creating an IP benefit, or an income from research innovation projects about $670 million a year.
Their actual turnover or investment in research is about 3.7 AUD billion. Where you can work with countries that have experience generating and turning about 500 or 300 start-ups every two years, that can be a good accelerator into a new market.” “I could see Cyprus, Australia, ANZ plus Asian nations, by building the right bridges, the right programs. There is a great compatibility and research excellence here.”
Minister Michaels described the event as “incredible,” calling Skourides “inspiring.” She noted that Australia’s links to Asia could be harnessed by Cyprus and its diaspora to develop stronger ties. On artificial reefs, she said she would take the idea back to South Australia, where “we’re dealing with the algae bloom in South Australia’s beaches.”
Among the audience were prominent Cypriot-Greek- Australian and Greek Australian guests, such as the High Commissioner of the Republic of Cyprus to Australia, Antonis Sammoutis, Theo Theophanous, former Victorian Minister and now, President of the Cypriot Community of Melbourne, Kat Theophanous MP, the Member for Northcote, Marina Papas, Head of Corporate and Commercial from Madgwicks Lawyers, and digital innovator Effie Dimitropoulos.
