Minister Damianos addresses digital transformation at Technology in Action conference

On Wednesday, the Minister of Energy, Commerce and Industry, Michalis Damianos, spoke at the 6th Technology in Action Conference and Exhibition regarding the integration of digital technologies in Cypriot businesses. The Minister highlighted the strategic advantages of leveraging Artificial Intelligence and smart solutions within the corporate sector. He announced that for the 2021-2027 programming period, the Ministry has secured a total of 30 million euros for the Business Digital Upgrade Scheme. This budget comprises 20 million euros from the Cohesion Policy Funds and 10 million euros from the Recovery and Resilience Facility. To date, three calls for applications have been issued under this scheme, specifically in November 2022, March 2023, and May 2025. The funding is targeted at small and medium-sized enterprises across most economic sectors, excluding specific areas like primary production, agricultural processing, fisheries, and aquaculture. Damianos emphasized that the Fourth Industrial Revolution, involving technologies such as the Internet of Things and 3D printing, necessitates continuous adaptation by businesses.