CITEA requests increased financial and procedural support for Cyprus tech firms

Representatives of the Cyprus Information Technology Enterprises Association (CITEA) held a meeting with the Minister of Energy, Commerce and Industry, Michalis Damianos, to discuss the digital transformation of local businesses and international market expansion. CITEA requested that procedures for accessing digital transformation funding schemes be simplified and accelerated. Furthermore, the association called for increased budget allocations to ensure more companies can improve their productivity through technological upgrades. Regarding international growth, CITEA president George Malekkos emphasized that current state subsidies for participation in international exhibitions only cover 10% to 15% of actual costs. Malekkos argued that this level of funding is insufficient to promote the sector's export capabilities effectively. The urgency of these demands was highlighted by the rapid exhaustion of the latest digital scheme, which had a budget of 14 million euros and offered grants of up to 50,000 euros per company. This scheme, launched on May 20, 2025, reached its limit in only one day. CITEA expects a follow-up response regarding these issues before the end of the year.