TechIsland chairman calls for R&D shift in Cyprus tech sector

During the Cyprus Forum on September 29, 2026, TechIsland chairman and Wargaming executive Valentinos Polykarpou stated that Cyprus must evolve its economic strategy regarding the technology sector. He argued that the nation should move beyond the simple attraction of international companies and focus on fostering deep-rooted production, intellectual property, and research and development (R&D) activities on the island.

Polykarpou highlighted that the true economic value lies in companies relocating genuine product development teams and advanced technical operations to Cyprus, rather than maintaining a mere legal or headquarters presence. He noted that international firms have already introduced experienced professionals to the local ecosystem, creating a valuable repository of know-how. To sustain this momentum, Polykarpou proposed a three-stage framework: attract, retain, and educate. By embedding R&D processes, Cyprus can create knowledge spillover effects that benefit the local workforce and emerging startup sector.

Currently, the focus remains on leveraging the existing international presence to transition into a more sophisticated innovation hub. Future developments will depend on the island's ability to facilitate the retention of skilled labor and expand educational opportunities to align with these advanced technical requirements.