On 08 June 2023, the House of Representatives passed a bill amending the current legislative framework allowing for a reduced VAT rate of 5% levied on first homes on the Value Added Tax Law 119(I) of 2016 (the "Law"). The new amendment of the Law is subject now to the European Commission's approval to come into force.
National investment promotion agency Invest Cyprus on Monday announced that in the context of a forum taking place this week, it has joined forces with the ANIMA Network to launch a new platform, designed to support innovation and the green transition. According to the announcement, the “Innovations for the Planet” forum, organised by ANIMA Investment Network in partnership with Invest Cyprus and with the support of the European Union, is taking place from July 10 to 12, 2023. The event aims to address climate challenges and sustainable development objectives by focusing on the development of services to support companies in their innovation efforts.
The forum is featuring expert presentations, testimonials, and best practices, providing a platform for co-constructing action plans. Bringing together approximately 150 leaders, experts, and managers from 22 countries across Europe, the Middle East, and Africa, the event is offering workshops, training sessions, networking opportunities, and B2B meetings. The outcomes of the forum will be channelled into the EUROMED iHOUSE action plan, a new service platform created by ANIMA and Invest Cyprus. This platform aims to support the innovation and green transition of economic players in the Euromed region. The impact of climate change, as highlighted in the IPCC reports, has underscored the urgency for Mediterranean countries to implement resilience strategies in their business models and organisations. Cyprus, in particular, is expected to face significant challenges, including violent climatic events, increased warming, floods, and resource shortages.
The announcement explained that while political and regulatory changes are crucial, concrete and effective tools are needed to support companies and civil society organisations. Moreover, the responsibility falls on businesses and their support organisations to raise awareness about future challenges and develop services that foster resilience and adaptation, as well as minimise any ecological impact. What is more, the “Innovations for the Planet” forum in Cyprus aims to mobilise Euromed economic players and foster collaboration on a common innovation and transition programme for companies in their respective countries.
The event, organised by ANIMA Investment Network in partnership with Invest Cyprus and the European Commission (DG NEAR), is bringing together decision-makers, international organisations, business support organisations, networks, investment promotion entities, innovation ecosystems, experts, researchers, companies, investors, and startups.
The objectives of the forum include understanding the challenges faced by companies, networking and collaborating with peers, contributing to future policies, and collaborating on the programming of EUROMED iHOUSE. Additionally, this initiative, launched in Cyprus, will serve as a platform to support the implementation of roadmaps developed during the forum and facilitate collaboration among Euromed countries to address the challenges in the Euro-Mediterranean region. EUROMED iHOUSE, promoted by Invest Cyprus and ANIMA Investment Network with the support of the Cypriot authorities, will provide services aimed at supporting innovative companies, facilitating technology transfer and research-business links, and offering international cooperation opportunities among the business and innovation ecosystems of Euromed countries.
It should be noted that the ANIMA Investment Network is an international cooperation network for economic development, bringing together organisations from Europe, the Middle East, and Africa to promote collaboration among countries in these regions. With 70 member organisations in 20 countries and over 400 experts and partners, ANIMA offers expertise in economic development, investment promotion, territorial marketing, innovation development, and talent mobilisation.
The “Innovations for the Planet” forum and the launch of EUROMED iHOUSE highlight the commitment of ANIMA, Invest Cyprus, and the local authorities to drive economic innovation and support the green transition of businesses in the Euromed region. By fostering collaboration and providing necessary tools and services, these initiatives aim to contribute to a sustainable and resilient future.
Source: Cyprus Mail
