At least four local and foreign organisations have expressed an interest in establishing and operating the STP, and more than two dozen parties are keen on developing activities as tenants. The deadline for submissions of initial expressions of interest was last week. It was not a tendering procedure and thus not binding on the parties. Stelios Cheimonas, permanent secretary of the commerce ministry, said the government would next be hammering out the terms for an international competition to select the government’s strategic partner in the project, and the land would be leased to the preferred bidder.

The total land area set aside is 324,000 square meters and there is no limitation to the number of tenants. The space could include university departments, research centres and business incubators. A series of incentives for potential investors is being proposed by the ministry, including tax breaks and relaxations on hiring non-EU nationals, while town planning and construction permits for the project will be fast-tracked.

The plan to create a technology park was approved by the then government in February 2006, with the aim of diversifying the economy by turning Cyprus into a centre for software development and hi-tech business. Officials had even talked up the prospect of Microsoft participating in the venture, while internet search engine giant Google had also been mentioned. Another incentive was to encourage more Cypriots to enter the field of scientific research and to attract Cypriot researchers already employed abroad to return home to work here. The aim remains to attract both foreign and domestic companies operating in the fields of nanotechnology, biochemistry, energy, telecommunications, health services, the environment, IT and shipping. It’s understood that the whole project will be built over various phases. The government will be putting the basic infrastructure in place – such as roads, water and electricity supplies and internet connectivity.

Source: Cyprus Mail