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Cyprus signs technology agreement with Albany State University
2002-10-22 18:38:27

By Apostolis Zoupaniotis New York, Oct 22 (CNA) -- Cyprus has signed an agreement for cooperation on Science and Technology with State University of New York at Albany, as part of its efforts to develop High Technology Industry on the island, said Commerce, Industry and Tourism Minister, Nicos Rolandis.

The minister remarked that Cyprus "offers the right business environment and has the suitable human resources required for the materialisation of the vision for the creation of high-tech industries in Cyprus through the business incubators and the existing research centres and others that will be established".|

In a speech at the State University of New York at Albany on "Cyprus: Recent developments in science and technology and opportunities for the Future", Rolandis said the government of Cyprus will provide a grant of around 87 thousand dollars to the incubators, over a three-year period to cover up to 100% of current running expenses and in addition a grant of 15% on the initial investment for the purchase of land, building and equipment and on the acquisition of know-how.

He further said the government will also provide the inventor company part financing of up to 204 thousand dollars for projects aiming at the development of new high technology products, for a period of up to two years.

Regarding the agreement with State University of Albany, which Rolandis signed with the president of the foundation, Karen Hitchcock, said it was a "historic" day for Cyprus because bridges of communication are being built with one of the most well known universities in the world in the field of technology.

In her reply, Hitchcock said she was pleased with the signing of the agreement, noting the University is committed to working with the Republic of Cyprus in the field of technology and will promote this cooperation in the best possible way.

Both Cyprus' Ambassador to Washington, Erato Kozakou-Marcoulli and New York commissioner, Kenneth Ringler, expressed satisfaction over the signing of the agreement. Rolandis praised the Cypriot ambassador for working hard in the last two years to secure the agreement.

Ringler said the New York State is looking forward to creating the best possible relations with the Cyprus Republic in the field of Technology and that the issue is closely monitored by Governor George Pataki.

The signing ceremony was followed by lectures from University professors, experts in the field of technology, who analysed the various fields in which the university can cooperate with Cyprus.

Rolandis, in New York heading a multi-member delegation, will give a press conference to the local Greek press and tomorrow he will address the Euro- Asian Club.

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