NICOSIA, 22 June 2005 — Cyprus will invite Saudi Arabia and other Arab and Gulf states to be on the board of directors of the first regional research center in the Middle East planned in collaboration with Harvard University.
George Lillikas, Cypriot minister of commerce, tourism and industry, said an agreement has already been signed with Harvard University for setting up an R&D center, initially in the fields of community health and environment.
“We shall make representations to all governments in the region in order to find out how much they are willing to invest. In this way, the center can become a regional one in a very real sense,” the minister said.
He said the center would undertake research on behalf of member states in the areas of their choice in the two fields. “Other projects are on the way for the research center. They include nanotechnology, mobile technology and mobile medicine in addition to information technology from India.”
The minister also announced that his country would seek India’s help in setting up an IT park in the capital as part of a comprehensive plan to be competitive within the EU bloc. In order to overcome a manpower shortage, the government is offering permanent residence to individuals with $2 million deposited in a Cypriot bank. Professionals who live in Cyprus for at least five years may also claim residential status. Preference will be given to EU nationals followed by those from other countries.
Lillikas said Cyprus is a gateway to Europe for Arabs. It offers a range of investment opportunities in the small- and medium-enterprises sector. Saudi businessmen and businesswomen are encouraged to invest in SMEs and become a member of the board of directors.
The minister spoke to Arab News during a trip organized by the Press Information Office in Nicosia. The weeklong tour which included interviews with key officials and visits to tourist spots in the Republic of Cyprus was designed to promote the Mediterranean country as the Arab world’s gateway to Europe and as a destination for tourists and investors.
The minister pointed out a number of joint ventures with foreign partners. Acquisitions and mergers were also taking place as part of the process of structural changes in the economy.
