The Cyprus Employers & Industrialists Federation (OEB) and TechIsland signed a Memorandum of Understanding (MoU) on 18 September 2026, establishing a structured framework for cooperation and coordination to promote technology, innovation and entrepreneurship in Cyprus.

The Memorandum brings together the country’s largest employers’ and business organisation and its largest technology association, with the shared objective of creating the conditions needed to strengthen Cyprus’ innovation ecosystem and support the long-term growth potential of the Cypriot economy.

Under the MoU, the two organisations will develop joint initiatives and policy proposals in areas that directly impact the development of the business environment and innovation. Areas of cooperation will include: (a) improving the regulatory and tax framework, (b) developing physical and digital infrastructure, and (c) creating more favourable conditions for attracting and retaining investment, businesses, entrepreneurs and highly skilled talent.

Particular emphasis will also be placed on the development of digital and technological skills, the upskilling and reskilling of the workforce, and strengthening the connection between education and vocational training and the evolving needs of the labour market.

The signing of the Memorandum builds on the longstanding efforts of both organisations to support the continued modernisation of the Cypriot economy and its transition towards a more sustainable growth model. Technology and innovation are central to this effort and to the broader objective of strengthening Cyprus’ productivity, competitiveness and long-term economic development.