Limassol is pioneering and undertaking actions for the digital and green reform of Cyprus. The Blue Economy Innovation Center is one of the city's efforts to become a research and innovation hub. With the creation of the Center, the foundations are laid for further upgrading of entrepreneurship and contribution to the protection of the coastal and marine environment.

The Blue Economy Innovation Center was inaugurated on Saturday, May 20 by the President of the Republic, Mr. Nikos Christodoulidis.

"Innovation is the driving force for a successful and resilient economy and especially for small countries like Cyprus where we do not have heavy industry there are limited sectors of the economy that we can invest in, innovation is an area that is a priority. The creation of this Center, the Blue Economy Innovation Center, will significantly strengthen our efforts in this direction since it focuses on the Blue Economy and seeks to solve the challenges through the creation of an ecosystem of strategic partnerships at a global level," said the President of the Republic.

In his own speech, the Mayor of Limassol, Mr. Nikos Nikolaidis, indicated that the aim of the center is to focus on the development of an innovation core and start-up business ecosystem with a focus on the Blue Economy and the maritime services sector. “Limassol is the largest ship management center in the EU, and is among the countries that have a prominent role in shaping global maritime policies with a strong presence and strong voice in all maritime forums and international organizations. Our city is home to more than 200 companies that offer shipping services, has a multi-purpose port, a modern leisure marina and a large tourist and industrial activity," said the Mayor.

The message of the Commissioner for Innovation, Research, Culture, Education and Youth of the European Union Mariya Gabriel was conveyed by the Head of the Center Ms. Marianna Charalambous. “This is an important step in the city's evolution into a strong innovation ecosystem for start-ups in the blue economy. I would like to emphasize that the Blue Economy Innovation Center can play an important role in the implementation of the New European Innovation Agenda. The Innovation Agenda, which was adopted a few months ago, focuses on the new wave of innovation: deep technology innovations. Exactly the kind of innovations that will be developed in this new innovation center.”

The strategy for development and operation of the Blue Economy Innovation Center focuses on encouraging stakeholders directly related to the Blue Economy and aiming to highlight the challenges facing the industry. Then the development of innovative ideas to deal with them. The Center, as a connecting link, brings together entrepreneurs, social groups, the academic community and researchers so that their innovative ideas can in the future be transformed into technologies, products and services.

The Center operates in direct collaboration and connection with the two universities of Limassol, Cyprus University of Technology and Frederick University, which have departments in maritime studies, research centers, as well as other relevant professional bodies. Courtesy sponsorship from Royal Caribbean International has enabled the creation of an ocean-themed virtual reality space – the OCEAN ROOM – which is expected to be completed in the fourth quarter of 2023.

In addition, the Innovation Center also participates in the effort of the Municipality of Limassol to formulate our strategy and proposals for climate neutrality, in the context of Limassol's participation in the European Mission Cities Program for 100 climate neutral and smart cities by 2030.

The Blue Economy Innovation Center was co-financed by the "European Regional Development Fund of the European Union", the National Resources and the Municipal Fund. The total cost of the project amounts to €500,000.

The project was implemented within the framework of the Cohesion Policy Program "THALEIA 2021-2027" with the co-financing of the EU.