Representatives of Cyprus’ Research and Innovation Foundation (RFI) and the Japan Science and Technology Organisation (JST) recently met in Nicosia to establish collaborations in cutting-edge fields such as artificial intelligence, robotics, energy, space research, and biotechnology. The RFI was represented at the meeting by its Chief Scientist, Demetris Skourides, and Director General, Theodoros Loukaides, while JST was represented by its President, Kazuhito Hashimoto. The Japanese Ambassador, Yoshio Yamawaki, was also present.

Meanwhile, in a related vein of development and progress, projects worth €141 million are set to transform the Polis Chrysochous area in the coming years, according to the mayor, Yiotis Papachristofis. Among these developments is the €60m expansion of the harbour at Latchi, described as “one of the most important tourist hubs of the municipality.”

In an interview with CNA, Papachristofis spoke about several key projects, including the €45m sewerage system, the coastal road, the third phase of Latchi’s development, the redevelopment of the Polis and Prodromi centres, and the creation of an industrial zone. Numerous smaller projects are also planned.

Additionally, he mentioned the forthcoming upgrades to the old Port Authority warehouses in Latchi, which will be transformed into a Multipurpose Sea and Culture Centre. There is also work in the pipeline for the municipality’s archaeological sites and for landscaping the courtyards of the Town Hall and the old police station.

In another sector of the economy, the transport sector has witnessed a decline in turnover, according to the latest data released by the Cyprus Statistical Service (Cystat).

The turnover index for transport and storage in the first quarter of 2024 stood at 115.0 points, based on 2021 as the base year (100). This marks a decrease of 1.9 per cent compared to the same quarter of the previous year.

Breaking it down by economic activity, there were notable variations. For instance, postal and courier activities saw a significant increase of 10.2 per cent, while land transport also experienced a modest rise of 4.2 per cent. Conversely, air transport suffered a substantial drop of 15.2 per cent. Additionally, storage and support activities declined by 2.6 per cent, and water transport saw a slight decrease of 1.3 per cent.

Simultaneously, the financial markets also reflected these economic shifts. The Cyprus Stock Exchange (CSE) ended Tuesday, July 16, slightly down, following the small gains made on Monday.

The general Cyprus Stock Market Index was at 163.54, at 12:32, standing at 163.29 points, down by 0.58 per cent. Similarly, the FTSE/CySE 20 Index showed a loss of 0.59 per cent, trading at 99.36 points. At the same time, the trading value remained limited to €114,674.

Moreover, all individual stock market indices are down. The Main Market declined by 0.80 per cent, while the Alternative Market showed a negligible decline of 0.06 per cent. Furthermore, hotels declined by 0.55 per cent, and investment companies showed a loss of 2.06 per cent.

The securities attracting the most investor interest was Bank of Cyprus, with €81,184 (down by 0.48 per cent), Demetra Investment with €14,982 (down by 2.11 per cent), and Atlantic Insurance with €5,850 (down by 2.50 per cent).

Additionally, Hellenic Bank attracted €3,560 (down by 0.38 per cent) and Hellenic Bank with €2,415 (up by 3.66 per cent).