Cyprus in recent years has taken strides in advancing intellectual property rights and processes, key to driving innovation, the commerce minister said on Tuesday.
George Papanastasiou was addressing the annual cooperation meeting of the European Union Intellectual Property Office (Euipn), co-organised with Cyprus’ Department of Registrar of Companies and Intellectual Property.
“If innovation drives economic growth, intellectual property is the fuel that keeps it running, safeguarding creativity, encouraging investment and converting ideas into marketable assets,” the minister said.
“Other than providing the legal framework that rewards risk-taking by entrepreneurs, an intellectual property system also promotes progress – via patents and trademarks – while simultaneously fostering trust.”
With this trust, Papanastasiou added, inventors know they will benefit from their inventions, while businesses gain the confidence that they can safely invest in research and development.
He said the Euipn has made significant progress in harmonising tools, services and processes across the European Union, stressing that these efforts must continue and accelerate “as the coming challenges are more complex than ever”.
To attain the goal of enhancing innovation within the EU, support must be given to small-to-medium-sized businesses “which often lack the means to make the most of the intellectual property system, even though they do have the ideas to boost local economies.
“We need to help start-ups secure their intangible assets from day one, turning knowledge into capital and competitiveness.”
According to the minister, intellectual property is more than just a legal instrument – it is “a strategic tool to shape the kind of Europe we want, a Europe that leads, competes and inspires”.
Cyprus, despite its small size, boasts “a dynamic presence of start-ups, robust universities as well as a growing base of knowledge-intensive companies”.
The Department of Registrar of Companies and Intellectual Property (under the commerce ministry) has taken major strides toward modernising services related to intellectual property, boosting transparency and aligning with best EU practices.
“We are investing in awareness campaigns, digital platforms and political reforms, because we know that a smoothly-functioning intellectual property system is necessary for resilience on the national and European levels,” said Papanastasiou.
