Ten proposals in which Cyprus participates will be co-funded by the European Defence Fund, in the framework of the European Defence Industrial Development Programme (EDIDP), Cyprus Defence Minister, Charalambos Petrides said on Tuesday, adding that the Ministry`s contribution is estimated at 400 thousand euros, while the revenue for companies and the Cypriot economy is approximately 4.5 million euros.

Speaking during a Defence Ministry Research and Innovation Lab, Petrides said that the Ministry has undertaken to implement actions that aim at linking the efforts of enhancing Cyprus` defence capacity with research and real economy, as well as to the reinforcement of the cooperation between institutions, businesses and the Defence Ministry. 

Petrides noted that this aspect of the Ministry`s policy is implemented on the basis of two pillars. The first one concerns the financing of research and innovation with the Ministry`s budget and the second facilitating Cypriot universities and businesses to participate in European programmes and draw funds.

In this framework, he added, agreements with Cypriot research centres and small and medium enterprises were signed in June for the implementation of the two first research and innovation projects in the field of defence and security. He said that the Ministry will pay a total of 900 thousand euros for this.

Moreover, Petrides said that the Defence Ministry`s proposal to develop potential on dual use technologies and to upgrade and classify the labs of Research Centres, Academic Institutions and Small and Medium Enterprises draws funding amounting to 3 million euros from the Recovery Fund.