The Role of LCCI in Promoting the Technology Park at Pentakomo

The idea was first promoted by the Limassol Chamber of Commerce and Industry (LCCI) in 1999 as a project that could make a significant contribution to advancing the promising fields of research and innovation. Since then, contacts were established with successful technology parks in other countries, such as Sophia Antipolis in Nice, France, and Haifa Park, while initial discussions were also held with the Government of Cyprus with a view to giving serious consideration to the proposal.

The initiative received extensive media coverage at the time, with headlines such as “Limassol Chamber Promotes Technology Park” and “Plans for a Technology Park in Limassol Move Forward”. During the presidency of the late Tassos Papadopoulos, the project was advanced by the then Minister of Energy, Commerce, Industry and Tourism, George Lillikas. A detailed study was carried out to assess a number of potentially suitable locations across Cyprus for the establishment of the Science and Technology Park (STP). Following this scientific assessment, Pentakomo was identified as the most suitable location, a choice that was also adopted by the Government at the time.

Despite the issue being raised repeatedly not only by LCCI but also by Members of Parliament, particularly members of the Parliamentary Committee on Commerce and Industry, no substantial progress was made for a considerable period. This was despite the fact that land had been expropriated for the purposes of the project. As a result of the prolonged stagnation, owners of expropriated plots even took legal action, seeking the return of their properties, since the land had not been used for the purposes for which it had been expropriated.

Following several delays and setbacks, the project returned to the forefront in 2015, with LCCI once again playing a leading role. The competent authorities prepared the tender documents, and extensive efforts were made to promote the project both in Cyprus and abroad, including roadshows in London and Tel Aviv. During the first phase, more than 15 organisations expressed interest, including, according to information received by the Chamber, major technology companies such as Google.

In the following years, LCCI held discussions with a number of potential investors from Russia, China and Israel. A common point raised by these prospective investors was that, based on practices in other countries, it was unreasonable to expect an investor to undertake the construction of the basic infrastructure. They maintained that this responsibility should instead be assumed by the State itself.

Following strong interventions and sustained pressure by LCCI to put this important project back on track, in 2023 the Ministry of Energy, Commerce and Industry (MECI) proceeded with a public consultation aimed at inviting expressions of interest. The consultation was held at LCCI’s premises. Through this initiative, the Chamber once again brought to the forefront a project of strategic importance to Limassol and the Cypriot economy, which it has consistently promoted over the years. The objective is to create a modern technology and innovation ecosystem, attract investment and high-tech companies, and generate new opportunities for business and economic development.

In 2025, once again at LCCI’s initiative and in cooperation with the Ministry of Energy, Commerce and Industry, an information event was held on the process of launching a tender to identify a strategic investor for the development of the Technology Park at Pentakomo. PwC also participated in the event, having been appointed to provide advisory services to support the Contracting Authority in conducting the competitive procedure for selecting a strategic investor. The appointment formed part of the revision of the incentive package intended to attract a strategic investor for the development of the Technology Park. The event aimed to inform the business community and other interested stakeholders about the process of attracting a strategic investor and the prospects for implementing the project.

The most recent development concerned the tender for the Development and Operation of the Science and Technology Park (STP), for which the deadline for submitting tenders or requests to participate expired on 28 January 2026. Over the years, the Chamber has continued to actively support the advancement of the project, establishing contacts with potential investors in Cyprus and abroad and helping to promote it internationally. Investor interest in a project whose importance to Cyprus is self-evident remains alive, although it is inevitably influenced by broader conditions and the requirements that must be met for its implementation.

The Technology Park at Pentakomo is a project of strategic importance for Limassol and the Cypriot economy, offering significant potential to attract investment, foster innovation, create new business opportunities and strengthen Cyprus’s competitiveness. Political commitment and the timely provision by the State of the necessary initial infrastructure and other essential conditions remain crucial to making the best possible use of investor interest and delivering a project with substantial added value, as demonstrated by the experience of comparable technology parks abroad.