Industrial Restructuring and Technological Upgrading
The Institute of Technology since its establishment acts as Administrator and Secretariat
of the Industrial Restructuring Scheme. The objective of this project
is the Industrial Restructuring and Technological Upgrading throughout the Cyprus manufacturing
sector by utilizing the subsidization of consultancy projects. A large number of manufacturing
industries have already successfully completed projects under the scheme's umbrella and for such
strategic projects they have received a subsidy that totals 40% of the cost of the project.
Also crucial was the Institute of Technology's input in the completion of a project of the
United Nations Development Programme (UNDP). The project lasted for a two year period and was
completed in 1995. Its main purpose was the creation of a developmental infrastructure that
would facilitate the healthy development of various sectors of the Cyprus manufacturing industry.
