Cyprus has seen the fastest growth in brain business jobs in Europe since 2014, according to a recent report by the European Centre for Entrepreneurship and Policy Reform (ECEPR). The concentration of brain business jobs, defined as those that are considered essential and resilient against economic crises, has increased by 55% in Cyprus between 2014 and 2021. This makes Cyprus the country with the fastest growing share of population employed in knowledge-intensive industries, outpacing countries like Germany, Sweden, and Estonia.
The Importance of Brain Business Jobs
Knowledge-intensive jobs play a critical role in the economy as more and more economic value is being shifted to the knowledge sector globally. According to the ECEPR report, regions where 10% or more of the population work in highly value-creating sectors like brain business jobs, manufacturing industries, and professional services have on average 2.2% lower unemployment.
Klas Tikkanen, Chief Operating Officer at Nordic Capital Advisors, commented on the report’s findings, saying, “Knowledge is the foundation for attracting investments and creating value in a long- term sustainable way. We keep an eye on the knowledge-intensive jobs of Europe and find that these jobs are resilient against crises, and that regions with many brain business jobs tend to have considerably lower unemployment.”
Cyprus’s Strengths and Weaknesses
Compared to the rest of Europe, Cyprus boasts strengths in telecommunications and head office & management, as well as in the pharmaceuticals industry. However, the country lacks in research & development and high-tech manufacturing.
The Geography of Europe’s Brain Business Jobs
The ECEPR report, supported by Nordic Capital, measures the share of the working-age population across Europe employed in highly knowledge-intensive enterprises, in 31 countries and 284 regions. Hi-tech, engineering, architecture, R&D, and telecoms are all categorized as brain-intensive jobs.
The growth of brain business jobs in Cyprus is a positive indicator for the country’s economic future, as knowledge-intensive jobs play a crucial role in attracting investments and creating value in a sustainable way. With strengths in telecommunications and head office & management, Cyprus is poised to become a hub for knowledge-intensive industries in Europe.