Nayef Kassatly: We will work with the authorities to address energy costs, port charges, worker quotas and housing shortages

Nayef Kassatly, Director and Partner of the Kassatly Chtaura Group, owner of Boutique Beverages Bottling International (BBBI), analyses the emerging opportunities for the local economy from its investment in Ypsonas and states his intention to collaborate with all the relevant authorities to resolve a number of outstanding issues.

What factors influenced the decision to build a new bottling plant in Cyprus?

Two main factors were being able to have the EU Stamp on our products and the taxation incentives we were offered. The ease of establishing and incorporating the companies was equally important, as was the assistance from Invest Cyprus and the Business Facilitation Unit of the Ministry of Energy, Commerce & Industry regarding the issuing of licenses and introducing us to various government agencies. The island’s proximity to Lebanon, our home base, and the availability of flight connections to Europe and the Middle East were also key factors behind our decision. And Cyprus offers a welcoming environment for foreign investors and team members.

BBBI’s state-of-the-art plant at Ypsonas went live in March 2024. How would you describe its anticipated impact on the local economy and the broader beverage manufacturing industry in Cyprus?

The impact of our setup on the local economy, especially as it is oriented 90% towards exports, will be an increase in the country’s GDP and the creation of new jobs for Cypriots and European citizens. It will also mean new opportunities for local service providers, suppliers and raw materials representatives. Finally, we will play a positive role in terms of social responsibility towards the surrounding environment.

Successful investments often involve collaboration with local stakeholders and communities. What has been your experience with local businesses, government agencies and the community?

We have seen a high level of professionalism on the part of local consultants and contractors and a hands-on approach by government agencies regarding follow-up and support, with the ministries and relevant agencies being positive and responsive. There is also an accessible group of highly influential people who have been very welcoming and supportive in terms of collaboration and networking.

Looking ahead, what are BBBI’s growth ambitions and strategic priorities in Cyprus?

We will work closely with the Ministry of Energy, Commerce & Industry to reduce energy costs for similar industries so that they can become competitive with their counterparts in neighbourting countries. At the same time, we will collaborate with the Ministry of Transport, Communications & Works to reduce port charges and with the Ministry of Labour & Social Insurance to increase quotas for foreign blue-collar labour. We also plan to work closely with the Ministry of Interior and the Mayor of Ypsonas to find an acceptable solution to the housing situation, especially for foreign blue-collar workers, due to the excessively high rents in the area.

Congratulations on recently winning an Invest Cyprus International Investment Award. What does this recognition mean for you?

It represents gratitude and appreciation on the part of the Government to our Group for having chosen Cyprus among the surrounding alternative countries, as a place to invest.

Boutique Beverages Bottling International

It is a subsidiary of Kassatly Chtaura Group, which has a 50-year history of innovation and excellence in the beverage industry. Founded in 1974, the Group is headquartered in Beirut, strategically positioned to serve its factories in both Lebanon and Cyprus. BBBI was established on the island to expand its bottling facilities and to specialise in promoting the FREEZ brand in the global market. Bottling here began in March 2024 and the plant will be fully operational in July. Kassatly Chtaura Group chose Cyprus for its investment value, growing business environment, favourable economic policies, strategic geographical location and appealing lifestyle.

This interview first appeared in the July edition of GOLD magazine. Click here to view it.