President highlights benefits of industry extroversion

Cyprus' industry sector has enormous prospects which remain unexploited President Nikos Christodoulides has said, underlining the benefits from extroversion in business.

Delivering a speech at an event organised in Limassol, on the evening of 25 February, by Agios Athanasios Industrialists' Association, in the presence of the Minister of Transport, the President noted that the government must immediately promote a solution to the long-standing request of industrialists for the creation of a second industrial entrance-exit point, citing security issues for which "no negligence is allowed."

He described Agios Athanasios industrial area as one of the important growth points in Limassol district and on the island since it hosts a significant number of businesses that contribute decisively to the competitiveness of the economy.

The President praised the industrialists' role in the economy's growth which contributes to the country's economy. He said that since the establishment of the industrial area, approximately three million euros have been spent on the maintenance of infrastructure projects. He went on to say that in 2025 the paving with asphalt of the road network will go ahead in the area of Amathounta municipality.

The President also noted that further growth is achieved with the cooperation between the public and the private sectors, adding that increasing competitiveness and exports, improving access to financing, interconnecting the service sector with industry, interconnecting education with industry and the needs of the economy, reducing production costs and exploiting the advantages arising from digitalization, are some of the main challenges the industry is faced with nowadays.

He stressed that the government, recognizing these challenges, is making targeted use of European funds and national resources for the implementation of relevant Grant Plans. He indicated that 226 million euros were secured for the 2021-2027 programming period within the framework of the THALIA Cohesion Policy Programme, as well as 137 million euros within the framework of the Recovery and Resilience Mechanism.

President Christodoulides also noted that they are proceeding with the revision of industrial policy, noting that figures indicate the need to adopt an integrated strategic approach to strengthen industrial production and the competitiveness of domestic industries in international markets.

He said that they drafted a policy document to this end which combines the competitiveness and the internationalization of the Cypriot industry and which is subject to public consultation. He also referred to the Tax reform, to be presented at an event at the Presidential Palace on 26 February.

(Source: CNA)