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Cyprus intends to double the industrial sector

Cyprus intends to double the industrial sector

Tags: Cyprus, Industry, Economics

The Government of Cyprus intends to begin implementing a new strategy for the development of industrial production in order to double the contribution of the sector to the economy of the country by the year 2030. This was announced by the Minister of Energy, Trade, Industry and Tourism, Yorgos Lakkotripis, at the seminar "Creating a New Era Industry", organized by the Ministry of Energy, the Chamber of Commerce and Industry of Cyprus and the Federation of Industrialists and Employers.

To date, the industrial sector accounts for 7,9% of the GDP of the republic. The government wants this indicator to reach 2030% by 15. According to Lakkotripis, the industry has potential, the development of which can favorably affect the increase in exports and, accordingly, the improvement of the country's trade balance, as well as the level of employment, productivity and competitiveness of Cyprus as a whole.

The new strategy of the Government of Cyprus for the development of the industrial sector is based on seven main directions.

  • Solving structural problems inherent in the operation of industrial zones in a legal, procedural and operational context.
  • Achieving sustainable growth in industry through the creation of the required infrastructure, the introduction of new business models and the use of alternative energy sources.
  • Transfer of industrial activities to a digital basis through the introduction of digital systems and applications, the use of modern equipment and new technologies, and the creation of "smart enterprises".
  • Develop new skills and improve the existing workforce of Cyprus.
  • Improvement of conditions in the industrial sector and the business environment in general due to the introduction of flexible management systems in companies, as well as reducing bureaucratic burden and level of operating expenses.
  • Providing access to business financing from various sources of capital and existing European, regional and international funds, as well as in the form of government subsidies.
  • Providing access to markets by creating mechanisms that promote trade, improve marketing efficiency, and increase exports.

As Lakkotripis said at the end of his speech, a working committee will be created to implement the new strategy, which will include representatives of the Ministry of Energy, the CCI of Cyprus and the Federation of Industrialists and Employers. The Committee will develop an appropriate action plan, the implementation of which will be evaluated annually.

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