Cyprus Business Now

A bill to regulate matters concerning start-ups and their investments is expected to be submitted to the House of Representatives within this year, according to an update received on Tuesday by the Committee on Energy, Trade and Industry.

The committee was informed about the matter by the people responsible for the preparation of the bill at the Deputy Ministry of Research and Innovation.

A three-member committee has been established to prepare and oversee the bill, together with the Finance Ministry, the Ministry of Education, as well as the Cyprus University of Technology (Tepak).

Subsequently, after a discussion had been concluded, a special group was set up at the Ministry of Finance that would also contribute to the preparation of the bill.

Before submitting the bill in question to the House, the views of Cypriot universities will also be taken into account.

The committee also stated that they intended to submit the bill within the timeframe shared with the House, which is approximately two months from now.

The president of the House Committee on Energy, Trade, Industry and Tourism Kyriacos Hadjiyiannis said that he considers that “two months are more than enough time to complete the bill”, before calling on the people responsible for the bill to submit it as soon as possible.

Industrial turnover in Cyprus recorded a significant increase of more than 21 per cent during the first half of 2022, compared to the corresponding period last year, according to a report released this week by the Cyprus Statistical Service.

The largest increase was recorded in the sectors of electricity supply by 63.2 per cent, as well as water supply and material recovery by 33 .9 per cent.

According to the report, between January and June 2022, the industrial turnover index increased by 21.4 per cent year-on-year.

During the first six months of the year, the manufacturing sector grew by 14.3 per cent compared to the first half of 2021.

There was also a rise in the electricity supply sector by 63.2 per cent, water supply and materials recovery by 33.9 per cent, as well as mining and quarrying by 4.1 per cent.

Moreover, in June 2022, the index reached 186.5 points (base 2015=100), marking an increase of 19.8 per cent, compared to June 2021.

In the manufacturing sector, the index reached 182.5 points in June 2022, reflecting an increase of 11.7 per cent compared to June 2021.

Finally, during this time, there was also a rise in the electricity supply sector by 71.2 per cent, water supply and materials recovery by 24.8 per cent, as well as mining and quarrying by 13.9 per cent.

The Cyprus Stock Exchange (CSE) ended Tuesday, September 6 with profits.

The general Cyprus Stock Market Index was at 72.51 points at 13:05 during the day, reflecting a rise of 0.33 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 43.49 points, which represents an increase of 0.35 per cent.

The total value of transactions came up to €11,668.

In terms of the sub-indexes, the main and alternative indexes rose by 0.46 per cent and 0.32 per cent respectively. The hotel index declined by 0.67 per cent, while the investment firm index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.81 per cent), Petrolina Holdings (+1.87 per cent) and Logicom (no change).