Cypriot industry needs a new development model, says Akel

Akel leader Stefanos Stefanou on Wednesday spoke of the need for a new development model for the Cypriot industry that aims to address the imbalances created by poor practices in recent years.

Stefanou, who visited the Lordos Plastic factory in Limassol, also emphasised the need for state support, calling it “vital for the country’s economy and for the creation of quality jobs that will allow good working conditions.”

He praised the people working at the factory for investing in research, innovation, personnel training, and technology.

“These are all essential elements that the Cypriot industry needs to develop,” he said.

Stefanou added that the Cypriot industry, especially the secondary sector, is currently facing several challenges and problems, such as competition from abroad and significant production costs due to energy expenses and the cost of securing raw materials.

He then stressed the importance of creating an environment that promotes innovation, research, and education to enhance the industry’s competitiveness.

“The Cypriot industry has a significant role to play in the country’s economic development, and Akel will continue to support it,” Stefanou said.

“We believe that with a balanced development model, the Cypriot industry should flourish. A strong economy will also result in a stronger welfare state, one that manages to provide support to its people, especially workers.”