Nicosia Chamber of Commerce outlines measures to improve capital — new honorary president elected

The Nicosia Chamber of Commerce & Industry (Evel) held its annual general assembly this week, highlighting critical proposals aiming to boost development in the Cypriot capital, improve the quality of life, and preserve its historical character.

Michalis Moushouttas, Evel’s president, outlined key measures necessary for Nicosia’s evolution, addressing concerns about the city’s infrastructure and outlining comprehensive plans related to a number of initiatives.

These included a proposal to implement tram services within the city, implementing staggered working hours in both the public and private sectors, as well as embracing technological advancements for efficient traffic management.

Moreover, he suggested maximising the use of mass transit for students and targeted employee transportation, and utilising new transport network developments, such as the new Nicosia ring road.

Furthermore, he highlighted the significance of new cultural projects, such as the archaeological museum, as pivotal landmarks that will reshape Nicosia’s historical centre.

Moushouttas also stressed the importance of reinforcing the city’s status not only as the country’s administrative hub but also as a growing business centre focusing on sectors like healthcare, education, research, and innovation.

Expressing Evel’s concerns about economic policies, Moushouttas criticised potential revisions to the national minimum wage, recent increases in social security contributions, and interference in free market dynamics.

He emphasised the need to maintain budget surpluses, continue reducing public debt, and control public sector wage increases.

Additionally, Moushouttas highlighted the challenges posed by certain road systems and proposed solutions to address them.

He urged the necessity to resolve the isolation of specific areas within Nicosia, proposing the restructuring of the traffic flow along crucial highways.

At the same event, the Minister of Energy, Commerce, and Industry George Papanastasiou unveiled ambitious plans to allocate co-financed grants totalling €245 million by 2027.

The goal, the minister explained, is to incentivise businesses towards modernisation, bolstering competitiveness, and enhancing their energy efficiency.

The minister outlined upcoming initiatives, including two new projects earmarked for energy upgrades (€17 million) and circular economy promotion (€14.4 million).

Additionally, €120 million is set aside for a household energy efficiency scheme, while green investments are being propelled through Renewable Energy Sources (RES) and Energy Efficiency (EE) grants, with a budget exceeding €80 million for 2022-2023.

What is more, Papanastasiou emphasised ongoing efforts to revamp and upgrade industrial zones island-wide, allocating €9 million for 2024.

Notably, this includes the perimeter fencing and controlled access system installation in the Strovolos Industrial Area under a Special Purpose Agreement with Evel.

Underlining the need for Cypriot businesses to expand globally, the minister highlighted collaborative measures with 16 foreign commercial centres.

Targeted business missions have been focused on countries such as the United Arab Emirates, Kazakhstan, China, Hong Kong, the United Kingdom, and the United States.

Finally, the Nicosia Chamber of Commerce used its annual assembly to announce that former Evel president Kostas Georgallis has been named Honorary President of the chamber.

Georgallis initially joined Evel’s administrative council in June 1993, serving until 1999.

Subsequently, he was elected as vice president, retaining the position until 2005, completing the six-year term permitted by Evel’s statutes.

The chamber also noted that, after being elevated to the presidency in June 2011, Georgallis spearheaded pivotal decisions to improve member service, enhance Nicosia, and strengthen Evel.

Notably, during the challenging economic crisis in 2013, he engaged in numerous discussions with the government and international bodies, contributing efforts to stabilise the banking system, proposing economic reforms, and actively participating in economic support measures.

Moreover, the chamber explained that his engagement extended beyond Cyprus, promoting the country’s international image through interactions with foreign delegations and trade missions.

Georgallis also played a significant role as the primary representative of Evel at the administrative council of Gesy, the national healthcare system, advocating for the healthcare system’s introduction in Cyprus.

Additionally, he contributed significantly to Evel’s collaboration with the Chamber of Commerce of Saudi Arabia, facilitating the recognition of Cyprus by Saudi Arabia, a pending issue since 1963.

His involvement extended to events and public discussions organised by Evel on economic, banking, recovery, development, and investment-related topics.

The chamber concluded by saying that despite stepping down from the Evel presidency, Georgallis continued actively participating in administrative council sessions, offering input on various chamber-related matters.