Paphos Chamber of Commerce president praises €245 million funding schemes

Paphos Chamber of Commerce and Industry (Evep) president George Mais on Tuesday said that the allocation of €245 million to local businesses, along with other developments, can offer significant benefits to businesses in the district.

Mais explained that international conflicts, coupled with the unstable financial environment internationally and continued high costs, alongside delays in the implementation of institutional reforms, create a difficult and complex environment for everyone.

However, Paphos, he emphasised, presented robust growth in 2022 and 2023. Notably, the tourism sector showed a very satisfactory increase, while investments, mainly in real estate, reached very satisfactory levels.

Within this context, Mais pointed out that the amount of €245 allocated until 2027 by the Ministry of Energy, Commerce, and Industry to businesses through targeted funding schemes will be a breath of fresh air for the business community of the district.

These plans, he emphasised, concern new entrepreneurship, strengthening competitiveness, and energy saving in small and medium-sized enterprises.

They also involve the digital upgrading of enterprises, promoting the circular economy, strengthening large enterprises, and modernising or creating units dealing with the processing or marketing of agricultural products.

As the responsible minister of energy, George Papanastasiou, announced at the general assembly of the Cyprus Chamber of Commerce and Industry (Keve) last November, an additional amount of €120 million will be granted through an energy efficiency housing plan, aiming at extensive energy upgrades of existing houses, indirectly helping to strengthen entrepreneurship.

Furthermore, contributing to the effort to reduce consumer costs for energy purposes, grant plans through the Renewable Energy Source (RES) and energy saving fund have been announced, with a total budget exceeding €80 million for these two years.

These schemes are proving extremely popular and include grants for investments in roof thermal insulation, installation of photovoltaic systems in homes, replacement of solar water heating systems, charging of electric vehicles from renewable energy sources, as well as energy upgrading of buildings and infrastructure.

Regarding the industrial areas and zones of the Paphos district, Mais said that in collaboration with the Ministry of Energy, Commerce, and Industry, are working to solve continuing problems, among other things, by promoting infrastructure modernisation and upgrading projects, as well as cleaning projects in collaboration with the local authorities.

Despite this progress, said Mais, the contribution of the country is needed for the promotion and implementation of new development projects and enriching infrastructures in the city and district of Paphos.

Mais stressed the need for targeted incentives to further stimulate investments in land development, education, and health.

Additionally, he highlighted the importance of improving connectivity between Paphos airport and new destinations, along with enhancing airport facilities and infrastructures.

Moreover, he said that promoting projects linking the airport road with Paphos’ tourist areas and improving industrial and road infrastructures are crucial.

Mais concluded that these efforts are essential for the continued growth and development of the region.