The government and the Ministry of Energy, Commerce and Industry are actively supporting entrepreneurship in Cyprus through comprehensive policies that address modern challenges and needs, said the Ministry’s Permanent Secretary, Marios Panayides, on Wednesday. He added that the central goal is to promote innovative practices, products, and services, to advance the transition to a circular economy, to develop the manufacturing sector and to enhance the digital and energy performance of Cypriot businesses.
Panayides was speaking at the General Assembly of the Nicosia Chamber of Commerce and Industry (NCCI), whose President, Michalis Moushiouttas, stated that Cyprus’ upcoming Presidency of the Council of the European Union represents a unique opportunity to highlight the capital’s pros.
In his address, Panayides referred to projects that upgrade key infrastructure and strengthen Nicosia’s digital dimension. ‘The city’s business community, led by the members of the Nicosia Chamber of Commerce and Industry, plays a crucial role in this effort by boosting the local economy and creating new opportunities for citizens,’ he noted.
He emphasized that the government and the Ministry of Energy, Commerce and Industry are providing tangible support to entrepreneurship in the country through integrated policies designed to meet current challenges and needs. The main objectives, he said, are to promote innovative practices, products, and services, the transition to a circular economy, to develop the manufacturing sector and to advance the digital and energy upgrading of Cypriot enterprises.
Within this framework, Panayides referred to targeted grant schemes amounting to pound 226 million from the ‘THALIA’ program, as well as pound 137 million from the EU’s Recovery and Resilience Facility and the REPowerEU plan. ‘To date, pound 101.2 million has been disbursed to beneficiaries,’ he said.
He also mentioned the new Policy Document for the Competitiveness and Internationalization of the Cypriot Industry 2025-2030, describing it as ‘a comprehensive action plan aimed at strengthening the competitiveness of our industry through innovation, sustainable technologies, digital transformation, and international expansion. Special emphasis is placed on human capital and skills development, recognizing the importance of investing in people for the industry’s sustainability and resilience,’ he added.
Another strategic pillar of the Ministry, Panayides said, is promoting Cyprus as an international business center and attractive investment destination, as well as strengthening the outward orientation of Cypriot enterprises. In this context, he referred to the operation of the Business Support Centre and the Export Helpdesk, noting that the completion of the National Visual Identity for Cypriot products (products of Cyprus Branding) will further enhance the international visibility of Cypriot products and open new markets.
‘These efforts, which always support your own initiatives toward extroversion, are yielding results. Exports of services increased from pound 14.9 billion in 2020 to pound 28.7 billion in 2024, while exports of domestic products, excluding mineral fuels and petroleum products, rose by 2.3% in 2024, reaching pound 1.24 billion compared to pound 1.21 billion in 2023. Total exports, including fuels and petroleum products, reached pound 2.43 billion in 2024, up from pound 2.37 billion in 2023, marking a 2.6% increase,’ he pointed out.
On his part, NCCI President Michalis Moushiouttas referred to the Chamber’s readiness to contribute to the further development of the capital and to strengthening entrepreneurship and the economy.
Speaking about Cyprus’ assumption of the Presidency of the Council of the EU, he said it is ‘a unique opportunity for Cyprus to emerge as a political and economic hub in Europe and as a pillar of democracy and stability in the Middle East. It is also an opportunity for Nicosia to project its identity as a European capital with both history and vision.’