Limassol: Close cooperation is essential to achieving the shared goals of the Government and the business community, namely green and digital transformation, enhancing competitiveness, and upgrading Cyprus’ international image, Minister of Energy, Commerce and Industry, George Papanastasiou said at the 63rd Annual General Assembly of the Limassol Chamber of Commerce and Industry (LCCI) on Wednesday evening.
According to Cyprus News Agency, the Minister emphasized that Limassol is entering a new era of growth and extroversion, supported by modern infrastructure and strategic planning, which are strengthening its role as a key economic, maritime, and tourism hub in Cyprus. He highlighted the crucial contribution of the city’s vibrant business community in this process.
Papanastasiou assured that the Government remains a steadfast supporter of these efforts, providing tangible and multifaceted assistance to enterprises. His Ministry is implementing targeted policies and support programmes aimed at boosting innovation, developing the manufacturing sector, and advancing the digital and energy transformation of businesses.
He recalled that for the programming period 2021-2027, a total of £226 million has been secured under the ‘THALIA’ EU programme, along with £137 million from the EU’s Recovery and Resilience Facility and the REPowerEU Plan, to implement various schemes promoting entrepreneurship and industry.
To date, grants amounting to £101.2 million have been disbursed to beneficiaries of the Ministry’s schemes, with £88.9 million through the ‘THALIA’ programme and £12.3 million via the Recovery and Resilience Plan. These initiatives include support for new entrepreneurship, energy upgrades for residences, the competitiveness of manufacturing SMEs, digital transformation of businesses, processing and/or marketing of agricultural products, and investment in energy efficiency.
The Minister also addressed the issue of energy costs, identifying it as a critical factor for maintaining and enhancing the competitiveness of Cypriot enterprises. He noted that the Government has undertaken targeted actions to address these challenges, with a top priority being the full utilisation of European funds for improving the energy efficiency of businesses and promoting energy storage systems.
Referring to Cyprus’ 14 industrial zones, which host around 950 enterprises, Papanastasiou stressed the importance of their upgrade and modernisation. This priority will be pursued in cooperation with local authorities and competent bodies such as the district Chambers of Commerce and Industry and the Industrialists’ Associations. In 2025 alone, projects totalling £8 million are being advanced, including the completion of the Energy and Industrial Area of Vasilikos.
He reiterated the need for close cooperation to achieve common goals, emphasizing that collective and coordinated efforts are necessary for the green and digital transformation of Cypriot enterprises, enhancing competitiveness, and elevating Cyprus’ international image. He reaffirmed that his Ministry will continue to support and ally with these initiatives.
Papanastasiou also highlighted Cyprus’ upcoming Presidency of the Council of the European Union, beginning on January 1, 2026, focusing on strengthening the competitiveness of European businesses. Achieving energy autonomy will be a critical goal, despite the challenges posed by limited resources.
During Cyprus’ Presidency, key priorities will include strengthening Europe’s energy networks to make them smarter and capable of managing various forms of energy. Additionally, fostering an understanding that Europe cannot afford to reject any form of energy or technology will be essential. While the green transition is the main objective, Papanastasiou stressed the importance of considering other technologies, such as natural gas and nuclear energy, to avoid creating rigidity that undermines the competitiveness of European industry.