Nicosia: 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. 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.
According to Cyprus News Agency, Panayides was speaking at the General Assembly of the Nicosia Chamber of Commerce and Industry (NCCI), where he highlighted the crucial role of the city’s business community in boosting the local economy and creating new opportunities for citizens. He emphasized the government’s tangible support to entrepreneurship through integrated policies designed to meet current challenges and needs, focusing on innovation, circular economy, and the digital and energy upgrading of enterprises.
Within this framework, Panayides discussed targeted grant schemes, including pound 226 million from the ‘THALIA’ program, and 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 noted, underlining the financial support provided to businesses.
Panayides also mentioned the new Policy Document for the Competitiveness and Internationalization of the Cypriot Industry 2025-2030. He described it as a comprehensive action plan aimed at strengthening industry competitiveness through innovation, sustainable technologies, digital transformation, and international expansion, with a special focus on human capital and skills development.
Another strategic pillar highlighted by Panayides is promoting Cyprus as an international business center and investment destination. He referred to the Business Support Centre and the Export Helpdesk, noting the importance of the National Visual Identity for Cypriot products in enhancing international visibility and opening new markets. He cited export growth as evidence of these efforts, with services exports increasing significantly from pound 14.9 billion in 2020 to pound 28.7 billion in 2024.
NCCI President Michalis Moushiouttas expressed the Chamber’s readiness to contribute to the capital’s development and entrepreneurship. He highlighted Cyprus’ upcoming Presidency of the Council of the European Union as an opportunity for the country to emerge as a political and economic hub, and for Nicosia to project its identity as a European capital with history and vision.