President praises Chamber role in local economy

The Cyprus Chamber of Commerce and Industry (CCCI) plays a very important role in the economic development of the country, through programmes to attract foreign investment and capital and promoting the country as a hub for commercial and industrial activity, President Tassos Papadopoulos said here tonight, in an address to the Annual General Meeting to mark 80 years since the Chamber was set up.
He appeared optimistic that concerted effort and joint action could provide the country with bigger opportunities, security and prosperity, social justice and social cohesion for all its citizens.
“We have a robust economy with a 4 per cent rate of growth, increased investment, low inflation and full employment, improved standard of living with a per capita income corresponding to 90 per cent of the EU average,” Papadopoulos said in his speech, adding that the government policy to put its finances in order has yielded results with the EU finance ministers and the European Central Bank giving Cyprus the green light to join the euro area in January next year.
Government policy, he went on to add, aims at supporting the vulnerable groups of the population, noting that social grants in 2007 amounted to 227 million pounds (239 m. in 2002) and announcing that more social grants are in the pipeline for the coming years.
Papadopoulos referred to price rises which he described as a “dangerous phenomenon” and stressed that the Cabinet has already put in place several measures to combat such trends.
On development, he said government policy promotes joint ventures, cooperation in research and technological upgrading. He outlined some of the new services introduced by the government to attract foreign investment which cut down on bureaucratic procedures.
Commenting on energy matters, Papadopoulos said Cyprus is facing a serious problem in that it does not have any natural resources to produce energy and reiterated the government resolve to create as soon as possible a land energy centre, in addition to liberalise the energy market, explore possible oil and natural gas reserves in the Republic’s exclusive economic zone and promote renewable natural resources.
The President told the AGM that Cyprus must strive to become more competitive and offer a high quality tourist product with big infrastructure projects, such as marinas, golf courses, new airports in Larnaca and Pafos.
Concluding, he called on the Chamber to exploit the emerging new environment to the benefit of the country.