Cyprus will give wineries incentives to upgrade their wines to improve export potential while making them more competitive against imported rival products.
Commerce Minister Natasa Pilides presented the incentive scheme and the country’s first National Action Plan for promoting Cyprus wines for 2021-23.
Presenting the incentive scheme at a winery in Kilani, a mountain village in Limassol, Pilides said that wineries will benefit from a €1.65 mln incentive scheme, put forward by her ministry in cooperation with the Agriculture Ministry and the Cyprus Agricultural Payments Organisation.
Pilides said the incentive scheme and the Action Plan for the promotion of Cypriot wines demonstrate in practice the government’s faith in the industry and “the great prospects of Cypriot wines in international markets”.
Laying out the details of the plan, ministry official Christos Fotiades said: “The scheme is important as it comes at a difficult period for Cyprus wineries due to the pandemic”.
Beneficiaries, as Fotiades explained to winemakers, are existing and new wineries in the pipeline. The scheme covers infrastructure projects to improve their wines’ quality.
“The subsidy will range from 15% to 40%, depending on the size of the company, however for all state aid agreements signed until 15 October, the percentage of sponsorship could reach 50% of the eligible costs”.
The head of the ministry’s commerce service, Panayiota Patsali, said the aim of the National Action Plan to Promote Cyprus Wines is to increase consumption locally and increase exports.
She said targeted countries for exports are the UK, France, Norway, and the USA
“We all recognise the value of Cypriot wines.
“What remains to be done is to give foreigners the chance to get to know Cyprus’ winery industry.
“We aim to do so by some promotions and events within the framework of the Action Plan,” said Patsali.