Cyprus to become business, investment hub

The government aims to turn Cyprus into a regional business and investment hub, Commerce, Industry and Tourism Minister Antonis Michaelides has said, at the opening of the 32nd annual Cyprus State Fair.
“In the past three years, Cyprus has achieved high rate of growth in satisfactory conditions of employment and low unemployment,” he said, adding that a lot of hard work was needed to achieve the economic indicators Cyprus enjoys today.
The government, he went on to add, is making every effort to promote business through the technological upgrading, the modernization and the expansion of existing industries and encouragement for export trade as well as improved plans and programmes for government grants.Cyprus, he said, does not have cheap raw materials and as such the slow pace of development of the local industry and trade in the new competitive environment could be affected.
“I regret that so far very little has been invested in research and technology but the government is committed to increasing expenditure on research from 0.13 per cent of the GDP in 2003 to 3 per cent by 2010,” he said.
The minister stressed the importance of establishing the Scientific and Technological Park, to house research centres, business incubators and pioneering business.
On the energy front, he said the country has to secure its energy needs and bringing into the country natural gas for electricity purposes.
“There is an urgent need to set up the energy centre in Vasiliko which will store oil reserves the EU demands of us and other reserves as well as natural gas reserves,” he added.
Speaking about tourism, Michaelides said the goal is to modernize and enrich the local tourist product, in line with the strategic development plan for 2003-2010.
The minister welcomed participating Turkish Cypriots in the fair and assured them that the government cares about their, noting that their fate is closely interwoven with that of the Greek Cypriots.
Chairman of the Cyprus State Fairs Authority Loris Tryfon said more than 300 exhibitors present their products and services of about 1,000 companies from Cyprus and 25 other countries.
More than 100,000 people are expected to visit the fair, he said.