articles | 01 November 2018

Cyprus working towards a new model of growth, Commerce Minister says

The government, in collaboration with the commercial and industrial partners, is working towards the creation of a new model of growth and renewal of the economy, Minister of Energy, Commerce, Industry and Tourism Yiogos Lakkotrypis has said.

Addressing the General Assembly of the Limassol Chamber of Commerce, Lakkotrypis pointed out that the Cypriot companies are called on to modernise in order to become viable and competitive, noting that since the first day in office the government tackled the 2013 financial crisis by adopting a rational approach.

Cyprus’ main economic growth drives are tourism, professional services and consumption, with economists and industrialists calling for a new model that would put growth on a more sustainable path.

“With the collaboration of the commercial and industrialist world and close partners we are working to create a new model of growth and renewal with innovation, entrepreneurship, the dynamic establishment of Cyprus in the energy map and the upgrading and enrichment of our tourist product as the main drivers,” Lakkotrypis said.

He noted that utilising EU funds his Ministry implements programmes aiming at business strengthening which amount to €128 million for the programme period of 2014-2020.

Lakkotrypis recalled that exports of products and services have registered significant growth in the last years, with total exports recording an increase of 30% in 2017 compared with the year before, while services exports rose by 8%.

Tourism, he said, was the key sector for the restart of the economy with a rise in arrivals of 14.6% in 2017 compared with the previous year.

Source: InCyprus

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