articles | 25 July 2014

Energy Minister: Necessary to modernise businesses

Minister of Energy Yiorgos Lakkotrypis has pointed out the necessity to modernise Cypriot businesses, so that they may become competitive and survive.

Addressing the annual general meeting of the Paphos Chamber of Commerce and Industry, Lakkotrypis referred to the lack of cash, low demand and bureaucracy, and assured that the government was making efforts to improve the situation.

He also referred to the new, upgraded, geostrategic role of Cyprus in the Eastern Mediterranean, after the discovery of hydrocarbon deposits in Cyprus’ exclusive economic zone, noting that “we are working intensely to further improve our good relations with neighbouring countries, and at this moment in time our main priority is to begin exploratory drilling by ENI/KOGAS sooner than scheduled”.

“At the same time, however, we are prepared for all eventualities and all alternatives, and we are promoting, as we should, various medium-term prospects for investments across the hydrocarbon industry”, he said.

Referring to the economy, Lakkotrypis said it was necessary to utilise current funding opportunities, adding that a new development strategy was in the pipeline, aiming at making the state more business-friendly.

This strategy, he said, would include a unified development plan and the adoption of good international practices and substantive reforms, with an aim to address complex bureaucracy and simplify the existing regulating and legislative framework for setting up and operating businesses.

Lakkotrypis also referred to the government’s policy and measures to boost business through various schemes and programmes, adding that efforts were continuing to globalise businesses.

Source: Famagusta Gazette

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