InsiderBusinessGovernment to further support local business community, President assures

Government to further support local business community, President assures

President of the Republic of Cyprus Nicos Anastasiades has said that the government is determined to continue its support to the local business community, by cooperating with all political forces to the further modernization of the state, to new reforms and incentives to improve the competitiveness of Cypriot businesses.

In his address at the award ceremony of the Cyprus Export Awards for 2016, the President referred to the data of 2016 noting that exports recorded an increase compared to 2015, while the upward trend has continued in 2017 as well.

In 2016 , he said, a 16% increase in exports was recorded compared to 2015, or 963 million euro from 832 million in 2015.

The President noted that according to recent figures from the Statistical Service of the Republic of Cyprus, exports of domestic products stood in 2017 at 1.25 billion euro, of which 436 million for medicines, compared to 392 million in 2016, followed by industrial fuel with 393 million, exports of fresh and processed agricultural and livestock products (334 million) of which the main export product was the Cypriot hallumi cheese (156 million).

The President stressed that these figures are the result of a targeted and coordinated action of businessmen and the state, which among other things allowed the export of Cypriot products into new markets of third countries such as China, Jordan and Lebanon.

Regarding exports of services they reached 9.2 billion euros in 2016, recording an increase of 7.3% compared to 2015, while the upward trend continued in 2017, (9.9 billion euros, increase of 8%).

The President expressed satisfaction with the fact that Cyprus` name is today connected with growth and prospect and constitutes an example of sound financial management.

He stressed that the Government will continue to support the local business community and improve the already business-friendly economic environment.

“There may be many challenges before us, but I want to assure you that we are determined to achieve our common goals through further reform actions and new tax and other incentives,” he said.

Addressing the ceremony, President of the Cyprus Chamber of Commerce and Industry Christodoulos Agkastiniotis called upon the state to give more support to the export companies by providing them with incentives and more funds for the purpose of participating in exhibitions and other business events in foreign markets.

Chairman of the Export Awards Committee Andreas Matsis said that total exports of goods and services in 2017, compared to 2016, rose by 8.22%, while based on current data, exports of services are more than three times higher than total exports of goods, as they amount to 9.9 billion euros compared to 3 billion of goods.

The export award for industrial products was given to three companies: Foodram Trading ltd for companies with up to 50 employees, Firepro Systems Ltd for companies with more than 50 employees and Petrou Bros. Dairy Products ltd for EU award.

Elysee Irrigation Systems Ltd, received the special exports award while the agricultural products export award went to Kimagro Fishfarming Ltd. Finally, Armonia Estates Ltd and Odyssey Consultants Ltd received the award for services exports.


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