Filenews 6 November 2023 - by Dora Christodoulou
As manna from heaven, the commercial and industrial sector of Pafos expects the money that will be made available from the total package of €245 million that the Ministry of Energy, Commerce and Industry will make available to businesses through targeted Subsidy Schemes until 2027. The announcements of the competent Minister, George Papanastasiou, at the General Assembly of the Pafos Chamber of Commerce and Industry a few days ago, create a positive climate in the province, in order for the recovery of the tourism sector to be followed by the industry and commerce of the province.
The re-elected president of the Pafos Chamber of Commerce and Industry, George Mais, said that the announcement of this sponsorship to the commercial and industrial sector is of paramount importance today, given that international conflicts, the volatile economic environment internationally, the continued high prices in the market and delays in the implementation of institutional reforms, are already creating a difficult and complex environment for everyone.
Mr. Mais stressed that the city and the district of Pafos showed an enviable growth in 2022 and 2023, noting that especially the tourism sector showed a very satisfactory increase, but investments mainly in real estate, moved as he said at very satisfactory levels.
Tourist arrivals in Paphos in 2022 recorded an increase of about 85% compared to 2021, he stressed, while this upward trend continued in 2023 with arrivals in the period January – July recording an increase of 27.5% compared to the corresponding period of 2022.
Despite this progress, however, said George Mais, the contribution of the State is needed to promote and implement new development projects and enrichment infrastructure in the city and district of Pafos. He spoke of the need for targeted incentives to further boost investments in land development, education and health, to increase Pafos Airport's connectivity with new destinations, to promote projects related to the connection of the airport road with the tourist area of Paphos, the improvement of airport facilities and improvements in industrial and road infrastructure.
The continuing cost, due to the high cost of electricity and fuel, says the re-elected president of the Pafos Chamber of Commerce, is inflating the prices of raw materials and basic goods, causing knock-on effects on consumer incomes, business competitiveness and the course of the economy in general. At the same time, the sharp increase in interest rates creates additional difficulties for both businesses and citizens, especially those who have bank loans.
The Pafos Chamber of Commerce and Industry, in cooperation with the CCCI, pointed out, called for targeted measures against inflation, while we repeatedly expressed our strong concerns about the increase in interest rates that undermines the economy and creates risks of further exacerbation of the problem with bad loans, reduction of demand for new lending, problems in entrepreneurship, impact on investments and others.
The timing is, however, favorable for Paphos, Mr. Mais said, given that property sales in Paphos in 2022 recorded a record compared to the last five years.
Nationwide, there were 20,799 sales worth €4.18 billion. 13,409 sales documents were filed, an increase of 13% and 34% respectively compared to 2021, he explained. In the district of Pafos, 2,876 sales documents were submitted compared to 1,818 in 2021, showing an increase of 58%, with October and November being the best months.
Satisfactoryly, during this period, according to the president of the NLG, the sectors of retail trade, industry and agriculture also moved. The various infrastructure and enrichment projects that took place, most of which were proposed or supported by the Chamber, contributed significantly to the overall development of the city and district of Pafos, he concluded.
They focus on entrepreneurship and energy
Referring to the plans for the commercial and industrial sector, during the General Assembly of the Pafos Chamber of Commerce, the Minister of Commerce explained that they concern new entrepreneurship, strengthening competitiveness and energy saving in small and medium-sized enterprises, digital upgrading of businesses, promoting the circular economy, strengthening large enterprises and modernizing or creating units engaged in the processing and/or marketing of agricultural products.
An additional amount of €120 million, he said, will be granted through the Energy Saving – Upgrading Scheme for housing, again indirectly helping to strengthen entrepreneurship. Also contributing to the effort to reduce consumer spending for energy purposes, it has announced Subsidy Schemes through the RES and EE Fund, with a total budget exceeding €80 million for this two-year period. Papanastasiou said that these schemes are proving extremely popular and include sponsorships for investments in roof insulation and installation of photovoltaic systems in homes, replacement of solar water heating systems, charging of electric vehicles from renewable energy sources as well as energy upgrading of buildings and infrastructure.
Regarding the Industrial Areas and Zones of the Pafos district, the Minister of Energy said that the Ministry of Energy, Commerce and Industry is working to solve chronic problems, including by promoting projects for the modernization and upgrading of infrastructure, as well as cleaning projects in cooperation with the Local Authorities.
