Minister of Energy, Commerce and Industry and Cyprus Chamber of Commerce and Industry (CCCI) agreed on Monday to intensify their efforts to reduce the price of electricity in order to enhance competitiveness of Cypriot businesses.

"We have reached an agreement, which basically sets a timetable to implement things that will address the concerns of CCCI members," said Minister George Papanastasiou after the meeting with CCCI Board of Directors.

He added that the Ministry's relationship with CCCI is a relationship that’s alive, dynamic and is currently being updated in the face of new challenges.

He noted that these challenges mainly concern the cost of energy, port fees and other issues related to industry and trade. The Minister said that there should be decisions and projects to solve these problems.

He also said that private and public sector should work in the same direction for better results, replying to a question on ways to reduce energy prices and to achieve the goal of gas supply to Cyprus. He added that he explained the policy, the strategy and the vision of the Ministry on that, to be implemented in the coming years.

CCCI President Christodoulos Angastiniotis expressed his agreement and satisfaction with the specific plans and timetables set by the Minister.

CCCI proposed to the Minister of Energy the implementation of a subsidy plan for the installation of renewable energy storage systems by the Electricity Authority of Cyprus and other suppliers that will join the competitive electricity market. The Chamber also suggested the reduction of VAT in solar panels and at the same time launching incentives for green investments and the purchase of electric cars.