The Ministry of Energy, Commerce and Industry has announced in the last two years grant schemes that exceed €330 million of which €171 are for enhancing entrepreneurship and these schemes were warmly welcomed by businesses, said the competent Minister Natasa Pilides.

Speaking from Paphos, she said that in 2023, the government will announce schemes of up to €120 million to support businesses, of which €80 million will be geared to promote investments for storing energy, in conjunction with new renewable energy sources. Other grant schemes that will be announced include consulting services to small medium sized enterprises, implementation of circular economy, digital upgrading and forging partnerships.

The positive picture which the government presents amid the unprecedented international energy crisis, said Pilides, was decisive policies which the government undertook to support the business community.

The Minister noted the new Industrial Policy 2019-2030 is already increasing productivity, innovation and exports. Today, she continued, the contribution of Industry to GDP based on statistics in 2020 amounted to 8.1% while this percentage for 2022 is expected to reach 8.5%.

Another indicator that is increasing is employment in industry, reaching 9% of the labour industry from 8.1% in 2020.

Pilides said it is very encouraging to see new synergies between researchers and industrialists to develop innovative products and highly added value services.

She also referred to efforts to upgrade the Paphos District industrial areas.