The Ministry of Energy, Commerce, and Industry has secured €245 million for the new programming period until 2027. This funding is earmarked to support businesses through specific grant programs, focusing on maximising the use of resources from European Funds, including the Recovery and Resilience Fund. Energy Minister George Papanastasiou made this announcement during the General Electoral Assembly of the Paphos Chamber of Commerce and Industry on Friday.
Papanastasiou outlined that the projects will primarily focus on fostering young entrepreneurship, improving competitiveness, promoting energy efficiency in small and medium-sized enterprises, upgrading businesses digitally, advocating for the circular economy, supporting larger enterprises, and modernizing or establishing units involved in processing and marketing agricultural products.
In addition, he revealed plans for an extra €120 million to be allocated through the “Save and Upgrade” initiative for housing, indirectly contributing to entrepreneurship growth. Simultaneously, efforts to decrease consumer expenditure on energy will continue, with the Ministry announcing grant programs via the Renewable Energy Sources and Energy Conservation Fund. A total budget exceeding €80 million has been allocated for 2022-2023.
The Energy Minister highlighted that the Renewable Energy Sources and Energy Conservation Fund is now handling over 2,000 applications monthly. In the Paphos district alone, over 1,000 homes engaged in the Fund’s plans in 2022, a number expected to double this year due to increased incentives.
Regarding the Industrial Areas and Zones in Paphos district, Papanastasiou mentioned the Ministry’s commitment to resolving persistent issues. This involves infrastructure modernisation, project upgrades, and collaborative cleanliness initiatives with local authorities. Notably, he announced the forthcoming construction of a bridge linking the Mesogi Industrial Area with the Tremithousa Industrial Zone. The project, conducted in partnership with the Department of Public Works, is set to commence in 2024 and be completed by 2025, with a total cost of €2 million.
Furthermore, George Mais, re-elected president of the Paphos Chamber of Commerce and Industry, addressed the challenging global political and economic context. He emphasised the need for close and constructive cooperation among various stakeholders, including the government, parliament, productive sectors, and trade unions to effectively address problems and challenges.
Mais highlighted the considerable growth in Paphos city and district, particularly in the tourism sector, throughout 2022 and 2023. Investments, especially in real estate, were reported to be at satisfactory levels. Paphos continues to attract around 39% of total tourist arrivals annually, with primary visitors coming from the UK, central European countries, Greece, and Israel. Additionally, there is a positive outlook for tourist arrivals from Scandinavian countries and emerging markets like Poland, Austria, the Baltic countries, and Middle Eastern countries.