2023-Cyprus-Country-Report

CYPRUSCOUNTRY REPORT 2023
What are your expectations for the economic
sectors in your Ministry’s portfolio for 2024?
The portfolio of the Ministry of Energy, Commerce and Industry is indeed broad
and versatile. Ranging from the implementation of our strategy for the transition
to a green and circular economy and a smart and environmentally friendly industry,
to the sustainable development of our hydrocarbon resources, the enhancement
of commerce and Cyprus’ exports and the protection of consumers, it is based on
European policies and guidelines. The role of our Ministry is especially vital during this
troublesome time, following the worldwide consequences of the COVID19 pandemic
and the ongoing conflicts in Europe and the Middle East.
Our energy strategy aims to enhance the security of the country's energy supply,
open pathways towards ending our energy isolation, primarily through electricity
interconnections with our neighbours, explore further the hydrocarbons capacity
of the Exclusive Economic Zone of the Republic of Cyprus, and promote the operation
of both the competitive electricity market and the internal market for natural gas.
Moreover, we have prioritised work for both the reduction of energy costs and the further
exploitation of the national, cost-effective potential of renewable energy and energy
efficiency. In this context, based on the ambitious EU reform packages REPowerEU and
Fit-for-55, we have intensified our efforts to revise our National Energy and Climate
Plan, the final version of which will be submitted to the European Commission by the
end of June 2024. Our revised Plan will aim to provide a detailed map of our transition
to a more competitive, lower greenhouse gas emissions energy system, by establishing
adequate policies and measures to enable our country to successfully meet its new,
more ambitious energy objectives for 2030.
Cyprus’ industry shows signs of significant growth potential and offers excellent
opportunities for investment. The Ministry recognises the need to actively support
entrepreneurship and, thus, implements
a series of measures and funding schemes
aimed at creating new business models
based mainly on technological upgrading,
digitalisation and green growth. Small
and Medium Enterprises (SMEs) are
ICyprus’ industry shows
signs of significant growth
potential and offers excellent
opportunities for investment.
the backbone of the Cypriot economy and a major source of entrepreneurial skills,
innovation and employment. Our goal for 2024 is to continue working on improving
their competitiveness, through the development of a viable and facilitating business
ecosystem, the simplification of procedures and, of course, the provision of the
financial incentives necessary to create the appropriate infrastructure and networks.
In this framework, the Ministry is fully committed to help and encourage businesses
embrace the challenges presented in the green and digital transition.
Strengthening the extroversion of Cypriot businesses and the promotion of domestic
products and services in international markets is also of vital priority, particularly
under the current, worldwide geopolitical conditions. In this context, Cyprus, as a
member state of the European Union, implements the Common Commercial Policy,
which aims to increase trade amongst EU member states and the rest of the world.
Moreover, our Ministry is supporting our island’s thriving business community by
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