Government Spokesperson Konstantinos Letympiotis presented the plans to issue a call for bids in 2027 for both phases of the Paphos–Polis Chrysochous highway, as well as developments regarding the Paphos Marina, were presented by Government Spokesperson Konstantinos Letympiotis, speaking at the General Assembly of the Paphos Chamber of Commerce and Industry.
Mr. Letympiotis discussed the progress of the Cypriot economy, the reforms implemented since 2023, the attraction of foreign investment, and Cyprus’s international presence, placing particular emphasis on infrastructure projects in the Paphos district.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
He made special mention of the Paphos–Polis Chrysochous highway, a project which, as he noted, the district has been advocating for decades. The Government Spokesperson emphasized that its implementation requires difficult decisions, insisting that maintaining a problematic contract does not in itself constitute progress.
As he noted, planning for the highway began in 1990, while studies from 2007 projected its completion in 2013. The contract signed in 2021, worth €73 million, called for completion in November 2024. According to the data he provided, as of January 31, 2023, 47.6% of the contract period had elapsed, while the work completed amounted to just €2.6 million, representing less than 4% of the contract value.
In October 2024, he noted, project progress stood at 21.1%, while the contractor was seeking additional compensation of €36.2 million and a 59-month extension.
“Announcing a project takes just a few minutes. Implementing it requires a solid foundation, responsible decisions, and constant oversight,” noted Mr. Letympiotis, adding that it is often more difficult to get a troubled project back on track than to design it from scratch.
The proposed design calls for a modern, four-lane highway. For the first phase, from Agia Marinouda to Stroubi, land acquisitions and the environmental impact assessment for the four lanes have been completed, while the second phase will extend from Stroubi to Polis Chrysochous, he said.
According to the Government Spokesperson, the goal is to issue the tender for both phases by 2027. Meanwhile, a meeting is scheduled for early November between the Minister of Transport, Communications, and Public Works with the Paphos Chamber of Commerce and Industry and the relevant agencies, to discuss the updated plan and next steps.
Regarding the Paphos Marina, he noted that this is a project that has been in the planning stages since 1994, with the first tender taking place in 2006. As Mr. Letympiotis noted, the government’s goal is to definitively move forward with the project’s implementation, which he described as a high priority for the city.
The decision by the Marinas Management Committee regarding the evaluation of the call for expressions of interest is expected in early November, while the signing of the concession agreement with the successful bidder is expected by the end of 2027.
Mr. Letympiotis also referred to the expansion of Paphos Airport and the new desalination plant in Kissonerga, with a capacity of 12,000 cubic meters per day.
In presenting the state of the economy, the Government Spokesperson noted that Cyprus had ranked among the two fastest-growing economies in the European Union for three consecutive years.
According to the data he presented, the growth rate stood at 6% in 2023, 6.6% in 2024, and 4.8% in 2025. For 2025, he noted, growth was more than three times the European average.
At the same time, he noted that public debt is projected to fall below 49% of GDP in 2026, while unemployment is forecast at 3.8%. According to his speech, median wages have increased by approximately 15%.
Regarding government operations, he noted that 75 digital public services were added in 2025, while another 65 had been added by October 27, 2026. At the same time, he highlighted the reduction in the licensing time for specific residential developments to 40 and 80 business days, the digitization of employers’ applications to hire staff from third countries, and the creation of a Business Service Center. According to the Government Spokesperson, stamp duties and the deemed distribution of dividends were also abolished, while the tax on actual dividends was reduced from 17% to 5%.
Referring to the Recovery and Resilience Plan, he noted that €709 million had been raised and 221 milestones and targets had been achieved, including 61 reforms.
Particular emphasis was also placed on the technology sector, with Mr. Letympiotis noting that more than 800 international technology companies are now operating in Cyprus, contributing approximately 14% of GDP.
At the same time, he referred to the Cypriot defense industry, noting that approximately 17 specialized companies are active in the sector, while research programs and exports of defense equipment to European countries are also taking place. In shipping, the total capacity of the Cypriot fleet increased by 23% since 2023, reaching its highest level in the last 25 years, while revenue from ship management rose by 19%.
The Government Spokesperson also described developments surrounding the “Kronos” natural gas field as a significant milestone. “For the first time, a Cypriot natural gas field is moving into the implementation phase—from prospect to investment, from planning to action,” he said.
In closing, Mr. Letympiotis thanked the outgoing Board of Directors of the Paphos Chamber of Commerce and Industry, and especially the outgoing president, George Mai, for their cooperation and contributions. As he noted, despite the disagreements that arose, a shared concern for the region and the search for solutions to foster the district’s development remained the common ground.
In closing, he linked the country’s development prospects to the goal of the liberation and reunification of Cyprus, emphasizing that harnessing the potential of the entire country remains the greatest aspiration for future generations.
The president of the Paphos Chamber of Commerce, George Mais, while presenting the 2025 annual report. At the same time, he announced the end of his term and his intention to run for the position of vice president of the Cyprus Chamber of Commerce and Industry (KEVE) in the elections on December 5.
Mr. Mais emphasized that, despite the growth of the Cypriot economy, businesses continue to face rising operating costs, staff shortages, financing difficulties, and delays in licensing.
He made special mention of the Paphos–Polis Chrysochous highway and the Paphos Marina, calling for clear timelines and concrete results. The Chamber’s priorities also include upgrading Paphos Airport, promoting the Western Bypass, improving the road network, and completing infrastructure in industrial zones.
Referring to the economy, he noted that growth must be accompanied by productive investments, support for small and medium-sized enterprises, and the creation of quality jobs. Regarding tourism, he emphasized the need to transition to a higher-quality model by extending the tourist season and attracting new markets.
The president of the Paphos Chamber of Commerce also identified the following as key priorities: addressing the housing crisis, ensuring adequate water resources, reducing energy costs, and the digital modernization of public services. At the same time, he expressed concern about the delays that continue to be observed in licensing procedures.
Furthermore, the Director of the Paphos Chamber of Commerce, Marinos Stylianou, in his opening remarks at the start of the Assembly’s proceedings.
Mr. Stylianou emphasized that the Chamber has long been a reliable institutional representative of the business community and a steadfast partner in the effort to promote economic development and progress in the district.
He also stressed that the Paphos Chamber of Commerce and Industry continues, through interventions, initiatives, collaborations, and well-documented proposals, to support entrepreneurship, highlight the needs of the local economy, and advocate for the necessary infrastructure and development prospects for the district.
During the Assembly, the President of KEVE, Stavros Stavrou, delivered a welcoming address, noting, among other things, that issues such as the recruitment of human resources, bureaucracy, access to financing, energy costs and energy sufficiency, as well as the costs of the green and digital transition continue to be major concerns for our businesses.
In this environment, ensuring a stable, transparent, and business-friendly framework is an essential prerequisite for our country’s continued growth, he said.
The proceedings of the Assembly were honored by the presence of representatives from the government, the Church, the House of Representatives, local government, and the business community.
Source: CNA
