At the Annual General Meeting of the Larnaca Chamber of Commerce and Industry, the Minister of Energy, Trade, and Industry, Michalis Damianos, at the Annual General Meeting of the Larnaca Chamber of Commerce and Industry.
He noted that the new grant program pertains to the installation of energy storage systems in businesses that already had or would install photovoltaic systems for self-consumption. The budget for the program was expected to total €20 million, with €10 million allocated in 2027 and another €10 million in 2028.
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The consultation on the draft guide has been completed, he said, and the goal is to announce it as soon as possible. As he noted, the plan allows businesses to use the energy they generate more efficiently, reducing their dependence on the grid and their operating costs.
The Minister highlighted the pivotal role of the Larnaca district in the country’s energy and industrial planning, with a focus on Vasilikos. He noted that the Central Firefighting System in Vasilikos is expected to be completed in February 2027, while procedures are underway to establish a governing body for the Energy Center, with the aim of ensuring its more effective oversight and management.
Regarding the Liquefied Natural Gas Import Terminal in Vasilikos, he noted that the first phase of the new tender was completed in early October, with eight companies participating. The selection of those who will advance to the next phase is expected by the end of 2026, while the contract is scheduled to be awarded before the summer of 2027. As he pointed out, the terminal’s operation will contribute to diversifying the energy supply, strengthening energy security, and reducing emissions and electricity prices.
Referring to the district’s industrial infrastructure, he noted that there are four industrial zones operating in Larnaca, with 333 industrial lots and approximately 231 tenants. Mr. Damianos announced measures to improve parking facilities in the Aradippou Industrial and Commercial Zone and the Larnaca Industrial Zone, as well as tenders for the sale of four factory buildings in the two areas.
Regarding support for businesses, the Minister of Commerce stated that €352 million had been secured for the 2021–2027 programming period for grant programs covering, among other things, energy and digital upgrades, manufacturing, new entrepreneurship, and the circular economy.
From early 2021 through the end of September 2026, the Ministry had disbursed more than €151 million, approving nearly 5,500 grant applications. Of this amount, €113 million was allocated through the “TH.A.L.E.I.A.” Program and €38 million through the Recovery and Resilience Plan.
Regarding new entrepreneurship, he noted that from the 2021 and 2024 calls for proposals, with a total budget of €50 million, 1,021 beneficiaries had been approved. By the end of June 2026, €19.9 million had been disbursed to 334 businesses. At the same time, Mr. Damianos said that the Ministry was preparing a new, simplified grant program exclusively for young people aged 18 to 35, with the call for applications scheduled for the first quarter of 2027.
In the area of exports, the Minister noted that in 2025, exports of domestic products, excluding fossil fuels and petroleum products, amounted to €1.37 billion, marking a 10% increase compared to 2024. Exports of services reached €32 billion, recording a 6% increase.
He noted that the Export Helpdesk and the network of Trade Centers of the Republic of Cyprus cover nearly 50 countries, supporting Cypriot businesses’ efforts to expand their presence abroad.
He also referred to the new Strategy for Attracting Businesses and Talent for the period 2027–2030, which is expected to be submitted to the Council of Ministers in December, with the aim of implementing it in 2027.
“Larnaca has significant advantages, a vibrant business community, and substantial prospects for further growth. The goal is to harness this momentum through specific projects, improved infrastructure, and targeted support,” said the Minister, noting that the Larnaca Chamber of Commerce and Industry is a key partner in this effort.
In turn, the President of the Larnaca Chamber of Commerce and Industry, Dr. Nakis Antoniou, emphasized the need to move forward with Larnaca’s major development projects, with the port and marina at the forefront. At the same time, he highlighted the potential for utilizing the old airport for aircraft maintenance and repair, while noting that in 2025, Larnaca’s share of tourist arrivals in Cyprus reached 15.4%, ranking the district third island-wide.
Regarding the port and marina, he stated that Larnaca had heard many promises and had waited long enough, calling for concrete decisions, clear timelines, and substantive progress on the project. He expressed confidence in the President of the Republic and his expectation that the commitments would be fulfilled, while emphasizing that Larnaca is entitled to equal development, without preferential treatment for other regions.
He welcomed the start of expansion work at Larnaca Airport and raised the issue of repurposing the old airport for aircraft maintenance and repair activities (MRO). He noted that member companies of the Chamber had already invested in facilities, equipment, expertise, and specialized personnel, expressing the hope that decisions would be made that would allow Larnaca to develop into a regional hub for this sector.
He also referred to the need to upgrade the Larnaca–Dhekelia road and address traffic, parking, and public transportation, as well as improving infrastructure for pedestrians and cyclists.
Regarding the “Land of Tomorrow” project, he noted that it was a major investment that could transform the city by attracting new investments, creating jobs, and boosting services and tourism, provided that urban planning and environmental conditions were met and benefits for the local community were realized.
Regarding tourism, he noted that in 2025, Larnaca’s share of tourist arrivals in Cyprus had reached a historic 15.4%, ranking the district third island-wide.
Regarding industry, trade, and logistics—which he described as strategic pillars of Larnaca’s economy— he noted that the Chamber had established Management Committees in all of the district’s industrial zones, with the aim of representing businesses and bringing their concerns to the attention of the relevant authorities. He called for the upgrading of industrial zones, improvements to infrastructure and access, as well as the creation of new spaces for industrial, technological, and logistics activities.
In the field of education and innovation, he referred to the School of Marine Sciences at CUT in Larnaca and the CMMI, which are active in research and innovation related to the sea and shipping. At the same time, he presented a proposal to establish a School of Aeronautical Engineering, in collaboration with UCLan Cyprus and companies in the aviation sector, with the aim of linking education and research to the needs of the labor market.
Regarding healthcare, he emphasized that Larnaca was facing shortages in medical infrastructure, specialized personnel, and diagnostic services. He called for the upgrading of the Larnaca General Hospital, the strengthening of the Emergency Department, and improvements to its equipment and staffing, noting that private medical centers could operate in a manner complementary to the public sector.
The President of the Chamber of Commerce and Industry noted that businesses continued to face rising operating and energy costs, labor shortages, and international uncertainty. Consequently, he called for the simplification of procedures, a stable institutional framework, and substantial support for small and medium-sized enterprises.
In presenting the Chamber’s priorities, he emphasized the acceleration of major projects, improving the business environment and licensing procedures, strengthening trade and industry, developing tourism, and linking education to the labor market. He also emphasized the need to strengthen international cooperation and improve services for Chamber members, with the goal of achieving measurable results.
The President of the Cyprus Chamber of Commerce and Industry (KEVE), Stavros Stavrou, in his opening remarks, stressed the need to accelerate development projects in Larnaca, with particular emphasis on the port and the marina, expressing concern that the new setback caused by the Legal Service’s intervention regarding the call for bids will prolong the delays and uncertainty. He called on the government to clarify how the project will move forward.
At the same time, he emphasized that Larnaca must move from planning to implementation, with specific timelines, faster procedures, and the attraction of high-quality investments.
The President of the Larnaca Port Authority, Angelos Hatzicharalambous, emphasized the need to promote the development of the Port and Marina of Larnaca, describing the project as strategically important for the economy, tourism, and employment.
He stressed that clear planning, coordination, and adherence to the timelines set forth in government announcements are required, noting that the city needs concrete steps and tangible progress.
At the same time, he identified improving licensing procedures as a priority, with clear processes and timely review of applications.
He emphasized that reducing bureaucracy and avoiding unjustified delays are essential prerequisites for the implementation of investments, particularly large and complex developments.
Mr. Hatzicharalambous also referred to the collaboration between the Larnaca Chamber of Commerce and Industry and the Cyprus Chamber of Commerce and Industry, noting that the Chamber’s market experience can help identify challenges and formulate practical solutions to improve the licensing system.
The Mayor of Larnaca, Andreas Vyras, stated that the Municipality and the Larnaca Chamber of Commerce and Industry will continue to jointly advocate for the immediate advancement of the port and marina development project, emphasizing that the city cannot accept further stagnation or unjustified delays. He described the project as crucial for Larnaca’s future development.
In his remarks, Mr. Vyras referred to the collaboration between the Municipality and the Chamber of Commerce to relocate the petroleum and LPG facilities, the city’s academic presence, with the new School of Marine Sciences, Technology, and Sustainable Development at CUT, as well as the support for the Larnaca 2030 initiative.
Referring to the city’s development trajectory, he noted that the Municipal Council’s recent report presented 30 projects, with a total cost of nearly €100 million, which have either been completed, are currently underway, or are being planned for the coming years.
Source: CNA
