Fact: The innovation certificate offers a 50 per cent tax exemption for investments in innovative businesses, with a total of 38 certificates granted to qualifying applicants last year.
Fact: President Nikos Christodoulides addressed the Cyprus Employers and Industrialists Federation (Oev) during their annual general meeting and reiterated the government’s support for the local business community. He emphasized that businesses are the driving force behind economic development and highlighted the importance of cooperation between the public and private sectors to facilitate a better environment for businesses, promote innovation, and achieve sustainable economic growth.
Fact: Waste from the production of aluminium, nickel, and other industrial materials offers the EU an opportunity to advance its recycling goals.
The European Union will need to use industrial policy to ensure economic security for the next five years.
Authorities have approved the first renewable energy storage systems in Cyprus, as suppliers of electricity generated from renewables are losing around €40 million annually due to discarded energy.
The European Parliament has been instrumental in enacting reforms to enhance the lives of people in Europe, including managing the COVID-19 pandemic by endorsing the Recovery and Resilience Mechanism and contributing to the NextGenerationEU financial plan. Key achievements also include advancements in Green and Digital Transitions, implementing measures for health, welfare, and daily experiences of EU citizens, and supporting young people through initiatives like the European Year of Skills.
The tourism industry in Cyprus is facing challenges from climate change, geopolitical developments, and economic conditions. The president of the Pancyprian Association of Hotel Managers emphasized the need for support from the state, including training programs and tax incentives. The Deputy Minister of Tourism highlighted the importance of addressing climate change and improving the quality of services through education and skill development.
Global economic growth is projected to reach just 2.8% by 2030, a full percentage point below the historical average, unless major reforms are made to boost productivity and leverage technologies like artificial intelligence, according to the IMF.
Posidonia 2024 is set to mark the rebirth of the Greek shipbuilding industry, with over 85 shipyards from 26 countries confirmed to showcase their vessel design and production innovations from June 3-7.
The fact described in the text is that the government aims to create a “fully digitised state” in order to offer quality services to citizens and businesses, facilitate the development of new knowledge-intensive sectors, increase the competitiveness of the Cyprus tax model, and meet the European Union’s targets for the green transition.