On the occasion of the Annual General Assembly of the Federation of Employers and Industrialists (OEB) which will take place on Wednesday, May 7, 2025 and which will be addressed by H.E. the President of the Republic, Mr. Nikos Christodoulides, the OEB issues the following communiqué.
In 2024, the growth rate of the Manufacturing Industry increased by 2.8% compared to 3.4% in 2023. At the same time, the sector’s contribution to GDP for 2024 was 6.5%.
2024 was another year in which the Federation of Employers and Industrialists (OEB) demonstrated intense activity for Industry to highlight the importance of the sector in the Cypriot economy. The point of reference was the preparation and submission of a detailed proposal by OEB to the President of the Republic for the new Industrial Policy as well as the Action Plan for the period 2024-2029.
The OEB’s proposal for a new Industrial Policy was drawn up through consultation with the professional Associations of the Industry sector, Associations of Industrialists of State Industrial Areas, Management Committees of Industrial Zones as well as with important export industries. The Industrial Policy proposed by OEB is based on six Strategic Pillars and includes a total of 55 actions for the next five years.
The priorities of the proposed actions of the OEB that can have a direct impact on the economy of our country, are the following:
- Reduction of energy costs.
- To facilitate the direct employment of workers from third countries in technical professions in which there is a perceived shortage of staff and to attract workers to industry in general.
- Preparation of integrated planning for the promotion of exports with targeted financial, tax and other incentives.
- Ensuring the operation of industrial areas/zones, improving infrastructure in them and rationalizing rents on state land plots outside state industrial areas.
- Ensuring by the state conditions of equal competition in the trade of products from the occupied territories based on the Green Line Regulation.
- Creation of a Deputy Ministry of Industry or a General Directorate of Industry or another Structure with responsibility for making political decisions for Industry.
In addition, OEB in 2024 dealt with the following current issues of the Industry:
- It consulted with the competent Ministry for the implementation of the new Sponsorship Scheme exclusively for large industries after satisfying its request.
- It organized informative presentations on various sponsorship projects of the Ministries of Energy, Trade & Industry and Agriculture, Rural Development and Environment concerning the manufacturing sector.
- It promoted the potential of the Cyprus Defence Industry, dual-use products, industrial participation in the Ministry of Defence’s armaments programmes and cooperation with the academic community for research, development and innovation purposes.
- It hosted a broad meeting of exporting companies with the participation of the Trade Service of the Ministry of Energy to find ways to solve various practical difficulties that arose for the participation of Cypriot companies in trade fairs abroad.
- It submitted a proposal to the Ministry of Energy, which was accepted for granting an extension to the submission of applications for sponsorship schemes in order to maximise the participation of businesses and the absorption of the available credits, as well as other suggestions for improving the provisions of the sponsorship schemes.
- It sent to the Minister of Finance a comprehensive memorandum of a developmental nature for the extroversion of Industries with specific suggestions for participation in trade fairs abroad as well as other proposals for the promotion of exports.
- It organized specialized training programs for industry executives.
- He submitted suggestions for improving the operation and maintenance of the existing infrastructure of industrial areas/zones such as roads, sidewalks, connection to main roads, cleaning, parking lots, street lighting, waste management as well as strengthening of policing/security, especially during the evening hours to prevent theft and vandalism.
- He contributed to the establishment, organization and operation of the Management Committee of the Industrial Zone of Strovolos.
- The Association of Industrialists of the3rd Industrial Area of Limassol (Ypsonas), the Association of Industrialists of the Industrial Area of Frenarous and the Management Committee of the Industrial & Craft Zone of Deryneia joined in its Members’ force.
- Particular activity was demonstrated in the issues of fire safety and fire protection in the Industrial Zone of Geri – Dali.
- He participated in meetings and visits of the Ministry of Energy, Trade and Industry as well as the Parliamentary Committee on Industry in various Industrial Areas and Zones.
The Cypriot Manufacturing Industry, despite the difficulties and structural problems, manages to survive because, as has been proven, it is particularly resistant to international turbulence. What is needed is to support competitiveness by containing the costs of factors of production in order to achieve a full release of its potential.
In more detail, the course of the Industry sector will be discussed at the Annual General Assembly of OEB that will take place on Wednesday, May 7, 2025 at the Hilton Nicosia Hotel. The President of the Republic of Cyprus, Mr. Nikos Christodoulides, has been invited to attend and speak at the Assembly.
