The aim is to attract significant investment in the real estate sector and the planning and implementation of major technical and construction projects, are strategic objectives of the Government to improve infrastructure, Minister of Transport, Communications and Works Yiannis Karousos said at the opening of the 113th Congress of the European Federation of Constructors on Thursday.
He said that the construction sector is one of the drivers of economic growth, with a significant contribution to GDP. For this reason, he said, the Ministry places high on its priorities the issues that concern the construction sector and through various actions focuses on its continuous development.
He said that the Government, realizing the new facts that the war in Ukraine has shaped in the construction sector and the economy, intends to make the most of the opportunities that exist to encourage and facilitate new investments, for which there is already interest from foreign countries. At the same time, the Government, the Minister said, is promoting its own operational programme, which in recent years has given a boost to the development of Cyprus and the construction sector.
"Development projects announced by the President of the Republic, with a total budget of €1.2 billion, are already underway or are scheduled for implementation in the near future at a pan-Cypriot level, aiming to improve the quality of life of our country's citizens," he said.
Listing some of the most important projects underway or soon to be promoted for bidding, the Transport Minister referred to infrastructure for the Vasilikos energy project, the New Cyprus Museum, building infrastructure in the health sector and government services, infrastructure for refugee accommodation, infrastructure in the road network, the Nicosia Perimeter Motorway and sections of the Nicosia-Troodos, Limassol-Troodos, Paphos-Polis Chrysochous and Nicosia-Palichorio motorways.
In addition, Mr. Karousos said, with an estimated investment of €1 billion, the Concession Agreement for the integrated development of the Larnaca Port and Marina area, a project that has already been handed over to the Contractor last month and is expected to have multiple benefits for the local community of Larnaca District, as well as for the economic development of the country at large, is on track.
Mr. Karousos expressed the assessment that these projects, apart from their direct benefit as infrastructure, will have a beneficial effect on GDP growth, will significantly revitalize the construction sector and will create new jobs. "Enhancing the competitiveness of the economy is a key strategic objective of the Government, with a view to sustainable growth in an environment of financial stability and social cohesion."
In his speech, he said that the essential steps to enhance the contribution of construction to the country's development process include accelerating the implementation of already planned projects, providing incentives for investment in housing and other buildings, promoting private investment in infrastructure, Market data are creating new trends and, therefore, it becomes imperative for the construction industry to transform its business models and working environment, redefine its values and evolve its processes on the basis of the new digital era," he said.
Finally, he noted that despite the problems brought about by the pandemic and the war in Ukraine, an opportunity to redesign a greener, sustainable and rational development model is opening up before us.
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