It is with great pleasure that I am with you today to celebrate the inauguration of the new state-of-the-art winery of LOEL, here in Limassol.
LOEL, "born" in 1943 during the difficult years of World War II conditions, continues to be an important part of the Cyprus Wine Products Industry to this day. Its products are interwoven with the very culture of our people, which is why they are so much loved. Based in Limassol, LOEL is today a key partner of the Cypriot vine grower, helping to absorb the production of millions of kilos of all the grape varieties of our country.
The name LOEL is intertwined, in addition to wines and coumadaria, with zivania, since 26 years ago it was the company that invested and highlighted the uniqueness and authenticity of this unique Cypriot spirit. The product that was to become the trademark of our distillery and of traditional Cypriot hospitality. LOEL's zivania has been loved by the Cypriot public, and not only, and is ranked as by far the most popular zivania produced in our country.
Friends,
LOL's new Winery, which we are inaugurating today, is developed in an area of twelve thousand square meters and ranks among the great wineries of our country, as it has the capacity to process 6 million kilos of grapes per year. Investments such as this strengthen our country's agricultural economy and improve our trade balance, while offering the winegrower the certainty he needs to continue developing his product and production.
At the same time, however, infrastructure such as the one we are inaugurating today also contributes to the "shift to quality", the policy that is now the cornerstone of our Ministry's plans. We have all become aware that investing in the production of quality wine products of high added value is a one-way street. Products that are carefully crafted from the vineyard level to the level of winemaking and marketing. That is why, through the National Support Programme for the Vine and Wine Sector, our Ministry provides EUR 4.6 million per year to finance measures for the restructuring of vineyards, the promotion of wines abroad, harvest safety, innovation and, of course, the financing of investments in the wine sector, through which the project we are launching today was supported.
Ladies and gentlemen,
Almost the last three years have been very difficult for viticulture and wineries, due to the impact of the coronavirus pandemic. However, with targeted interventions and significant financial assistance from the state, we have succeeded in absorbing the entire local production of wine grapes, while the wine industry has managed to withstand this ordeal and come out of it with as few losses as possible. This would not have been possible if there had not been an honest relationship between the Ministry of Agriculture, the winegrowers and our winemakers, and I want to emphasise this. I would like to take this opportunity to give credit to LOEL because, at this difficult time, it has been consistently willing to assist our efforts by absorbing large quantities of grapes.
In conclusion, I would really like to congratulate LOEL on the completion of its winery and wish it good business and many great successes through the full utilization of this modern infrastructure and true cooperation with the Cypriot winegrower.
Thank you.
(BG/EXP)
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