The 113th Congress of the European Federation of Constructors
Attracting significant investments in the real estate sector and the planning and implementation of major technical and construction projects, are strategic objectives of the Government for infrastructure improvement, Minister of Transport, Communications and Works Mr.
As Mr. Karousos explained, the construction sector is one of the driving forces behind the development of Cyprus' economy, with a significant contribution to the country's GDP. For this reason, he said, the Ministry of Transport, Communications and Works places high on its priorities the issues that concern the construction sector and through various actions focuses on its continuous development.
Aware of the new circumstances that the war in Ukraine has shaped in the construction sector and the economy in general, the Minister stressed that the Government intends to make maximum use of the opportunities available to encourage and facilitate new investments, for which there is already interest from foreign countries. At the same time, the Government is promoting its own operational programme, which in recent years has given impetus 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," Mr. Karousos said. Listing some of the most important projects underway or soon to be promoted for bidding, the Transport Minister referred to the 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, 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 delivered 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, explained Mr. Minister.
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."
The essential steps to enhance the contribution of construction to the country's growth process include accelerating the implementation of already planned projects, providing incentives for investment in housing and other buildings, promoting private investment in infrastructure, setting priorities f 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 conveyed the belief that, despite the problems brought about by the pandemic and war in Ukraine, "an opportunity to redesign a greener, more sustainable and rational development model is opening up before us."
Finally, the Minister of Transport, Communications and Works congratulated the Cyprus Federation of Building Contractors' Associations (OSEOC) for organising the Conference, and thanked its members for the excellent cooperation they maintain with the Ministry's services, describing it as essential for the upgrading and promotion of the construction sector.
(EK/IK)
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