Creating the necessary conditions that will lead to sound business activities is the main concern of the government President Nikos Christodoulides noted Friday evening, addressing a charity Gala Dinner organised by Paphos Chamber of Commerce and Industry.

He said that a healthy and thriving business community brings multiple benefits to society as a whole, adding that the growth of the businesses, innovation and strengthening of the extroversion of both the State and businesses are linked to the creation of new well-paid jobs, especially for the young people, increase in exports, the production of innovative competitive products and the offering of high added value services internationally.

He referred to the creation of a stable macroeconomic environment, resistant to primarily external challenges that is achieved through responsible fiscal policies, continuous structural reforms and a stable financial sector and strong reforms.

The president referred to figures about GDP and surplus as well as the reduction in unemployment and the continuous upgrades of Cyprus’ economy by rating agencies, noting that these developments are of particular importance. He also said that lower interest rates and improved economic stability could lead to greater job security, improved wages and a social policy by the government.

Christodoulides also referred to the tax reform the government unveiled on Wednesday, noting that it is an important policy reform of “economic and social significance in a Cyprus which is change, as we are witnessing on a daily basis,” adding that it “ensures fairer distribution of income, which limits social inequalities and strengthens economic and social cohesion.”

He added that the middle class is at the core of the government’s reforms as it has historically been the backbone of the society and economy. Referring to businesses, he said that the fair burden, a more effective tax treatment of profits, with a parallel increase in corporate tax from 10.5 to 15 per cent, demonstrate the government’s will to strengthen the productive structure of the country.

He also referred to changes that have to do with the digitization of the public services and the simplification of licensing procedures.

Christodoulildes also said that schemes have been announced that will help the industries to lower their energy costs.  He added that the government revised the employment policy for foreigners and drafted a broader strategy to utilize the human resources of our country.

Referring to Paphos he said that it has evolved into a destination with particular momentum and expressed his pride that Paphos region, manages to make the most out of its competitive advantages and to contribute, over time, to the development of the tourism sector.

He also referred to projects that are underway or have been completed such as the Paphos Marina, the Paphos-Polis road, the airport road etc and also announced an additional donation of 50,000 euro for Margarita Liasidou Foundation.

During the Gala dinner awards were presented to private education organizations, associations related to tourism, fast growing enterprises related to innovation and technology and enterprises linked to product of origin.