The government is promoting various measures for the modernisation of the environment for investments and the aviation sector is of particular importance, Finance Minister Makis Keravnos said on Tuesday.

Addressing the inauguration of the new Bird Aviation hangar at Larnaca’s old airport, Keravnos said the aviation sector was of vital importance for the economy, as it contributed to the development of other fundamental sectors and supported the island’s connectivity.

He said Bird Aviation – a Cypriot company with over 250 employees – has been in the business of repairing and maintaining aircraft for the past ten years and has invested significant amounts in modernising the old Cyprus Airways base.

The new hangar cost over €2.5 million, which was proof of the company’s commitment to its operations in Cyprus, serving some of the most important airlines in Europe and the broader region, Keravnos pointed out.

The minister said economic growth could not just depend on the state, but should emanate from government policy and private initiative, where the state creates the framework and growth is driven by the market, investments and innovation.

Bird Aviation CEO Frederic Pralus said Cyprus was at the crossroads of Europe, the Middle East and Africa, with excellent connectivity and a strong regulative framework, thus allowing the island to function as a hub for aviation services.

Pralus said “the best is yet to come” and that at this point in time operations amounted to over 7,000 working hours per week, offering high quality maintenance services.