Welcoming address
by the Hydrocarbons Service Acting Director
of the MINISTRY of ENERGY, COMMERCE, INDUSTRY & TOURISM
Dr. Stelios Nicolaides
Mayor of Limassol,
Ladies and Gentlemen,
First and foremost I would like to thank the organizers, Zomedia Design and Services Ltd, for the
kind invitation, but also for the pleasure given to me to attend and welcome the 1st
International Exhibition for Technology, Equipment, Supplies and Services in the Field of Oil &
Gas in Limassol. I wholeheartedly wish every success in this important exhibition that will
significantly contribute to the progress and development of the technology issues in a wide
range of areas related to hydrocarbons, but also to promote relations, establish joint ventures
and to do business between leading companies in the area.
The exhibition’s objectives are aligned to the new series of measures which the Government is
focusing its efforts on in order to restart the economy. Specifically, the Ministry of Energy,
Commerce, Industry and Tourism, as part of this wider government policy, promotes and
implements measures to restore Cyprus to a developing course, improve liquidity in the
economy, attract new investments, create new jobs and, finally, transform Cyprus into an
international energy centre; and all of these on the basis of a new economic model based on
research, innovation and entrepreneurship.
In the industry sector, the Ministry is proceeding with the preparation of the Schemes and
Sponsorship Programs that will be implemented in the Programming Period 2014-2020. The
main objectives established are to enhance entrepreneurship, improve the competitiveness of
SMEs in the manufacturing sector, provide incentives for clustering businesses and promote
business innovation.
At the same time, taking into consideration the funding problems traditionally faced by SMEs,
the Ministry has promoted, in collaboration with the Ministry of Finance, the creation of the
Cyprus Entrepreneurship Fund. This fund will be financed by a loan of €100 million secured
from the European Investment Bank and w