The government should focus on four key directions to enhance entrepreneurship, according to the President of the Paphos Chamber of Commerce and Industry, George Mais.

In his statements, Mr. Mais highlighted that the first direction involves the urgent need for the modernization of tax legislation. The second direction pertains to providing incentives (such as tax, urban planning, and other incentives) to encourage entrepreneurship, as well as company mergers and restructurings. Additionally, young entrepreneurs should be supported and encouraged through suitable programs.

The third direction calls for improving the business environment by reducing bureaucracy and implementing necessary institutional reforms, such as speeding up the justice system and streamlining licensing processes. The fourth direction involves the banking system, which, as he observed, is currently not business-friendly, burdened with issues as outlined above.

Mr. Mais urged the government to address existing distortions and work to correct them. “Businesses can no longer endure daily encounters with excessive bureaucracy and system inadequacies. They also face unfair competition due to the inequitable treatment of Cyprus tax residents compared to those from abroad,” he added.

Mr. Mais pointed out that today’s business community faces challenges related to the impact of the crisis in the Middle East, general economic uncertainty, high costs, and elevated interest rates, as well as the political system’s reluctance to make quick regulatory reforms.

He noted that businesses are in a difficult position, which must be acknowledged, as it ultimately poses a threat to the country's economy as a whole.

Solutions must be found "here and now," as entrepreneurship is being strained and challenged daily, concluded the President of the Paphos Chamber of Commerce and Industry.