The Cyprus Chamber of Commerce and Industry (CCCI) welcomed the support measures announced by President Nikos Christodoulides, expressing particular satisfaction with the abolition of the €350 fee for businesses.

In its statement, CCCI notes that the measures, totaling €60 million, are a step in the right direction, as they are expected to aid businesses and households in coping with inflation and other impacts arising from rising energy costs.

>>€60 Million Economic Relief Measures Announced by Nikos Christodoulides<<

CCCI particularly appreciates the extension of electricity subsidies for the industry until April 30th and the abolition of the €350 business fee. The Chamber indicates that these two measures will facilitate business operations and reduce their operational costs.

CCCI believes that the philosophy of these measures, being targeted and within the state's financial capabilities, aligns with the Chamber's longstanding positions.

Moreover, the package is seen as beneficial for the entire economy, as it offers significant relief and support to businesses, households, and vulnerable population groups during these challenging times.

The Federation of Employers & Industrialists (OEB) describes the announcement of support measures for households as significant, expressing "hope for the soon announcement of a comprehensive business support package."

Regarding the household support measures, the OEB states that "maintaining consumer spending power ensures high growth rates and strengthens social cohesion."

"Measures that are timely, targeted, and temporary to support disproportionately affected population groups during difficult periods are effective and have a multiplier effect," the OEB adds.

The OEB particularly welcomes the abolition of the annual €350 corporate fee and is actively collaborating with the President and his economic team. It hopes for a soon-to-be-announced comprehensive business support package.

It is reminded that "numerous tax burdens imposed on businesses during the 2011-2013 Cypriot economic crisis remain in effect. These continue to negatively impact the competitiveness of Cypriot businesses, while other burdens from the same crisis have long been lifted, returning to the pre-crisis situation."

"A series of proposals, which we expect to be quickly addressed, aim to enhance the competitiveness of Cypriot businesses. These proposals were submitted to the President a few days ago, with whom the OEB continues intensive cooperation," the statement concludes.