This is what the Chamber’s head Andreas Tsouloftas told Phileleftheros, adding there are many challenges but the biggest blow for the coastal city stems from the sanctions imposed on Russia.

Because this meant that Russian oligarchs who were economically active mostly in Limassol district were forced to leave.

At the same time, the city is now facing another problem which is lack of infrastructure to cover office space for new companies, he said.

And he explained that despite the fact that dozens of Russian companies had to shut down due to the sanctions, new companies – mainly Ukrainian – physically relocated to Limassol.

This development balanced out the existing situation to some extent and kept the construction industry alive.

Moreover, Tsouloftas said the future belongs to the sectors of digital technology and the sector of technological services called on the state to give new, additional incentives – mainly in regard to the building factor.

Source: In-Cyprus