The contracts for the port privatisations were signed today between the government and the two joint ventures which will take over three different port services.

‘It will create additional jobs, bring more investments to our country and I think it’s very important when we make these kinds of jobs to always keep in mind that there is the need to create jobs in the private sector for the employment of all those who are unemployed.’

The Minister went on to add that the privatisations are in line with a successful model that has been followed in all European countries and many countries of the world.

Regarding a letter he received from the General Secretary of AKEL, Andros Kyprianou, in which he requests to be informed fully on the privatisations, Demetriades said, “I have spoken with Mr. Kyprianou and I must say that he was wrongly informed on many issues”. He said that that the privatisations would generate revenue for the government, and provided a solution to the private monopoly that was the case in port services.

When asked whether the price for services now provided by the joint ventures will be higher, thus creating a problem for competitiveness, the Minister said: ‘We expect a drop in price for the users of the port, and an increase in competitiveness.’ He went on to suggest that the market will adjust the prices to a competitive rate.

Demetriades emphasized that the government will receive a share of the revenue generated from the private management of port services, and downplayed the number of port employees being sent to other departments in the public sector.

“We are only talking about a few dozens, keeping in mind that the voluntary retirement plan will also be available,” he said. Demetriades said that the voluntary retirement plan will benefit many, and will be available even for Port Authority employees who retire and then work in the private sector.

Source: InCyprus