Papanastasiou: 2,000+ Jobs from Entrepreneurship Scheme

The Minister of Energy, Commerce and Industry, Giorgos Papanastasiou, stated on Wednesday that the New Business Activity Scheme is expected to create more than 2,000 new jobs. So far, grants exceeding €10 million have been allocated.

With a budget of €50 million, the scheme aims to enable approximately 800 new entrepreneurs to start their own businesses. Mr. Papanastasiou spoke at the Nicosia Junior Chamber International event "JCI Nicosia 2025: Kick-off Meeting."

Mr. Papanastasiou emphasized the importance of entrepreneurship for economic growth and the need for green energy, digital transformation, and innovation. He also mentioned the Ministry's support for Cypriot businesses through grant schemes and the utilization of European resources exceeding €500 million for competitiveness development.

The Government's ultimate goal, he said, is to support businesses and develop new, more targeted schemes that will meet their needs. The new "Strategy for Enhancing the Competitiveness and Internationalization of Cypriot Industry" is also being promoted.