The Limassol Chamber of Commerce and Industry, which will this coming September turn 57 years old, is an organization comprising some 750 Limassol-based companies, representing essentially, the whole spectrum of economic activity – commerce, industry, services, tourism – not just in the city, but in the entire district of Limassol. To that extent, the Chamber is, truly, the voice of Limassol entrepreneurship
One way for this voice to be heard is the Chamber Business Barometer, by means of which members express, twice a year, their ideas, aspirations, ambitions and concerns about how they are doing and about how the Cyprus economy is doing. The Barometer was first launched in Autumn 2016 and latest issue (Spring 2019) was concluded in early June. The Spring 2019 findings indicate that Limassol entrepreneurship is going strong, and this is expected to reflect positively on employment and investments alike.
More than 59% say they will hire new staff, in the coming months, 63% say they are happy with the return on the investments they engaged in over the past year and an equal percentage confirm their intention to engage in fresh investments in the coming months. The need of new staff is especially evident in the manufacturing sector, where a (Limassol Chamber Business Barometer) all-time high of 70% say they wish to hire new employees, with skilled labour being in particularly high demand.
When it comes to expected sales in the coming months, almost one third expect such to rise, whereas a higher percentage (more than 50%) believe a levelling off is more likely. As far as business confidence in the prospects of the Cyprus economy is concerned, there seems to be a downturn, in that those who speak of increased confidence are outweighed by those who feel otherwise. This is indeed an interesting finding which, however, cannot be overstated in that an absolute majority (in the tune of over 60%) are essentially on neutral ground, saying their confidence has remained the same.
Called upon to say what compromises their prospects for further development, Limassol companies cite especially the inadequacy of cooperation with government departments, competitiveness and the lack of skilled labour.
Limassol companies were also asked to name what they considered to be factors that could, now and in the near future, pose serious risks for business. The possibility of further banking crisis came out on top of this list. It is to be noted that this element, which was of course initially fuelled by the financial crisis of 2013, was not as intense in earlier issues of the Limassol Chamber Business Barometer (say in late 2016), but seems to have been re-ignited lately in the wake of events culminating in the closure of Cyprus Cooperative Bank, and the aftermath of incident.
Beyond the possibility of further banking crisis, other issues of major concern in terms of posing risks for business are rising commodity prices and Middle East developments (at political and economic level).
Innovation being admittedly a key to the future, Limassol companies were also requested to say what it would take, in their opinion, to move forward on that. Simplification of funding procedures ranked first in their preferences, followed by government assistance in finding potential partners from abroad. A considerable number also noted the importance of technology parks.
With the members having spoken through the Barometer, the Limassol Chamber, as the voice of Limassol entrepreneurship will use this feedback in policy formulation, aiming to effect solutions, alleviate problems and, as much it possibly can, pave the way for better days ahead.
Contact Person :
Mr. Christos Anastassiades
Office Address :
170 Franklin Roosevelt
Postal Address :