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Fears are growing in Paphos of hundreds of businesses

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Fears are growing in Paphos of hundreds of businesses

It is established that small and medium enterprises constitute the vast majority of enterprises in Cyprus. It is also established that small and medium-sized enterprises in Cyprus are the backbone of the Cypriot economy, as they contribute drastically to the GDP of our country.

This is pointed out by the municipal councilor of Paphos of EDEK, Panagiotis Vorkas, observing that unfortunately every time pressure is exerted on the Cypriot economy, either due to external factors or due to internal data, small and medium enterprises are the ones that are directly affected.

“In 2013, a crisis in organizations with systemic effects on the Cypriot economy caused enormous pressures and upheavals in all small and medium-sized enterprises in the country, with the loss of both liquidity and reserves,” he said. “A few years later and in the midst of the pandemic of Covid 19 disease, the small and medium-sized enterprises of Cyprus, regardless of their field of activity, are receiving another strong blow.”

The state must support in practice with targeted measures, says Mr. Vorkas. It needs to be strengthened through a well-formulated strategy, both through tax breaks, but also through the possibility of enhancing the liquidity of small and medium-sized enterprises.

“The solution is not to lend further to the already heavily indebted small and medium-sized enterprises,” he said. “Even if this lending concerns low-interest loans, it still concerns lending on the part of a company with the need to secure, pay installments, etc. The small and medium-sized enterprises of Cyprus need to breathe to survive and no more financial ties.”

Source: www.philenews.com

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