Excerpt of Article -- The New Industrial Policy

Industrial development has always been amongst the primary objectives of the Government as it constitutes a vital component of broad economic policy, which contributes substantially to economic welfare.

Today, the industrial sector of Cyprus, which accounts for about 12% of GDP and 16% of employment, consists mainly of light manufacturing industries such as clothing, footwear, food, furniture, plastics and pharmaceuticals.

A firm objective of the industrial development policy over the past few years is the attainment of the prerequisites in the industrial sector for steady and self-sustained growth and the maximisation of its contribution to the Gross Domestic Product. By Nikos A. Rolandis, Minister of Commerce, Industry and Tourism