Limassol chamber of commerce voices concern over technology park delays

Evel presses ministry for answers on strategic investor processThe Limassol Chamber of Commerce and Industry (Evel) has called on the government to provide clear answers and a binding timetable for the development of the Pentakomo Science and Technology Park, expressing growing concern over what it describes as continued stagnation and a lack of information about the project. In a statement, the chamber said the project was of strategic importance for both Limassol and the wider Cyprus economy, warning that the absence of progress and official updates was raising questions about the authorities’ commitment to taking it forward. The chamber described the proposed park as “a project with enormous development prospects, which can act as a catalyst for attracting investment, developing research and innovation, creating highly specialised jobs and further strengthening the competitiveness of our country”. It said the need to advance the project had become more pressing given Limassol’s growing presence in the technology and innovation sectors. The city has been developing into an important regional technology hub, attracting start-ups, international companies and investment in digital services and innovative technological applications, the chamber said. It also pointed to figures showing that the technology and innovation sector contributes more than 16 per cent of Cyprus’ gross domestic product (GDP). Limassol is also among Europe’s top 10 cities for start-ups, according to the StartupBlink Global Startup Ecosystem Index 2026, the statement added. These developments underline the need for appropriate infrastructure to support the city’s further growth, Evel said. “The Pentakomo Technology Park can act as a catalyst for connecting entrepreneurship with research, technology and innovation, creating new investment opportunities and jobs with high added value,” it said. However, the chamber expressed concern that the deadline for applications to find a strategic investor expired on January 28, 2026, without any subsequent comprehensive official update on the outcome of the process or the next steps. “To date, there has been no official and comprehensive update on the results of the process, or on the actions planned next,” it said. “This is causing even greater concern, particularly since Evel has repeatedly submitted requests to the competent ministry without so far receiving the necessary clear answers,” it added. The chamber said the situation could not continue, arguing that the lack of information and a concrete plan raised legitimate questions about the authorities’ willingness and determination to move the project forward. It called on the responsible ministry to publicly clarify the current stage of the search for a strategic investor, the outcome of the invitation that closed on January 28, 2026, and the reasons no substantive update had been provided. Evel also wants the ministry to explain whether any obstacles, weaknesses or problems have emerged in efforts to attract investors. If such difficulties have been identified, the chamber is seeking details of what they are and what specific measures the ministry intends to take to address them. It is also demanding a clear and binding implementation timetable, including when the next procedural steps are expected to be completed and when the project is forecast to enter its operational phase. “The period of general assurances and vague references has now been exhausted,” the chamber said, adding that what was needed was “political will, institutional responsibility and, above all, specific decisions and action”. Evel concluded by calling for immediate and official information, clear answers to all the questions raised and a firm timetable for advancing the project.