07.09.2022
A bill regulating startups and their investments is expected to be submitted to the House of Representatives later this year, according to an update from the Energy, Commerce and Industry Committee on Tuesday. The committee was informed about this by the deputy minister of research and innovations responsible for preparing the bill.
A committee of three was formed to prepare and oversee the bill, along with the Ministry of Finance, the Ministry of Education, and the Cyprus Technological University (Tepak).
Subsequently, after the completion of the discussion, a special group was created in the Ministry of Finance, which will also contribute to the preparation of the bill. The opinions of Cypriot universities will also be taken into account before the bill under consideration is submitted to the House of Representatives.
The committee also stated that it intends to submit the bill within the time frame set by the House of Representatives, which is approximately two months.
House Energy, Commerce, Industry and Tourism Committee Chairman Kyriakos Hadjiyannis said he believes “two months is more than enough to complete the bill” before urging the people responsible for the bill to submit it as soon as possible.
According to a report published this week by the Statistical Office of Cyprus, industrial turnover in Cyprus recorded a significant increase of over 21 percent in the first half of 2022 compared to the corresponding period last year. The largest growth was recorded in the sectors of electricity supply by 63.2 percent, as well as water supply and recycling of materials by 33.9 percent.
According to the report, between January and June 2022, the industrial turnover index increased by 21.4% year on year.
In the first six months of the year, the manufacturing sector grew by 14.3% compared to the first half of 2021. There was also an increase in the electricity sector by 63.2%, water supply and materials recycling by 33.9%, and mining and quarrying by 4.1%. In addition, the index reached 186.5 points in June 2022 (2015 base = 100), up 19.8% from June 2021.
In the manufacturing sector, the index reached 182.5 points in June 2022, reflecting an increase of 11.7% compared to June 2021.
Finally, the electricity sector also saw growth during this time by 71.2%, water supply and materials recycling by 24.8%, and mining and quarrying by 13.9%.
The Cyprus Stock Exchange (CSE) ended Tuesday, September 6th with a profit.
The overall Cypriot stock market index stood at 72.51 points at 13:05 during the day, reflecting an increase of 0.33% from the previous trading day.
The FTSE/CySE 20 index stood at 43.49 points, up 0.35%.
The total transaction value was 11,668 euros.
As for the sub-indices, the main and alternative indices rose by 0.46% and 0.32%, respectively. The hotel index fell 0.67%, while the investment company index remained stable.
Bank of Cyprus (+0.81%), Petrolina Holdings (+1.87%) and Logicom (no change) attracted the highest investment interest.
