Bill introduced to establish the Cyprus Business Development Organization

On Thursday, a bill was submitted to the Cyprus Parliament to establish the Cyprus Business Development Organization. The new entity is designed to organize the state's policy for supporting entrepreneurship, with a specific focus on small and medium-sized enterprises, innovation, and international reach. Its primary objective is to improve access to financing for SMEs, startups, and self-employed individuals while addressing existing market funding gaps. The organization will operate in compliance with both national and European Union regulations regarding state aid. This initiative is part of a broader government plan to strengthen the business ecosystem during a period of positive economic growth. Despite this growth, the Cypriot economy faces structural challenges including low productivity and the need for technological modernization. The Ministry of Finance has prioritized business support, aiming to reduce bureaucracy, improve funding accessibility, and enhance competitiveness. The organization is intended to foster high-quality investments that create jobs with high added value.