Source: cyprus-mail.com
Cyprus has an opportunity to turn land development and construction from a traditional economic sector into a driver of sustainable, technologically advanced growth, according to Interior Minister Constantinos Ioannou.
Speaking during a roundtable discussion with young entrepreneurs, entitled ‘Gen Z & Millennial Project – The new generation of business leaders roundtable discussion’, Ioannou said the sector now had to be viewed more broadly, not merely as construction activity.
He said “it directly affects quality of life, economic competitiveness, investment attraction, job creation and, ultimately, the way cities and communities are shaped.”
Against this, the minister said Cyprus is being called on to redefine its land development and construction model, so that it serves both today’s building activity and the needs of future generations.
At the same time, he said the state must make better use of the tools offered by technology in order to create a more flexible, innovative, transparent and citizen and business-friendly environment.
Ioannou said the cities of the next decade must be “smarter”, greener, more functional and more humane.
This, he added, requires development that respects the natural environment, strengthens public infrastructure, promotes energy-efficient buildings, revitalises urban centres and encourages balanced growth between urban and rural areas.
According to the minister, future town planning policy cannot be limited to the issuing of permits, but must instead operate as a tool for strategic planning and sustainable development.
He also referred to reforms already adopted by the government to simplify and digitalise the development licensing process, with the aim of speeding up procedures and reducing bureaucracy.
“The first results are already measurable. Almost 2,400 applications for developments of up to two residences were completed within 40 working days, while more than 850 applications for apartment buildings of up to 20 apartments were examined within 80 working days,” he said.
“In addition to accelerating procedures, this reform contributes to the creation of a more reliable and competitive investment environment,” he added.
Moreover, Ioannou referred to changes being promoted at the department of lands and surveys, aimed at simplifying procedures, improving transparency and better serving citizens and professionals.
He also spoke about urban planning incentive schemes and the Build-to-Rent scheme, which are being promoted in cooperation with land development professionals.
“The use of incentives is already yielding substantial results, as more than 2,500 homes are expected to be built in the next two years, of which approximately 400 will be made available as affordable homes,” he said.
“In addition, an amount exceeding €12.5 million will be channelled to the special affordable housing fund of the Cyprus Land Development Organisation (Koag) for the implementation of its housing programmes and the increase in the supply of affordable housing,” he added.
Elsewhere in his speech, Ioannou said Cyprus’ geographical position, institutional framework, EU membership, high level of professional services and quality of life continue to create opportunities for further development.
However, he also placed emphasis on the role of younger entrepreneurs, saying the government wants to create the conditions that allow the new generation to innovate, invest and create in an environment of stability and perspective.
“At a time when Cyprus seeks to further strengthen its position as a reliable and competitive investment destination, the extroversion, know-how and adaptability of the new generation constitute a significant comparative advantage for our country,” he said.
The minister said Cyprus now has the opportunity to shape a new development model that is more sustainable, better organised, more technologically advanced, more citizen-friendly and more internationally competitive.
For this to happen, he said cooperation is needed between the state, local authorities, professional bodies, investors, businesses and the new generation of professionals.
He added that “this also requires vision and commitment to policies that modernise the state, improve the competitiveness of the economy and create better prospects for future generations.”
Concluding, Ioannou expressed confidence that Cyprus’ new generation of entrepreneurs can play a leading role in this effort.