Newsroom
Cyprus is betting on young entrepreneurs to drive the country’s economic growth, with over €10 million already distributed in grants under a national plan expected to create more than 2,000 jobs by 2027.
Energy, Trade and Industry Minister George Papanastasiou announced the figures Wednesday during a business networking event in Nicosia organized by the International Chamber of Young People (JCI). The minister said the New Business Activity Plan, backed by €50 million in funding, is giving around 800 young people the chance to launch their own startups.
“Entrepreneurship is a key force behind sustainable economic growth, especially during times of global uncertainty,” Papanastasiou told the audience at the "JCI Nicosia 2025: Kick-off Meeting."
The plan is part of a broader effort by the government to support local businesses, with more than €200 million of EU funding going toward strengthening the competitiveness of Cypriot enterprises during the current 2021–2027 Programming Period.
Papanastasiou highlighted the importance of adapting to green energy, digital tools, and innovation to keep Cypriot businesses resilient and globally competitive.
He also praised the work of JCI Cyprus, calling it “extremely valuable” in supporting the next generation of entrepreneurs through mentorship and collaboration. Operating under the Cyprus Chamber of Commerce and Industry, JCI helps young professionals connect, share knowledge, and grow across borders.
Beyond grants, the ministry is reviewing its current support programs to better meet the needs of today’s businesses. An impact study is underway, and new, more tailored schemes are in the pipeline.
Meanwhile, a new strategy to boost industrial competitiveness and expand Cyprus’ reach into global markets is nearly ready. It aims to build a modern, flexible, and export-driven industrial sector aligned with EU policies.
“The private sector has a vital role in all of this,” said Papanastasiou. “No government plan can succeed without your support. We must work together to back every new entrepreneur.”
