Flexible output, a need to modernise and restructure
President Clerides has called for flexible productivity in order to be meet the European challenges ahead, while in a similar tone, employers called for a need to modernize and restructure, according to the Cyprus Financial Mirror issue 109, on May 3, 1995.
President Glafcos Clerides said in his address to the Employers Federation (OEV) annual meeting that more specialized and flexible productivity, better marketing and improved technology is needed to meet the challenges of the EU accession acquis communautaire. He said that a growth rate of 5% in 1994 and a 5.9% rise in exports must not create illusions as Cyprus has a difficult path of adjustment and harmonisation.
OEV Chairman Michalakis Zivanaris said that drastic changes were required in view of the liberalisation of world trade and services, with both the private and public sectors realising their weaknesses and striving to correct them. He added that the rising costs of the civil service must be halted and radical modernisation introduced in all sectors. He presented the annual European Business Awards to Yiannoplast, Christis Dairies, Biogena Pharmaceuticals, AMI Knitting and Clothing, and Finia Knitwear.
The friendly takeover by Paneuropean Insurance of Philiki in a deal worth CYP 7.73 mln was the biggest take-over in recent history, said Nicos Shacolas. Shacolas and other investors had secured a 59% stake and an option to buy another 12%.
All citizens of Cyprus applying for a passport will now get one similar in shape and colour to the smaller European documents, with 200,000 printed.
Stelios Kiliaris resigned as Trade Minister, citing personal reasons, through rumors suggested he had offers from the private sector. President Clerides swiftly appointed Transport Ministry Director Kyriacos Christophi as the new Minister.