While Cypriot SMEs have been hit by reduced liquidity and the resulting drop in spending power in recent years, the recession receded somewhat in 2014. The general outlook for SMEs is mixed. SME value added is projected to increase in 2016 by 12 % respectively, while employment is expected to grow by 16 % compared with 2014.
There is much room for improvement, especially in crucial areas such as access to finance, entrepreneurship and ‘responsive administration’. Developing the entrepreneurial skills of young people and bridging the gap between the qualifications they possess and those that SMEs need will not only help harness the self-employment potential of entrepreneurship but also the job creation capacity of SMEs. Further measures regarding waste management and renewable energy are urgently needed to safeguard Cyprus environmental future.
PGI has in place a modern and integrated service portfolio to assist SMEs in overcoming these challenges and fulfil their new needs. This portfolio is based on five strategic pillars:
- Financial reengineering and exploitation of new financial instruments for investment and working capital funding
- Operational and organizational adjustment to adapt into new market conditions
- Modernization of business infrastructure to catch up with latest technology standards and international market needs
- Development of new high value products/services using local advantages and reinforcement of exporting capabilities
- Introduction of R&D activities either in-house or through participation in R&D projects of independent R&D institutes
Using a unique diagnostic and service delivery methodology and leveraging a wide network of high level field experts, PGI becomes a valuable partner for SMEs towards the fulfilment of their new goals and ambitions.