After two years of stagnation, and where the impression was that the plan to build the Pentakomo science and technology park would not go ahead, new promising developments have emerged. Already the first step forward to reactivate procedures has recently taken place, with the transfer of responsibility for the project promotion from the Ministry of Commerce and Industry to the Cyprus Investment Promotion Agency (CIPA). This decision is crucial to the implementation of the project, Limassol Chamber of Commerce & Industry President Costas Galatariotis told "Entrepreneurial Limassol", expressing his optimism that this highly ambitious project will be implemented eventually. As Mr. Galatariotis explained, the promotion of the project is now in the hands a flexible organization, which believes in the necessity of the project. Regarding the past, he noted that the way the whole effort was handled was not correct, thereby effectively stifling the project.
In the immediate future, CIPA will initiate direct contacts with reputable overseas organizations with the aim of providing valid and detailed information on exactly what is required in order for them to be interested in undertaking the project. According to the tender announced in 2016, the state-owned investor would be granted 328,000 sq.m. in the form of a lease for fifty years. The strategic investor would undertake the development of the master plan and the study of the viability of the project, followed by the creation of infrastructure and facilities. Despite the three extensions granted, only one Thai investor submitted an offer, which was eventually withdrawn as it did not meet the criteria. According to the tender announced in 2016, the successful investor would be granted 328,000 sq.m. of state land in the form of a lease for fifty years.
The investor would then undertake the development of the master plan, followed by the creation of infrastructure and facilities. Despite the three extensions granted back then, only one investor, from Thailand, submitted an offer, which was eventually withdrawn as it did not meet the criteria. What is required, according to the Limassol Chamber President is to provide serious incentives, which serious investors will view as attractive enough to show interest.
