Economy
The development of tourism in Limassol began after 1974 when the Turkish invaders occupied Famagusta and Kyrenia, the principal tourist resorts of Cyprus. Limassol has a lot of beaches, suitable for sunbathing and swimming. A bathing beach with all the necessary facilities, provided by the «Cyprus Tourism Organisation» (CTO), is operating in the town of Limassol, in «Dasoudi» area.
Limassol became the major sea port of the Republic of Cyprus in 1974. Before 1974, that role had been filled by Famagusta which is now located in the Turkish controlled part of the island which is not recognised as a legal port by any country except Turkey.
Limassol is the base for many of the island's wine companies, serving the wine-growing regions on the southern slopes of the Troodos Mountains (of which the most famous is Commandaria). The most important ones are KEO, LOEL, SODAP and ETKO. The wines and cognacs (brandies) that are produced by the grapes that grow in the countryside, are of excellent quality. They have won several awards in international exhibitions. There is a considerable consumption of wine products in Cyprus by the locals and the foreign visitors. Big quantities are exported to Europe.
The town of Limassol is the biggest industrial centre of the province. There are about 350 industrial units with 90 industry wares. These industries concern dressmaking, furniture, shoes, drinks, food, prints, metal industry, electric devices, plastic wares as well as many other different industries.
Limassol is an important trade centre of Cyprus. This is due to the presence of the UK sovereign base at Episkopi and Akrotiri, and to the displacement of the population in Limassol after the Turkish invasion in 1974. The trade markets are gathered in the centre of the town and in the tourist area along the coast that begins from the old harbour and ends in Amathus area. Most of the hotels, restaurants, confectioneries, discos and places of entertainment in general, are to be found in this area.
Limassol has two Ports, commonly referred to as the "old port" and the "new port". The new port has the greatest commercial and passenger flow of traffic and it is the biggest port in the free part of Cyprus. The old harbour has a breakwater 250 metres long and it is only able to receive three small ships at a time. It is thus normally used by fishing boats. The new harbour is eleven metres deep and has break-waters that are 1300 metres long. It is able to receive about ten ships depending on their size. Exports of grapes, wines, carobs, citrus fruits and imports of cereals, vehicles, machines, textiles, agricultural medicines, fertilizers, iron etc. are exported and imported through these ports.
Limassol is today the largest ship management service centre in Europe with more than 60 shipmanagement companies located in the city, as due to the Cyprus Shipping tax system (a choice between corporation tax or a tonnage tax system)it makes it very attractive for ship management companies to have their main offices in Limassol. Thus the very popular MARITIME CYPRUS shipping conference which takes place every 2 years, attracting all the largest shipping companies of the world. These ship-management companies currently employee more than 40.000 seafarers. In fact, the Cyprus registry today is ranked as the tenth among international fleets.
Limassol has begun work on a project to build a new marina located to the west of Limassol Castle, between the old and new ports. This new development will allow berthing of ocean-going yachts and construction is expected to be completed by 2011 with the marina having a capacity of 1.000 vessels.
During the last years, Limassol has experienced a construction boom fuelled by the tourist sector as well as from increasing foreign investments in the city. Public projects like the redesigning of the city's 1 kilometre promenade, are improving the quality of life of the people and the image of the city as a cosmopolitan destination. Infrastructure improvements partly funded by European programmes have helped solve traffic problems that the city faced with the construction of new highway flyovers and roundabouts.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)