Alexandros Exarchou, Vice President and CEO of Intrakat, pointed to the need for initiatives at the European level to address the significant and unpredictable increase in material costs for infrastructure projects that end up burdening the companies themselves. Mr. Exzarchou attended the 18th Annual Economist Conference which took place during the week in Nicosia.

According to him, the huge additional costs incurred due to the pandemic, the Russian-Ukrainian war and the surge in inflation are leading to sustainability problems for the entire construction industry. “The problem absolutely needs to be addressed because it will become very serious for most countries in Europe, as the construction sector has a significant impact on GDP: if contractors fail, this creates a problem in the economy of any country,” said Mr. Exarchou. For this reason, it is necessary to resolve the issue at the European level, and not at the state level. With regard to the environmental impact of the sector, especially in relation to public works, Mr. Exarchu stressed the need for measures to be introduced and implemented by EU Member States. for greener construction, while emphasizing the importance of the renewable energy sector for the future.

As mentioned by the head of the listed company, Intrakat with a new shareholder and administrative staff will increase its interest in the implementation of new projects in Cyprus. Recall that in May 2021, the company signed a contract for the construction of the first stage of the Paphos-Polis Chrysochous highway. This is a project worth 86.8 million euros including VAT, which is underway and represents one of the most important development projects in Cyprus with numerous benefits. It provides for the creation of a 15-kilometer motorway with two 900-meter tunnels and five 1400-meter high bridges, which will improve the quality of life for residents and visitors of Paphos, Polis Chrysochous and its environs. . In addition to the Greek and Cypriot markets, Intrakat has a keen interest in the Romanian construction market as well as other markets in the Balkans.