The assessment that the trade sector will continue to grow in 2026, continuing the very good course recorded in 2025, has been expressed by Alexandros Demetriades, the Chief Operating Officer (COO) of Eurogate CTL, the company managing the container terminal at the port of Limassol.
In an interview with InBusinessNews as part of IN Business Forecasting 2026, he highlights the new trend that is being observed and is related to the arrival of new cargoes from Far Eastern countries, noting that Cyprus has begun to be used as a transit station between these countries and Europe.
"We believe that the port of Limassol, as the southernmost port in Europe, will gradually begin to be used by large companies for transit trade to Europe, especially from countries in the Far East, but also from closer countries in the Eastern Mediterranean," he emphasises.
Regarding the company's development strategy in 2026, Demetriades states that "our goal for 2026 is to further improve the processes and service we offer, invest in technology, reduce operating costs and save energy."
According to the COO, Eurogate's immediate plans include the expansion of the stowage area, which will significantly help the smooth operation of the port, underlining that "this is a development that will be added to the yard, covering an area of approximately 15,000 square meters" and that "the process is already underway and we are awaiting the necessary approvals to proceed."
How do you think the Cypriot economy will perform in the new year and what are its prospects? What do you consider to be the biggest risks and how can they be addressed?
The Cypriot economy is expected to continue its growth path in 2026. The continuous upgrades by international rating agencies and the very good performance recorded in 2025 by important sectors of the economy reinforce the positive prospects.
A very big challenge for the state is to manage to turn challenges and prospects into opportunities. I am particularly interested in the enormous potential offered by technology and digital transformation, which can be a driving force for development, modernisation and substantial improvement of the state machinery so that it is faster and more efficient for the benefit of businesses and citizens.
Of course, although the assessments are positive, there should be no complacency since significant risks still lurk that may cause instability in international markets and affect the economy. Another important factor is the development of US President Donald Trump's effort to resolve the Ukrainian issue.
Finally, it seems that the Suez issue, which has been a major concern for the trade sector, is also moving towards a settlement.
How do you anticipate the trade sector will move in 2026, what are the biggest trends/changes you expect to occur and what are the most significant challenges?
The trade sector is expected to continue its strong performance in 2025. One of the biggest trends we are increasingly seeing is the arrival of new cargo from Far Eastern countries. This means that Cyprus has begun to be used as a transit point between these countries and Europe.
It is an important development, as we seek to place our country on the map of transit trade. What we see happening is that European ports are being used as a base for the import and customs clearance of cargo from third countries and then circulating in the rest of Europe as Community cargo.
We believe that the port of Limassol, as the southernmost port in Europe, will gradually begin to be used by large companies for transit trade to Europe, especially from countries in the Far East, but also from closer countries in the Eastern Mediterranean.
At the same time, geopolitical instability in the Eastern Mediterranean and key shipping lanes remains an ongoing challenge, increasing uncertainty, affecting route planning, delivery times and transportation costs.
The European Union's stricter environmental regulations are adding additional pressure on ports, which are being asked to adapt.
Furthermore, in a continuously changing and digitalised environment, speed in decision-making and targeted investments in infrastructure and technology are necessary to maintain and enhance the competitiveness of the terminal and of Cypriot trade.
What can we expect regarding Eurogate CTL's plans and development strategy in 2026? What moves do you intend to make in this direction?
Our goal for 2026 is to further improve the processes and service we offer, invest in technology, reduce operating costs and save energy.
Our immediate plans include the expansion of the stowage area, which will significantly help the smooth operation of the port. This is a development that will be added to the yard, covering an area of approximately 15,000 sq m. The process is already underway and we are awaiting the necessary approvals to proceed.
Another important goal is the further gradual automation of specific container management and storage processes, which will contribute to increasing service speed and reducing operating costs.
In this context, we are planning, among other things, the installation of OCR (Optical Character Recognition) cameras with the ability to recognise damage and the container number, to further improve control and transparency towards port users. At the same time, we are planning a more sophisticated system for monitoring our machines via GPS, which will contribute greatly to the reduction of pollutants.
Through our participation in the European aerOS program (Horizon Europe cl4-2021-data-01-05) we laid the foundation for the utilisation and analysis of our equipment data in real time for the development of smart predictive maintenance algorithms for the equipment which is expected to further improve the efficiency of the terminal.
We are also exploring the development of computer vision models that will allow for the automatic detection of damage to containers during unloading. Another European project we are involved in is the CY-Trust for digital cybersecurity and DecarbonLim, which is being implemented together with the Cyprus Shipping Agency, the EAC and DP World Limassol so that by 2030 the port of Limassol will have the infrastructure to be able to power docked ships via renewable energy.
As part of our environmental policy strategy, we are strengthening our actions aimed at reducing our footprint, reducing pollutants, saving energy and green development. Finally, we are in contact with large companies abroad to attract transit trade.
The new year sees the implementation of the tax reform, taking place 22 years after the previous tax reform. How do you anticipate that it will affect the Cypriot economy, businesses, and the attraction of foreign investments?
Cyprus already has an attractive tax system that encourages foreign companies and investors to operate in our country. Of course, any improvement and modernisation of the system should be for the benefit of the economy, businesses and citizens.
Therefore, our assessment is that 22 years later, the tax reform will indirectly help the economy, citizens, and attract foreign investment.
(Source: InBusinessNews)
