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Having failed to garner any interest for investors, or at least tenants, for the Pentakomo tech park, the government has extended the deadline for expressions of interest, this time to the end of October.
This is the third extension this year, with as many in previous years, as the high cost, lack of infrastructure and proper tax incentives do not lure in the necessary investors.
Ideally, the single operator who will take it over, will also attract companies to set up their base there.
But what is happening here is the exact opposite of the ‘File of dreams’ starring Kevin Costner in 1989, whereby instead of “if you build it, they will come”, it is clear that having allocated land no one is interested.
This reminds us of the disastrous Centre for the Arts project in Nicosia, where funds were allocated (rising from EUR 80 mln to 150 mln), but as the theatre complex did not go ahead, the money could no longer be utilised, especially so for another project.
Lessons should have been learn there, that it is not just a matter of putting up a nice building, but it is more important what you place inside it. As long as Cyprus did not have a culture for the arts, this project was doomed to fail before it started. Regardless of the fact that millions were spent in useless reports and wasted on salaries.
For the Pentakomo project to succeed, the government needs to do two simple things: first, identify a potential company and help them relocate there; and, second, make sure that they are given access to all facilities and services, from work permits for management and staff, to duty free allowances and quick operating licenses.
Unless we attract the Googles and Microsofts, then no one will come to Pentakomo. Why should they?
Apart from a single solar research facility by the Cyprus Institute, the area remains a sleepy fishing cove with nice tavernas on the beachfront. Nothing more.
Besides, if the government has yet to decide when it will introduce its six deputy ministers that the President had promised almost four years ago, who is going to ensure that the operator of Pentakomo will not come across new walls of bureaucracy a couple of months down the line?
