Regional beverages titan moves to Cyprus

Kassatly Group Holding, a significant regional beverage business, announced plans to relocate to the island by the end of next year.

Lebanese beverages company Kassatly Group Holding on Monday said that it has started building on a new facility in Cyprus, as part of ambitious aspirations to convert the brand from a regional powerhouse to a worldwide one.

The huge factory at Ypsonas, Limassol, which will be operated by the business's local entity Boutique Beverage Bottling International Ltd, should be completely operational by the end of 2023, according to the company.

Furthermore, the company stated that it plans to relocate to the island within a year, creating more than 100 new employment in the process.

“The tax incentives in Cyprus are attractive, but it is the geographical advantages to Europe, Africa, the Gulf countries and the Americas, which are most appealing to us and, most importantly, having Mediterranean and European seals on our products, something coveted by consumers worldwide,” company founder Akram Kassatly said.

Discussing the logistics of shifting a vital component of the firm to Cyprus, Kassatly said the involvement, advice and professionalism of the team at the national investment promotion agency, Invest Cyprus, made the procedure both pleasurable and pain-free.

“Invest Cyprus played a huge role in our decision to make Cyprus our base,” he said.

“Each step brought a positive surprise, namely exceptional and fast responses from the moment we submitted our business plan to the planning department’s prompt assistance to make the new plant a reality,” he added.

Welcoming the Kassatly Family to the island, Invest Cyprus Chief Executive Officer George Campanellas said it was always "a pleasure" to accommodate enterprises in their hunt for new markets in Europe and beyond.

“Kassatly Group Holding has long been a leading regional player with its innovative beverages, so to be involved in the next phase of this pioneering company’s development is hugely rewarding,” Campanellas said.

“As the national authority responsible for attracting foreign investment and providing certainty to foreign companies operating in Cyprus, we are delighted to be able to provide the kind of platform that an ambitious company like Kassatly Group needs in order to fulfil its global aspirations,” he added.

“With Cyprus situated at the crossroads of Europe, Asia and Africa – something complemented by a highly-skilled, multi-lingual workforce, robust legal framework and the business-friendly environment – makes the island the ideal investment destination for business,” the Invest Cyprus CEO concluded.

By fLEXI tEAM