Cyprus Tourism Conference Explores New Competitive Strategies

March 28, 2024

Charting the Future of Cyprus’ Tourism

In a significant move to shape the future of Cyprus’ tourism industry, the Association of Cyprus Tourist Enterprises (Stek), with the support of Hellenic Bank, recently held its annual tourism conference. The event’s theme, ‘Tourism: New Realities Demand a More Competitive Model’, brought together over 250 industry professionals to discuss the evolving landscape of tourism and the strategic direction needed for growth.

Key topics such as the green transition, sustainability, and resilience in tourism were at the forefront of discussions. The conference also explored emerging trends and challenges within the hospitality sector, emphasizing the critical role of tourism in the economies of Cyprus and Greece.

Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, underscored the transformative changes sweeping across industries. “Everything has changed. The way we communicate and inform ourselves, the way we transact, the way we travel,” he remarked. Stasopoulos emphasized that adaptation is crucial, particularly in sectors like tourism and banking, which have undergone fundamental shifts.

Stasopoulos proudly noted Hellenic Bank’s significant investment in the tourism sector, with loans to the industry accounting for over 10 percent of their total loan portfolio. He reaffirmed the bank’s commitment to bolstering the sector with effective products and solutions tailored to meet its unique needs.

The conference also featured Deputy Minister of Tourism Kostas Koumis, who participated in a roundtable discussion on tourism’s economic contributions. Koumis highlighted that tourism accounted for 12.8 percent of Cyprus’ GDP this year, emphasizing the need for sustainable practices that respect both visitors and local resources.

With ambassadors, government officials, business leaders, and professionals from Cyprus and Greece’s hotel and tourism sectors in attendance, the conference set a collaborative tone for future growth. The collective insights and commitments from key stakeholders signal a proactive approach to navigating new realities in tourism and ensuring a competitive edge for the industry.

At Steks conference, Cyprus tourism leaders unveiled a sustainability-focused model aimed at promoting eco-friendly practices and preserving natural resources, to ensure the island remains an attractive destination for future generations.

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