Shaping the Future of Cyprus’ Tourism
In a significant move to address the evolving landscape of the tourism industry, the Association of Cyprus Tourist Enterprises (Stek) recently held its annual tourism conference with the support of Hellenic Bank. The event, themed ‘Tourism: New Realities Demand a More Competitive Model’, brought together industry experts to discuss the pressing need for a new model that will strengthen Cyprus’ position in the competitive tourism market.
The conference explored a range of pertinent topics, such as the green transition, sustainability, and resilience in tourism. It also shed light on emerging trends and challenges within the hospitality sector, underscoring the critical role of tourism in the economies of Cyprus and Greece.
Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, emphasized the transformative impact of technology on the industry. “Everything has changed. The way we communicate and inform ourselves, the way we transact, the way we travel,” he remarked. He pointed out that competition in tourism now extends beyond companies to include customers with sophisticated and personalized demands.
Stasopoulos took pride in Hellenic Bank’s significant support for the tourism sector, noting that “loans to the tourism industry represent more than 10 per cent of our total loan portfolio.” He assured that Hellenic Bank remains committed to strengthening the sector with effective products and solutions tailored to its unique needs.
The conference was well-attended by over 250 participants including Deputy Minister of Tourism Kostas Koumis, ambassadors, government officials, business leaders, and professionals from Cyprus and Greece’s hotel and wider tourism sectors. Koumis highlighted the importance of sustainable tourism practices that respect both visitors and local resources. He also pointed out that tourism has contributed a substantial 12.8 per cent to Cyprus’ GDP this year, indicating its vital role in the nation’s economy.
The discussions and insights from this conference are expected to play a crucial role in shaping a more resilient and competitive future for Cyprus’ tourism industry, which is vital for the broader economy.