Addressing the 36th annual conference organized here by the Cyprus Hotel Association (PASYXE), Energy Minister George Lakkotrypis said that what is most important is that indications for 2014 are very promising. “Having set tangible quantitative goals and on the basis of the contacts that we have, we estimate that tourist arrivals will increase, something which makes us really happy,” he noted, stressing the need to remain vigilant and continue hard work and coordinated efforts, since the tourist sector is a sensitive and vulnerable one.

Referring to the adverse circumstances the country was faced with after a Eurogroup decision taken last March for a deposit haircut in Cyprus, Lakkotrypis said that the joint effort and the excellent cooperation between all tourist partners managed to reverse the negative climate that was created and to achieve the goals which seemed unattainable.

On his part, PASYXE President Haris Loizides said that the Association’s vision is that during the next five years tourist arrivals in Cyprus reach 3.5 million from 2.5 million today, noting that “we can achieve this by setting out concrete goals for each priority market.” Furthermore, he underlined that hope and reserved optimism for positive results in 2014 do not allow any room for complacency. The effort to upgrade the quality of the tourist product, to enrich it, open up to new types of tourism and new markets but also to address any problems must be continuous, he stressed.

The conference that took place under the title: "Can the Hotel Industry Provide the Power for Econoic Recovery Once Again? What can/should we do differently this time - Taking Action Vs Theory" focused on rapid changes in the field of tourism world wide, new prospects opening up for Cyprus tourist industry and increasing competition after the global economic crisis. It was attended by more than 200 hotel units owners, General Managers and Executives, representatives of Cyprus’ Tourism Organisation, and other professional bodies from the wider economic and commercial sector of the country and the financial system.

Cyprus agreed last March on a €10 billion bailout which featured an unprecedented haircut on deposits and the closing of its second largest banks. Coupled with capital restrictions, the island`s economy entered into a deep recession, which however was much lower than the 8.7% envisaged by the Troika.

Source: Famagusta Gazette