Cyprus Business Now

The association of large investment projects (SMA) this week welcomed the decision by the cabinet of ministers to approve the creation of a marina in Paphos, a major project for the district, describing it as a step in the right direction.

“This is a major and significant project, not only for Paphos but also for Cyprus’ tourism sector,” the association said in a statement.

“This project will create additional business opportunities and more income for the local economy, but also for various villages in the Paphos area, as well as the Polis Chrysochous area”, the statement added.

Furthermore, the association said that such development projects contribute to the local economy in a major way, noting that the Paphos marina will spur additional investment, while at the same time providing a boost to maritime tourism.

“As the association of large investment projects, we welcome the decision of the Cabinet of Ministers, however, we must also point out the need for the immediate planning of all relevant procedures”, the association said.

“We call on the new government to proceed as soon as possible with the preparation of the terms of the public tender as any delay only works to the detriment of the project and the wider economy,” it added.

Meanwhile, Paphos Chamber of Commerce (Evep) president George Mais described the approval of the project as “historic”, noting that this is a project of vital importance for the district of Paphos.

“The Paphos marina will significantly enrich our tourism product and stimulate the local economy, bringing about multiplier benefits,” he said.

“Paphos will be placed on the maritime map and the necessary conditions will be created to attract other investments,” Mais added.

Outgoing Deputy Minister of Tourism Savvas Perdios this week said that the various actions and initiatives launched during his tenure would continue under the newly elected government, noting that the House of Parliament will also support and monitor these efforts.

Perdios, who was the first person to hold this position, since the deputy ministry of tourism was first established in January 2019, said during a meeting with the house trade and tourism committee that he was both honoured and lucky to have served as deputy minister, before thanking all representatives and parties for their contributions.

“I believe they have all contributed heavily to the deputy ministry’s efforts to implement its action plan and the national tourism strategy,” Perdios stated.

“These four years have brought together all of the relevant organisations, associations and tourism operators of all sizes, and this is the right thing. Tourism does not only involve our hotels, our restaurants. It also includes self-catering and self-service businesses, glamping, visitable farms, experiential businesses, and small tourist buses, with all of these contributing to the entire tourist experience in Cyprus,” he added.

Responding to a journalist’s question about the end of his term and the work he is leaving behind, Perdios said that he has mixed feelings, noting that, “like everything that begins, it also must come to an end”, before adding that he feels “great satisfaction and pride” for the work of his deputy ministry during the last four years.

“We have given a voice to all those involved in tourism,” he said, whether it is small or large businesses or small or large communities. They have shown everyone that tourism is many things and that it concerns all areas of Cyprus and not only the coastal areas.

“That for us was the primary and most important objective goal,” he added.

Perdios also said that he hopes everyone has seen the value of having a person from the field at the helm of the Deputy Ministry of Tourism.

“I think with the huge crises we have faced in the last four years, whether it was the bankruptcy of Thomas Cook, Air Berlin, Germania, the pandemic, the war in Ukraine, it’s been proven how important it is that the person leading the effort comes from the tourism sector so as not to need a long adjustment time”, he explained.

Regarding the future, Perdios stated that he very much believes that the new deputy minister will continue the various programmes and actions started during his term.

“On the other hand, for the first time in the history of the country, there is a national tourism strategy which we have agreed not only with the tourism partners but also with the House of Parliament and it is there, recorded, monitored by us, as well as the various tourism agencies, the House of Parliament and the Cabinet of Ministers, every four months, so I have no reason to imagine or believe that what we have started will not continue,” he said.

Finally, the outgoing deputy minister expressed great satisfaction with all of the support afforded to tourism in recent years, noting that the sector affects everyone.

The Cyprus Stock Exchange (CSE) ended Thursday, February 16 with profits.

The general Cyprus Stock Market Index was at 101.84 points at 12:51 during the day, reflecting an increase of 0.46 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 61.51 points, representing a rise of 0.47 per cent.

The total value of transactions came up to €177,569.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.61 per cent and 0.38 per cent respectively.

The alternative index fell by 0.07 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+1.35 per cent), Frou Frou (no change), Hellenic Bank (+0.31 per cent), Demetra Holdings (+0.4 per cent) and Logicom (no change).