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Cyprus Business Now: weekly wrap-up

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Here are the top business stories in Cyprus from the week starting September 18:


Tourist arrivals to Cyprus witnessed a significant surge of 60,254 visitors in August 2023, a rise of 13.4 per cent compared to August 2022, primarily attributed to a remarkable increase of nearly 33,000 tourist arrivals from Israel.

According to the Cyprus Statistical Service, tourist arrivals reached 511,387 in August 2023, compared to 451,133 in August 2022.

The ‘photovoltaics for all’ plan will start operating in two months, Energy Minister George Papanastasiou said on Monday.

Speaking to CyBC in the morning, Papanastasiou said that funds from the EU Resilience and Recovery plan will be used, plus some funds from the energy use cost fee paid by people.

The head of the Association for the Protection of Bank Borrowers (Syprodat) Costas Melas said on Monday that he requested to meet with finance minister to present him with new ideas for reducing the amount of non-performing loans (NPLs).

In his interview with the Cyprus News Agency (CNA), Melas said that along with meeting Finance Minister Makis Keravnos, he also requested to meet with Central Bank Governor Constantinos Herodotou.

TechIsland, Cyprus’s leading tech business association, celebrated a significant milestone as it concluded the “Building Tech Islands: A Workshop on Attracting Foreign Tech Companies”.

Held as a side event during the TechIsland Summit 2023, the workshop brought together government officials and C-level executives from various companies on the island.

The Cyprus Hoteliers Association (Pasyxe), led by President Thanos Michaelides and General Director Philokypros Rousounides, held discussions with the Greek Minister of Tourism, Olga Kefalogianni, and representatives of the Hellenic Chamber of Hotels during a recent visit to Athens.

According to a statement released this week by Pasyxe, the association convened on September 15, 2023, in Athens, where they engaged in a dialogue with the Hellenic Chamber of Hotels president Alexandros Vasilikos and members of the board of directors.

Cyprus experienced a significant rebound in inflation in August 2023, primarily attributed to the surge in food prices, effectively ending a year-long period of declining prices since its peak in July 2022 when it reached a record high of 10.6 per cent.

In a recent analysis by Eurobank Research Economist Michail Vassileiadis, it was revealed that Cyprus’ economy is on track to sustain robust growth in 2023, even in the face of global uncertainties.

The report shed light on key factors driving the nation’s economic expansion and highlights potential areas of concern.

In a bid to combat carbon emissions and align with European Union climate targets, DP World Limassol is collaborating with the Cypriot government and local partners to introduce an onshore power supply for ships docking at the port.

Cyprus Finance Minister Makis Keravnos on Thursday outlined three key characteristics of the state budget for 2024, the first under the administration of President Nikos Christodoulides.

The budget is expected to be submitted for approval to the Cabinet of Ministers next week.

Larnaca port is investing in cruise destinations in the Eastern Mediterranean, it announced on Friday with the goal of attracting tourists from new markets and offering them upgraded tourist experiences.

The Cypriot banking sector managed to bolster its resilience in 2023, despite recent economic and geopolitical events, according to Constantinos Herodotou, the governor of the Central Bank of Cyprus.

Invest Cyprus on Friday released a statement outlining the targeted actions that it has taken to attract investments in the tourism and hospitality sector, within the context of its successful participation in the IDEEA Hospitality Investment Forum in Prague.

Europe is set for a recession and we must have a strong economy to combat it, Trade and Energy Minister Giorgos Papanastasiou told CyBC on Friday.

His warning came when asked as to whether the VAT on fuel could be reduced – with further comments made on Turkey’s claims of energy deals with Israel.

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