Cyprus Business Now

Deputy Minister of Tourism Kostas Koumis embarked on a journey to Poland on Wednesday with the aim of conducting meetings and discussions with key tourism stakeholders in the country.

According to a statement from the Deputy Ministry of Tourism, Koumis has scheduled meetings with heads of tourist organisations that operate flight schedules to Cyprus.

Moreover, these discussions are expected to cover current developments concerning the Polish market, as well as strategies to strengthen the presence of these organisations in Cyprus.

Of notable mention is the significant growth in the Polish market, which, until the end of October 2023, saw a surge in arrivals, surpassing 240,000 compared to 164,000 recorded during the corresponding period last year.

A total of 3.5 million arrivals were recorded in the first ten months of the year, marking a 21.1 per cent increase on an annual basis.

Revenues until the end of August show a 25.4 per cent rise, anticipating a new revenue record.

The 33rd session of the International Maritime Organisation (IMO) took place in London earlier this week, with Cyprus’ Deputy Minister of Shipping, Marina Hadjimanolis, actively participating.

In her address during the conference, she highlighted pivotal issues, including pollution reduction, environmental protection, workforce education, and gender equality within the maritime sector, emphasising Cyprus’ commitment to equality.

On the second day of the conference, Hadjimanolis initially emphasised the collaborative spirit and mutual respect among IMO members in responding to the evolving sectoral needs.

She specifically addressed the efforts toward reducing emissions from shipping, as outlined in the revised strategy adopted by the organisation.

“The organisation has the duty to continue its work in protecting the environment,” noted the Deputy Minister.

Furthermore, she stressed the importance of education and professional training for maritime personnel amidst increasing demands.

She reiterated Cyprus’ support and promotion of gender equality in the sector, citing pride in a Cypriot receiving the IMO Gender Equality Award for 2024.

Hadjimanolis also referred to the “revolution” in shipping due to innovative technologies and digital transformation, constituting a crucial shift in the industry’s operation, making ships “smarter and more connected”.

Moreover, she mentioned the completion of the ministry’s digital transformation by 2024 as well.

Lastly, she highlighted the necessity of safeguarding maritime trade, crucial for developing, less developed, and small island countries.

The Cyprus Chamber of Commerce and Industry (Keve) this week announced that it has successfully executed the European programme titled CLUSTER, which aimed to address the need for sustainable practices within the agricultural sector.

As per Keve’s press release, the programme focused on providing training in organic farming, hydroponics, aquaponics, sustainable food processing, and soft skills targeting youth and women.

CLUSTER, co-funded by the European Union through the cross-border programme ENI CBC Mediterranean Basin, encompassed several training stages. These included e-learning, face-to-face training, on-site coaching, and paid practical exercises.

The initiative garnered substantial interest, centred on learning, skill development, and practical experience acquisition.

The e-platform recorded 327 registrations, while 30 youths and women participated in the face-to-face training.

Additionally, 24 individuals successfully completed subsidised practical training in Organic Farming and Hydroponics businesses.

The development of the CLUSTER programme emphasised the importance of organic farming, hydroponics, and aquaponics as critical components for the sustainable development of the agricultural sector.

Moreover, Keve underscored the urgent need for further education in sustainable agriculture, emphasising that continuous training will enhance understanding and acceptance of sustainable practices, thereby promoting agricultural sector sustainability and contributing to environmental protection.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 29 with marginal gains.

The general Cyprus Stock Market Index was at 131.54 points at 12:21 during the day, reflecting an increase of 0.04 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 79.81 points, representing a rise of 0.03 per cent.

The total value of transactions came up to €1.03 million until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.21 per cent and 2.15 per cent respectively. The alternative index fell by 0.4 per cent while the hotel index remained stable.

The biggest investment interest was attracted by Hellenic Bank (no change), Mallouppas & Papacostas (-8.76 per cent), Logicom (-2.03 per cent), Demetra Holdings (+2.22 per cent), and Vassiliko Cement Works Public Company (-1.31 per cent).