The recent annual tourism conference, organised by the Association of Cyprus Tourist Enterprises (Stek) with the support of Hellenic Bank, focused on discussing the future of Cyprus’ tourism industry and the new model needed to bolster it, for the benefit of the broader economy.

The conference theme, ‘Tourism: New Realities Demand a More Competitive Model’, delved into various topics including the green transition, sustainability, and resilience in tourism.

Additionally, discussions centred on emerging trends and challenges within the hospitality sector, as well as the significance of Cypriot and Greek tourism in the economies of both nations.

As highlighted by Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, during his speech, evolution is the only way forward for Cyprus’ tourism industry.

“Everything has changed. The way we communicate and inform ourselves, the way we transact, the way we travel,” Stasopoulos said.

“We saw change coming, but now we are living through it. In the tourism industry, as in the banking sector, the situation has fundamentally changed,” he added.

He explained that technology has transformed the nature of competition, which now involves not only companies among themselves but also customers who have increased and personalised demands.

“We are particularly proud of our contribution to the tourism industry, in which we invest consistently,” Stasopoulos stated.

“At Hellenic Bank, loans to the tourism industry represent more than 10 per cent of our total loan portfolio,” he added.

Moreover, Stasopoulos said that “strengthening the tourism sector with effective products and tailored solutions to the industry’s needs is a top priority” for Hellenic Bank.

“We will continue to place a strong focus on this sector, to be in constant contact with business owners, and to find together the right solutions for their needs,” he concluded.

The conference attracted over 250 participants and was attended by Deputy Minister of Tourism Kostas Koumis, along with ambassadors, government officials, business leaders, and other professionals from the hotel and wider tourism sectors of Cyprus and Greece.

At the conference, Koumis said that “a sustainable destination is one that respects both its visitors and its own resources, both natural and human”.

The minister also addressed a roundtable discussion on the contribution of tourism to the economies of Cyprus and Greece, where he highlighted the sector’s significance, noting that tourism contributed 12.8 per cent to the GDP of Cyprus this year.