Cyprus’ status as a stable destination for investment and tourism was highlighted by the Employers and Industrialists Federation (Oev) during the annual conference of the International Labour Organisation (ILO) in Geneva, where the organisation’s Director General Michalis Antoniou addressed delegates on behalf of Cypriot employers.

Speaking before the plenary session of the conference, whose proceedings conclude on June 12, Antoniou said that Cyprus has remained a safe and stable destination despite successive crises.

He stated that the country benefits from strong institutions, the rule of law, and its equal standing within the European Union, factors which continue to underpin its attractiveness for both investment and tourism.

According to a statement issued by the federartion, this year’s conference agenda includes a number of issues of major importance for the modern world of work.

Particular emphasis has been placed on the challenges and opportunities created by artificial intelligence, as governments, businesses and labour markets adapt to rapid technological change.

In his address, Antoniou said that artificial intelligence represents a technological development whose capabilities are advancing at a very fast pace, while institutions require considerably more time to understand developments, conduct consultations and reach consensus on how such technologies should be incorporated into working life.

He stressed that this reality does not diminish the importance of social dialogue, but instead makes it necessary for the process to become faster, better informed, and more adaptable in order to keep pace with developments and deliver balanced decisions.

“Social dialogue must become faster, more evidence-based and more adaptable so that it can respond to developments and lead to balanced decisions,” Antoniou said.

The Oev delegation attending the conference also includes senior officer Polyvios Polyviou and officer Elena Polyviou from the federation’s Labour Relations and Social Policy Department.

The annual International Labour Organisation conference is taking place in Geneva and is examining a range of issues affecting the global labour market, with growing attention focused on the impact of artificial intelligence on economies, businesses and employment.