The Cyprus Chamber of Commerce & Industry (CCCI) has expressed its strong concern about the direct impacts that are already being recorded on the Cypriot economy as a result of the escalation of the war crisis in the wider region.
The CCCI notes that the Cyprus hotel and tourism industry is once again one of the first sectors to be directly affected by geopolitical developments. Booking cancellations, a noticeable slowdown in the flow of new bookings, as well as increasing uncertainty in international markets are already being recorded, something which raises serious concerns about the course of this year's tourist season.
It continued that tourism is one of the most important pillars of the Cypriot economy, supporting thousands of businesses, employees and the entire value chain linked to hospitality, services, trade and transport. Therefore, the impacts that may arise are not limited to the hotel sector alone, but affect the country's economic activity as a whole.
The CCCI said that it considers it imperative that the State immediately mobilise and closely monitor the situation. In the event that the crisis is prolonged and the impacts intensify, targeted support measures for the hotel and tourism sector in general should be considered without delay, with the aim of ensuring the viability of businesses and preserving jobs, the Chamber noted.
At the same time, it said, it is important to strengthen efforts to promote and support the Cypriot tourism product in international markets, as well as to utilise all available policy tools that can contribute to stabilising the sector during a particularly critical period.
The CCCI said it would continue to closely monitor developments and cooperate with all relevant bodies, to ensure that the Cypriot economy and in particular the tourism sector will receive the necessary support to address the challenges created by international developments.
(Source: InBusinessNews)
