Philokypros Roussounides: "Let's build on Marios Tsiakkis’ legacy"
Marios Adamou 00:30 - 01 January 2025

Philokypros Roussounides is honoured to be selected by the Cyprus Chamber of Commerce and Industry's (CCCI) Board of Directors to become its new General Secretary, and considers it a very good development in terms of his career, he says in an interview with InBusinessNews, where he also vows to build on the enormous legacy of his predecessor, Marios Tsiakkis.
He discusses a range of topics, from his five-year tenure as the Director General of the Cyprus Hotel Association (PASYXE), to his views on the economy and his successor at PASYXE, Christos Angelides.
"A person must evolve"
Mr Roussounides, your term as general director of PASYXE is coming to an end and as of 1 January, you are assuming an equally important position, that of Secretary General of the CCCI. How important do you consider this major step in your career?
It is certainly a very good development in terms of my career. I consider it an honour for me that the CCCI Board of Directors has chosen me to be the new Secretary General of the Chamber.
I believe that a person should evolve through their experiences and professional career.
Beyond that, I must say for sure that, in the almost five years that I have been at PASYXE, I have acquired enough skills, which equip me to cope with the demands of the new position I am taking on, which is also institutional and requires many other things beyond what was happening at PASYXE.
What do you remember from your career as Director General of PASYXE and what do you consider to be the most important moments in it?
It was a highly productive term - almost five years - in which we were called upon to face multiple and successive crises, such as the coronavirus pandemic, wars, energy crises, economic recessions, collective agreement renewals, etc.
Through these and in collaboration with colleagues in the Secretariat, but also with the Board of Directors and the respective Presidents of PASYXE - Charis Loizides and Thanos Michaelides - we managed to manage - I humbly believe - successfully all these crises.
So, what I definitely keep is the incredible cooperation, support and love that the entire board of directors, as well as my colleagues at PASYXE, showed me.
The experiences I have gained over the years, where I have learned a great deal, have certainly prepared me appropriately for this next step.
A few days ago, after months of discussions and negotiations, an agreement was reached and the collective agreement in the hotel industry was renewed until the end of 2027. How important do you consider this development?
It was a long process, perhaps the longest, since it took 10-12 months to reach a conclusion. However, it was extremely important that throughout this period both sides - trade unions and employers' associations - demonstrated a responsible attitude without creating any anomaly in the tourism industry in the middle of the tourist season and in this way we were able to reach an agreement, which will maintain - at least for the next four years - normality and stability in the industry, so that it can take advantage of the prospects it has for further development.
Were there times when you felt that reaching consensus to renew the collective agreement was difficult and if so, how did you handle this situation?
For this process to last so many months, it was certainly a very difficult and arduous process for both sides. Of course, the employer side once again seemed particularly generous in the effort to prove how much human resources are valued and how much employers want to support them, since they consider them one of the most important pillars of our tourism product.
At this point, I would like to emphasise that collective agreements primarily concern our compatriots, whom we certainly want to be satisfied with their working conditions and this is also reflected in their level of work.
What element(s) do you believe played a decisive role in reaching the agreement and bringing calm to one of the key sectors of the economy?
Certainly the most important element was dialogue. Through dialogue you can always find solutions. In an effort to renew or conclude a collective agreement, it is possible that neither side will be completely satisfied, but through dialogue, a responsible attitude and composure we can find solutions that do not fundamentally shake the industry and have unpleasant developments like those we have seen in other sectors of the economy.
Prospects and risks for the hotel industry
What do you think are the prospects, but also the risks, for the hotel industry in the coming years and how can they be addressed?
The prospects for the hotel industry in the coming years are enormous. Cyprus is a country that I believe has all the makings to play a tourist role year-round and not just seasonally.
It is also a country that has excellent infrastructure, both in hotel facilities and other infrastructure such as airports, squares, roads, etc.
We are a relatively small country where various other special forms of tourism can be developed that will enrich our tourism product in a way that will allow us to attract tourism with increased income criteria throughout the year.
Beyond that, there are also some challenges-risks that certainly relate to geopolitical developments in the region, which are still taking place and seem not to have had a major impact - the degree of impact on the industry was relatively subtle, but no one can ignore it -, economic developments in countries that are main markets for attracting tourism, such as the economic recession in Great Britain, as well as the increased costs that tourism industry professionals may have to face regarding the green transition, and which are disproportionate to what businesses can manage.
Particularly with regard to the green transition and taxation, if it goes ahead as planned, then we should ensure that it evolves with a plan of a remunerative nature so that it does not affect the competitiveness of Cyprus as a tourist destination, due to a forced increase in prices, for example.
A strong trend that seems to be taking hold in Cypriot business is that of acquisitions and mergers. Will we see it strongly in the hotel sector as well? And if so, what do you think are the advantages/benefits of potential hotel acquisitions or mergers?
In the last two years, we have begun to see such signs. Acquisitions and mergers may also create economies of scale, another dynamic in specific businesses and companies, which perhaps due to size and/or the blows they received from the pandemic and wars were unable to cope with the increased costs that exist and due to a lack of personnel.
So if the state also helps with the new strategic plan for importing foreign labor from third countries and gives flexibility in this way to large groups and other hotel facilities to work and operate, then with mergers and acquisitions, perhaps the industry will become even more flexible and the level will rise.
Taking on the position of Secretary General of the CCCI, what priorities will you set and what will be your main objectives?
We should certainly build on the enormous legacy left behind by my predecessor, Mr Marios Tsiakkis, who has done an excellent job. We should continue the modernisation of the Organisation, but also its multi-level action in the business community, in the country's economy, and the enormous role it plays in it.
Beyond that, there are certainly significant challenges that we must manage immediately, such as labour issues, tax reform, e-kalathi, etc. I believe that all of these are priorities that, starting with the new year, should be properly managed and consulted on, so that we can arrive at practices that are both applicable and that do not create further issues for businesses.
When there are healthy businesses and a resilient business community, then there are correspondingly equally good jobs for our compatriots and society prospers.
Therefore, when the economic train is on stable tracks, then society, our compatriots, and the entire ecosystem prosper.
Therefore, businesses should be supported and the aforementioned main priorities should be seen and managed directly with the state and other agencies.
The business dynamics and how the Cypriot economy will move
What is the business dynamic in Cyprus?
Entrepreneurship in Cyprus is at a fairly high level. We are now seeing several businesses and industries upgrading, both digitally and qualitatively, but also with human resources, which have special skills. Competition is also no longer just local, but multi-level and multi-faceted.
A healthy business ecosystem is a very important pillar of the economy and a driving force for growth. Growth means prosperity for the entire economy, and businesses have an important role to play in this.
The mission of the CCCI, which is concentrated on safeguarding the interests of businesses in our country, simultaneously promotes the well-being of our society as a whole, since this is directly intertwined with the state of our country's economy.
How do you think the Cypriot economy will perform in the new year? How optimistic are you about its prospects?
The growth rate of our economy is the third highest in the European Union and therefore I believe that we are at very good levels.
Beyond that, however, we should be careful with regard to the payroll, especially the state payroll, so as to maintain this stable economic growth that we have.
We will also have to manage issues such as the outdated Cost of Living Allowance (CoLA) system, which we must modernise and evolve, so that it takes into account other parameters such as productivity, unemployment, inflation and the country's growth rate.
We should also approach adjustments to the national minimum wage using the same data, so that it is consistent with the performance of our economy.
What do you see as the biggest risks to our country's economy? What should be considered in order to ensure its growth trajectory?
The main risks to the economy are first and foremost the lack of human resources, which we need to address immediately. It has already improved considerably over the last eighteen months, but it needs further support.
Greater flexibility should be given to businesses, more incentives to Cypriot businesses, not just foreign businesses coming from abroad, and more tax breaks-incentives for acquisitions and mergers between Cypriot companies.
We will certainly need to see important data on the new tax reform that is in the works and address the green transition and in particular the increased costs that it entails and is projected through it.
As I mentioned in a previous question, rewarding incentives and measures should be provided, so as not to simply create an additional cost, but also to create resilient businesses, resilient industries, and attractive ones to attract people from abroad to invest in our homeland and/or even personnel with increased skills.
What should Cyprus do to become an even more attractive destination for foreign investments? And how important, in your opinion, are they for its economy?
We must definitely get rid of bureaucracy, have more flexible, more modern, and faster procedures, so that those who are interested or have the goal of investing in our homeland can do so easily, quickly, and in a targeted manner.
We should also build the awareness of the destination, and possibly some of the trade and economic missions abroad should be more targeted, with a specific audience, so that they are more meaningful.
In closing, what advice would you give to Mr Christos Angelides, who will succeed you as General Director of PASYXE from January 1st?
Mr Angelides is a man with a wealth of experience in the tourism industry. The position he is taking on requires him to use this experience, combined with the respect, love and consensus that he must demonstrate daily in order to collaborate effectively with the Board of Directors and the Secretariat of PASYXE, and to maintain the balance required with all members of the Association.