Special Invest Cyprus unit to focus on tourism investments

March 06, 2020

Last updated on April 12th, 2021 at 10:57 am

National investment promotion agency InvestCyprus on Monday, 24th of February, announced the creation of a specialised unit in a bid to reach Cyprus’ national tourist strategy for 2030 which aims at attracting five million tourists a year.

InvestCyprus will operate as a one-stop shop providing information to potential investors on infrastructure projects and available investment opportunities, organise on-site visits and, in collaboration with property owners, create a project bank with all available investment opportunities on the island.

Speaking at a press conference both InvestCyprus chairman Michalis Michael and director general George Campanellas stressed the organisation will place attracting investors in the tourism sector at the centre of its action plan in a bid to find the “hundreds of millions in investment needed” in tourist infrastructure.

Apart from five million tourists by 2030, the national strategy aims at boosting overnight stays in the winter months and quadrupling overnight stays in rural areas.

“We know where we want to go and we have placed this strategy in our programme and we will place investment in tourism at the centre during all our trips abroad,” Michael said.

Noting that tourism is not only “Sun and Sea”, Michael said that InvestCyprus will promote thematic tourism such as sport tourism, religious tourism, health tourism and tourism in rural areas, saying that there is infrastructure in rural areas which is left untapped.

“We are certain that there is sustainability [in such investments], we just need to find the right investor,” he added.

Campanellas pointed out that infrastructure projects to achieve the targets amount to “hundreds of millions of euros” in investments.

“Our aim is to attract the investment necessary so that these targets will be achieved,” he said, reiterating the focus will be placed on thematic tourism.