Find Tourism and Travel partners in Cyprus

Overview

Since independence tourism has played an important role in Cyprus’ economy and the country has developed into one of the Mediterranean’s main tourist attractions. The industry contributed €3,201m to the economy in 2011. It provided 74,000 jobs, including those indirectly supported by the industry, constituting 19.1% of total employment in the country (World Travel and Tourism Council – WTTC 2011). Cyprus placed 35th in the world (out of 181 countries) in terms of the tourism industry’s relative contribution to the economy, with a 17.7% share of GDP, compared to the world average of 14% (WTTC 2011). In 2010 the island saw 2,173,000 tourist arrivals, with by far the largest proportion coming from the United Kingdom, followed by Germany, Russia and Greece as strong source markets. The industry is overseen by the Ministry of Commerce, Industry and Tourism. The Cyprus Tourism Organisation promotes Cyprus as a tourist destination through its various offices around the world and its website. Several professional bodies represent the sector. These include the Association of Cyprus Tourist Enterprises, the Cyprus Tourist Guides Association, and the Cyprus Hotel Association.

Investment

Cyprus is most renowned as a tourist destination for its beaches and sunshine. The coast also offers numerous water sports activities, such as snorkelling, diving, wind-surfing and sailing. The unique culture of Cyprus, with its interesting mix of East and West, is also a strong tourist attraction. Various sites, monuments, galleries and museums continue to pull in large numbers of visitors.

A number of tourist sectors are in demand and offer great opportunities for investment. The island is developing its involvement in conference and incentive tourism, weddings and honeymoons and as a centre of health and well-being, with a growing number of spas and visitors for medical purposes. The country continues to be a premier destination for sporting activities, notably golf, cycling and hiking. It is also included in the itineraries of most cruise ships in the region, calling mainly at Limassol and Larnaca ports.

Investment in the travel and tourism industry in 2011 was €227.5mn, constituting 6.8% of total investment. It was expected to rise by 12.0% in 2012, and then continue to rise by 4.8% pa over the following ten years, reaching €408m by 2022.