The Cyprus Tourism Organisation (CTO) unveiled a draft outline of its plan to attract investment in the tourist industry, to be funded jointly by the European Union and the CTO.
Speaking at a press conference CTO’s Director of Tourism Division Lefkos Filaktides said the incentives plan is part of the Strategy for Tourism Development which provides for reduction in hotel beds, and a change in accommodation patterns in order to render Cyprus a more competitive destination.
The draft plan, he explained, is expected to be finalized in October this year and by March next year the CTO will be ready to examine the first applications, with the initial funding expected to be allocated in the second half of 2008.
The coordinator of the plan Konstantinos Theos said that CTO will provide EUR 13 mln with a view to encourage investment initiatives from business, to improve infrastructure and services and upgrade the tourist product.
The plan also envisages the construction of golf courses, thematic parks, health tourism, conference centres, workshops and activities for the visitors, exhibition venues and sports facilities. It also includes investment plans to upgrade existing hotels and hotel apartments, from two to four star.
Source: Financial Mirror
