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Peace deal seen to boost Cyprus tourism industry March 21, 2008

Posted by grhomeboy in Business & Economy, Cyprus Occupied, Politics, Tourism.
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Cyprus’s tourism industry would benefit from $300 million a year in additional revenues if a peace deal was hammered out, economists said yesterday.

Economists from the Greek and Turkish Cypriot sides of the island said the sector would also stand to benefit from greater cooperation and economies of scale.

“Ninety-eight percent of the Turkish Cypriot respondents and 79 percent of the Greek Cypriot respondents see a win-win situation with a joint tourism industry,” The Management Center, an independent think tank, said in a news release.

Tourism is an important component of the economies of both Cypriot sides; it represents 14 percent of gross national product of Turkish Cypriots, and 12 percent of Greek Cypriots’ gross domestic product. Tourism revenues in the Greek-Cypriot part of the divided island were $2.73 billion last year. Revenues in the Turkish-Cypriot part were $328.8 million in 2005, the last year for which figures are available.

The survey, funded by the British Embassy in Cyprus, said Greek and Turkish Cypriot industry professionals regard the division as a negative factor for their businesses.

“Tourism professionals of the two sides believe that the continuation of the current political situation results in lost business opportunities, and is perceived as a lose situation, at least for their side,” the research team said.

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