The government announced on Monday an incentives plan of €13 million for investments of enrichment and upgrading of the tourist product. Speaking at a press conference, Commerce Minister, Antonis Paschalides – together with CTO Chairman, Panos Egglezos and General Manager, Phoebe Katsouri – said that the Plan will be adopted from December 1 to March 31, 2009. It will be co-financed by the European Fund of Regional Growth.

The plan will be based on two aspects: The enrichment and the differentiation of the tourist product and the improvement and upgrading of the hotels.

According to Mr. Paschalides, the beneficiaries will be the existing and new SMEs and big companies across Cyprus, while the subsidies that will be given will stand at 10% - 35% of the selectable expenditure of the investment.

Also, they will change in accordance with the size and geographical region that the investment will be made.

Opportunities for the Cypriots

CTO Chairman, Panos Egglezos referred to the “good news” concerning the Cypriots who want to spend their holidays in the country.

“As from later March, the residents of Cyprus will be able to enjoy lower prices in hotels and restaurants via the CTO website, as well as to participate in trips accompanied by guides”, Mr. Egglezos said.

Winter tourism

As from this year, the CTO will also adopt its three-year plan of €5.3 million for the strengthening of the winter tourism.

“Within the framework of this program, 70-80 thousand more tourists will visit Cyprus, mostly from Russia, Bulgaria, the Scandinavian countries and a lower number from traditional countries such as the UK”, he added.

The CTO Chairman also expressed his confidence that only few hotels will remain closed this year.