Tuesday, June 22, 2021

Investments in Tourism can boost Greece's economic recovery

Jun. 29, 2011 Digital Finance

Major tourism industry players present at the Financial Times conference

The necessity of tourism investments as an antidote to the financial crisis was unanimously mentioned by the speakers during the "TOURISM INVESTMENT CONFERENCE: FOCUS ON GREECE" held by the FINANCIAL TIMES in the 29th of June 2011, in the National Insurance Conference Center in Athens, Greece, with the strategic partnership of SETE (Association of Greek Tourism Enterprises) and the local partnership of Boussias Communications.

The Deputy Minister of Culture and Tourism Mr. George Nikitiades mentioned in his speech that the economical crisis and the international competition require a new strategy for Greek tourism, specially planned for each country and tourism market, with many fam trips and road shows, wide usage of the internet and stronger ties with foreign media. He mentioned the initiatives taken by the government in favour of tourism, such as the lifting of cabotage restrictions for cruise ships, the reduction of VAT by 50% on hotel berthing, the abolition of landing fees at regional airports, the development of alternative forms of tourism, the networking with all major tour operators and the cooperation with low-cost airlines. Part of this new strategy was the recent approach of important markets such as Russia, with 150.000 arrivals in 2009, 380.000 arrivals in 2010 and the prospect of more than 650.000 in 2011.

The representative of the World Tourism Organization (WTO) Mr. Marcio Favilla Lucca de Paula said that Greece accounts for just 5% of tourism revenue in the wider Mediterranean region, with the largest share absorbed by Spain, France and Italy. The challenge for Greece is to seek for a successful mixture of local and foreign investments, as local businessmen have best knowledge of special conditions in their area and awareness of their tourist product, while foreign investors can supply with essential funds, international status and expertise.

The President of SETE Mr. Andreas Andreadis stated the challenges of the Greek economy and the efforts of SETE to convince the government and the IMF and EU reps of the necessity to decrease the VAT on accommodation to 5% and the VAT on the rest T&T services to 10%. Moreover, he brought up the proposal of SETE for the establishing of a marketing company for Greek tourism, funded by public and private resources.

Conference Info

"TOURISM INVESTMENT CONFERENCE: FOCUS ON GREECE", which was organized for the first time in Greece by the FINANCIAL TIMES, hosted top industry speakers and participants from Greece and Abroad, such as Marcio Favilla Lucca de Paula, WTO representative, George Nikitiades, Deputy Minister of Culture and Tourism, Nikos Skoulas, former Minister of Tourism, Andreas Andreadis, President of SETE, Nikos Kanellopoulos, President of the GNTO, Aristomenis Syngros, President of Invest in Greece, Olga Kefalogianni, Member of the New Democracy Party, Μartin Knapp, Μanaging Director of the Greek-German Chamber of Commerce & Industry, Yiannis Retsos, President of POX, Aris Karytinos, General Manager Real Estate, National Bank of Greece, Nikos Katsikeros, Vice President, TEMES, Miltos Kambouridis, Managind Director, Dolphin Capital Investors, Eftichios Vasiliakis, Vice President, Αegean Airlines, Giorgos Linatsas, Group Managing Director, Axia Ventures Group, Kostas Trivizas, Managing Director, Aeolous Hospitality UK, Alex Kyriakides, Global Managing Director-Tourism, Hospitality & Leisure, Deloitte LLP, Katerina Giannouka-Finn, Senior Director-Acquisitions & Development EAME Starwood Hotels, Giannis Tseklenis, Designer, Haris Karonis, Managing Director, Viva Online Services & Hellas Pay- Payment Institute, Giannis Gkikopoulos, Associate Partner, Mc Kinsey & Company, etc.

Main interest points of the Conference were:

  • Dynamics of the Tourism sector as a driver for economic growth out of the crisis
  • Strategic planning of the Government, the new Investment Framework, the overall regulatory environment for a healthy growth and development of tourism infrastructure and services
  • Developments in tourism investments (tourist accommodation, investment in specific infrastructure, legal framework changes, fast-track in tourism, one-stop-shop for tourism investments, etc)
  • Formulation of attractive proposals and conditions for potential investors with a view to maximizing benefits for the tourism industry and economy
  • Creation of a favourable environment for the flourishing of Greek tourism entrepreneurship
  • Presentation and analysis of good practices in foreign countries and Greece

Please find more info regarding the FT conference in:
Conference Websites: www.tourisminvestment.gr & www.ftbusiness.com/greektourism

About Financial Times Business Events
FT Business Events is the events organising arm of the Financial Times and since its launching in 2002, has attracted over 24,000 high-level professionals from throughout the world. Organised by an experienced and dedicated team, our events portfolio includes conferences, summits, country briefings, roundtables and awards which are held throughout the UK, Mainland and Eastern Europe, North America, the Middle East, Asia and Australia. Our main focus, are the rapidly growing economies and the rapidly growing industries in certain environments or countries.

About Boussias Communications
Boussias Communications is an Agency with more than 30 years of experience and general acceptance in marketing, advertising, media, telecommunications, banking, information technology, financial management and HR sectors. The company publishes magazines such as "Marketing Week", "Net Week", "Banker's Review", "HR Professional", "CFO Agenda", "Self Service", the "Marketing Guide" and "HR Guide" annual guides and the daily electronic newsletters Daily Fax and Net Fax. Boussias Conferences has organized more than 150 conferences during the last 8 years.

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