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Cyprus Hotels Pledge Fully Staffed Operations Amid Improved Foreign Worker Permitting

In a significant development for Cyprus’s tourism industry, hotel associations PASYXE and STEK announced that hotels are set to operate without staffing shortages this year. This assurance follows a series of effective actions by the Ministry of Labour, which expedited the work permit process for foreign workers. Labour Minister Yiannis Panayiotou highlighted that, by the end of May, over 95% of applications had been processed, reducing the average permit processing time from over five months to less than two.

This accelerated process is a result of enhanced IT systems and strategic international agreements, addressing the critical labour needs of the tourism sector. The Ministry’s proactive measures ensure that the industry’s staffing requirements are met, allowing businesses to maintain high service standards during the peak season. Additionally, efforts to utilise local labour have contributed to a decrease in unemployment, though the domestic workforce alone cannot meet the sector’s extensive demands.

The successful collaboration between the Ministry, tourism associations, and other stakeholders has led to these improvements. The agreement for better coordination among social partners played a crucial role, demonstrating the effectiveness of collective efforts in resolving labour market challenges. The Deputy Minister of Tourism, Kostas Koumis, also acknowledged the broader significance of these improvements, noting that labour issues affect tourism industries globally.

This development is expected to help Cyprus achieve another successful tourism season, following a record-breaking year in 2023. The continued focus on efficient permitting processes and collaboration between the public and private sectors will be essential for sustaining growth and ensuring the competitiveness of Cyprus’s tourism industry.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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