FTI bankruptcy shakes Cyprus tourism industry

Costas Koumis, the deputy minister of tourism, says that the recent bankruptcy of the German tourism company FTI is an inconvenience to Cyprus's tourism industry. He did point out that there is not much of an overall influence on how many tourists arrive.

"This is unfavourable for our tourism industry, particularly when our goal was to attract more German tourists. Because of the current challenges on the hotel industry, every loss matters”, Koumis stated in a written statement on Monday.

Koumis stressed that although the overall decline in visitor arrivals is not great, it represents a major damage to the hotels that collaborated with FTI.

The Deputy Ministry of Tourism is working closely with hotel associations to assess and manage the situation. Koumis mentioned that FTI's financial troubles were known in the tourism community. There was hope for a solution last April with a possible investment from a major American group, but unfortunately, this did not happen.

The ministry is dedicated to helping the affected hotels and addressing the challenges caused by FTI's bankruptcy.