G. Pantelides (OEB): Crisis Impact on Cyprus Economy Currently Controlled

The President of the Federation of Employers & Industrialists (OEB), Giorgos Pantelides, expressed concern about the impact of the crisis in the Middle East on the Cypriot economy. In an interview, he stated that the market is operating cautiously.

The increase in oil prices is raising energy costs and inflationary pressures. Cyprus's geographical proximity creates a mistaken perception of risk internationally.

The OEB is closely monitoring the needs of businesses. Uncertainty affects tourism, retail, and catering. The OEB welcomes the Government's measures to combat high prices but expresses reservations about their adequacy.

Mr. Pantelides stressed the need for continuous assessment of the situation and adaptation of measures, especially in the tourism sector. The OEB is willing to submit its own proposals.

Regarding tourism, Mr. Pantelides mentioned that the incident at the British Bases caused concern. He also noted efforts to confirm the safety of Cyprus as a destination.

Finally, he referred to the active participation of the OEB in European institutions and the need for the Government to utilize it to promote the country's economic interests.