Eurobank Pledges to Support Greece’s Tourism Industry

Eurobank CEO Fokion Karavias.

Greece urgently needs to invest in critical infrastructure in order to be able to meet the increasing tourist demand in the coming years, said Eurobank CEO Fokion Karavias during the 32nd General Assembly of the Greek Tourism Confederation (SETE) held in Athens on Thursday.

Karavias acknowledged that the tourism sector supported Greece during the debt crisis with a continuously growing contribution to GDP and that last year’s success of 33 million arrivals paves the way for new records. However, he went on to add that growing numbers of tourist arrivals as well as the shift to more sustainable practices require infrastructure.

Indicative of the growth, Karavias said that in 2009, 4-star and 5-star hotels accounted for 15 percent of the total hotels in the country. Today this figure is at 25 percent. At the same time, international brands are investing in Greece for the first time and Greek brands are expanding or planning their expansion outside Greek borders.

The government can now proceed with upgrade works thanks to a wide range of resources available, he said, including EU and RRF funds which “if utilized fully and with proper targeting” can have the maximum positive impact.

“The challenges today are of success. In 2010, Greece welcomed 15 million visitors. Last year, this figure reached 33 million. Managing such a change is no easy task,” he said.

Karavias went on to pledge that as a strategic partner in tourism, Eurobank will be supporting the sector with financing expertise and funding.

“With national infrastructure planning and private initiatives, Greece can welcome more visitors, offer even better travel experiences, and support long-term and sustainable prosperity,” he said.

Lastly, in response to claims that Greece was suffering from overtourism, Karavias said these were “inaccurate” and that there was no such issue “perhaps only at one or two destinations”.

“Τo make this into a national problem is not only inaccurate, but also self-destructive,” he said.