Nicosia, Cyprus. Cyprus and Greece’s main business federations signed a cooperation memorandum to deepen collaboration, as a trade union warned Middle East instability is affecting tourism and Eurostat reported a decline in unemployment.
Business cooperation between Oev and Sev
The Cyprus Employers and Industrialists Federation (Oev) and the Hellenic Federation of Enterprises (Sev) signed a memorandum of cooperation aimed at strengthening entrepreneurship, competitiveness and extroversion in Cyprus and Greece, according to an announcement released on Thursday.
The agreement was signed by Oev president George Pantelides and Sev executive committee president Rania Aikaterinari, with the organisations describing it as a step toward enhancing bilateral business relations.
The memorandum establishes a framework for collaboration in innovation, digital and green transformation, energy, skills development, and trade and investment promotion. It also sets up a platform for dialogue and coordination to exchange know-how, develop joint initiatives and identify new business opportunities.
Sek raises concerns over tourism impact
Trade union Sek’s hotel workers branch called on the government to implement immediate and meaningful support measures, citing concern over the impact of ongoing instability in the Middle East on Cyprus’ tourism sector.
In a statement released on Thursday, Sek said uncertainty across the region is directly affecting tourism activity, with consequences already visible in hotel occupancy rates. The union, representing employees in hotels, catering and leisure centres, said the situation is beginning to weigh heavily on the sector at a critical point in the season.
Sek said continued geopolitical tension is discouraging travel demand and creating volatility in bookings, referring to recent reports that Cyprus’ tourism sector remains vulnerable following regional security developments, including drone-related incidents that have unsettled travellers.
Unemployment rate declines in March 2026
Cyprus recorded a decline in unemployment in March 2026, with the rate falling to 4.3 per cent, according to a Eurostat report.
The figure marked an improvement compared with March 2025, when unemployment in Cyprus stood at 4.6 per cent.
How do you think the cooperation agreement and regional instability could affect Cyprus’ economy in the coming months?
