Turkey & Macedonia

GYİAD head: KKTC waiting for more Turkish investment July 12, 2010

The Turkish Republic of Northern Cyprus (KKTC) is in serious need of investment and has lucrative opportunities for investors, Young Executives and Businessmen’s Association (GYİAD) Chairwoman Pınar Eczacıbaşı has said, calling on Turkish businessmen to expand their operations to the island.

The KKTC has significant investment potential and will become a focus for investors in the medium and long-term, Eczacıbaşı said in an interview with the Anka news agency on Sunday. Members of GYİAD recently paid a visit to the KKTC, where they held talks with government officials, including President Derviş Eroğlu. “The KKTC expects a great deal of investment from Turkish businessmen. They also go to great lengths to attract investors to the country,” Eczacıbaşı said. GYİAD is planning a second and third visit to the KKTC and is arranging meetings in Turkey with the participation of KKTC officials, Eczacıbaşı said, adding they are determined to improve the KKTC’s ties with business circles in Turkey.

She cited the services sector as the main investable field in the KKTC, because the country has made great progress in education and attracts students from a number of countries. Tourism and casino investments also appear to have a profitable future, Eczacıbaşı stated, adding that these sectors are poised to grow, with demand from Greek Cyprus also on the rise.

With the country’s foreign trade developing, investors should also consider taking on transportation, port construction and aviation projects, she pointed out. Eczacıbaşı recalled that in their meeting with Turkish Cypriot Finance Minister Ersin Tatar, Tatar invited Turkish businessmen to build shopping malls in the KKTC as shopping mall construction in Turkey has reached the saturation point.