THURSDAY, 26 APR 2018

 

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Korneliou to UN: The Cyprus Problem Must Be Resolved

Eni’s CEO: We will not Give Up our Rights in Block 3

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80+ Turkish Cypriot Companies

80+ Turkish Cypriot Companies

There can be no doubt that the Turkish Cypriot economy has been in a bad state for years. One only has to cross through one of the checkpoints and look around to see that things are very different and while descriptions like “going back in time” may be exaggerated, standards are clearly much lower. Despite the sharp differences on either side of the dividing line, however, the Turkish Cypriots are not merely surviving; many are thriving and looking forward to the day when they will be able to enjoy the same benefits as their Greek Cypriot compatriots in a unified EU member state.

Until a solution to the Cyprus Problem is reached, little is likely to change for the Turkish Cypriots and their struggling economy. International recognition of the breakaway ‘state’ in the north of the island is clearly not going to materialize, so their choice is either reunification or total dependence on Turkey. For now, the sectors that are bringing in a certain amount of revenue are real estate and construction, higher education services, tourism and casino gambling – on this side of the divide, we are about to catch up on this last source of income and, for reasons that no-one has adequately explained, more foreign students appear to be attracted to the qualifications offered by educational institutions in an unrecognised ‘state’ than in the Republic. But it seems that many things are the same on both sides of the Green Line. It is notable, however, that no professional service firms are included – a clear indication of a consumer-led economy that lacks foreign investment.

The companies on the following list are among the 3,000 members of the Turkish Cypriot Chamber of Commerce. Listing them does not mean that we ignore any serious land/property ownership issues that may exist. Those are a matter for the politicians to sort out. The list simply reflects the Turkish Cypriot business scene at this point in time.

The listing was first published in GOLD magazine (June 2017).

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