Reunification Would Bring Great Economic Benefits

Cyprus-News-Cyprus-MapA solution to the Cyprus problem would reap great financial rewards for both communities, a report by independent bi-communal organisation Peace Research Institute Oslo (PRIO) has said.

According to the report, years of division have blocked opportunities for economic development across the island and limited its potential.

The study finds that both sides’ economies have suffered through poor governance, expensive and unreliable energy resources, and inadequate transport infrastructure.

An end to the division would open up new markets for both communities. Turkish Cypriots would have access to Greek Cypriot markets valued a valued at 650 billion euros. They would also enjoy access to the EU market which is worth 16 trillion euros.

Furthermore, a solution would also lead to a merging of land and property values and bring an end to the uncertainties of the issue of property compensation settlements.

The report also argued that the solution would attract significant foreign private investment, bringing about a widespread positive impact on the real estate market.

North-Cyprus-News-Noble-Energy-Gas-RigReferring to the issue of hydrocarbons offshore the island, the advantages of reunification would mean an end to the existing conflict of rights to natural wealth and lead to a more efficient way of exploiting natural gas finds. Something that is essential in view of the rapid global development of green energy.

Another benefit of shared economic development would be the creation of more jobs, the study said. A solution could create around 100,00 new jobs in the first 10 years, 30,000 would be in the tourism sector, 18,000 in wholesale and retail trades, 10,000 in construction and around 6,000 in the aviation and shipping sectors.

A united Cyprus would bring about gender equality in the workplace with greater participation of women, impacting positively on profits and economic growth, international studies have suggested.

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