TRNC in “12th Real Estate Fair and Arab-Turkish Summit”

Tourism and Environment Minister Fikri Ataoğlu visited the 12th Real Estate Fair and the Arabic-Turkish Summit, which was held at the Istanbul Hilton Convention Centre this weekend.

On Sunday, the minister spoke at ‘North Cyprus Day’ which was attended by 19 TRNC companies, to give information on the country and investment opportunities.

Ataoğlu said that the population of the country is around 400 thousand, and that there are 100 thousand university students.

North Cyprus, which has a lot of historical riches, is visited by a million tourists every year and the island, which has a typical Mediterranean climate, mainly relies on tourism. The sun shines for 10 months of the year, and it is possible to swim in the sea for eight months of the year. Tourism and sports activities were feasible the year-round, the minister emphasised.

Minister Ataoğlu said that the banking system has improved and that all transactions can be made in foreign currency in accordance with international banking rules. There are 21 commercial banks in addition to the Central Bank and Development Bank in the TRNC and 7 international banking units, he said.

Güzelyurt, Lefke, Iskele and Geçitkale have been identified as the priority regions for development. Incentives are given to investors in the TRNC irrespective of whether they are domestic or foreign. For example customs and fund discounts can be applied within the scope of “incentive certificates” and imported or local machinery and equipment is exempt from VAT, Ataoğlu explained.

These conditions make investment in the TRNC more attractive than investing in South Cyprus, Ataoğlu said.

TAK News Agency

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