Turkish Cypriot
Chamber of Commerce

Brussels Representation Newsletter

ISSUE 8, January 2014


KTTO calls for the immediate relaunch of Cyprus settlement talks

Since 1968, so far all intercommunal talks failed to produce a peace deal in Cyprus. A considerable amount of time was lost in searching for a solution to the Cyprus problem, eroding the confidence of Cypriots in the peace process with each passing day. The failure of the two sides to agree on the wording of a joint statement that the Greek Cypriot side had presented as a precondition for the resumption of talks led to the most recent stalemate in 2013. The Turkish Cypriot side, however, had already expressed its willingness to start the talks without any preconditions.

On the occasion of UN Secretary General’s Special Adviser for Cyprus Alexander Downer’s visit to Cyprus this week, KTTO President Günay Çerkez commented on the delayed resumption of comprehensive talks: “KTTO calls for the resumption of talks without further delay. Even 10 years after having voted “yes” for the Annan Plan in April 2004 to reunify the island, Turkish Cypriots are still subject to unjust political isolation, trade and travel restrictions. Existence of the Cyprus problem is the main obstacle for our economy to develop itself along competitive lines. Thus, we demand an urgent solution to the Cyprus problem. We truly believe that with political will and reconciliatory approach, it is possible to reach an agreement by mid 2004.” Çerkez concluded. READ MORE

Business Voices

North Cyprus financial system is sound


In this issue of our newsletter, we are featuring Mr. Bülent Berkay, former Chairman of the Northern Cyprus Banks’ Association, and General Manager of ASBANK. We discussed with him the current situation and future of the banking sector in North Cyprus.

“Having isolated from the international financial markets, our banks have limited access to the international financing and to the long term financial instruments and thus cannot provide loans for long term investments” says Berkay. “On the regulatory side, the Turkish Cypriot banking sector fully meets the standards. However, being isolated for the last 40 years, in case of a solution, the banking sector in the North would need to have a transitional period to be able to improve its assets and capital adequacy. Otherwise financing big investors would be impossible due to the small size of the banks here” he adds. READ MORE



Slovakia’s Ambassador to Cyprus, Mrs Oksana Tomova visits KTTO

Slovak Embassy has had a special position in Cyprus for the last 25 years given its role in facilitating the bicommunal dialogue among the leaders of the Turkish Cypriot and Greek Cypriot political parties.  Determined to continue their efforts to promote reconciliation on the island, Ambassador Tomova says “ We want to bring the economic actors into the picture as well and obviously the Turkish Cypriot Chamber of Commerce is a key stakeholder”. READ MORE

Turkish Cypriots continue to carry out the necessary legal reforms in preparation for reunification and integration to the EU

The EU’s financial assistance programme for the Turkish Cypriots gives a special emphasis preparing Turkish Cypriots to introduce and implement EU Law, with the “Programme for Future Adoption of the Acquis (PFAA)”. The PFAA has helped Turkish Cypriots to adopt important legislation and rules affecting their economic and social life, replacing many outdated laws which were inherited from the British colonial era. From consumer rights to fair competition laws, the legal reforms carried out aiming to prepare Turkish Cypriots for a solution and eventual EU membership. KTTO fully supports the aim of the PFAA programme and contributes actively to the successful introduction and implementation of, in particular, business related new EU-aligned legislation in North Cyprus.


10 minutes documentary to challenge the 50 years old problem!

Watch the Video

****.11 ratings


Comissioned by the two Chambers, namely Turkish Cypriot Chamber of Commerce (KTTO) and Cyprus Chamber of Commerce and Industry (KEBE), "What If" documentary became a big hit for it explains how solution will bring economic benefits to both communities. Since its launch in November, 10 minute documentary reached both Cypriot and international audience and became a real eye-opener. Produced jointly by Crewhouse and QuipProduction, "What If" features real life characters and two economists, of whom one of them is a Nobel winner.

For more info : www.cypruswhatif.com

About Us

Established in 1958, the Turkish Cypriot Chamber of Commerce (KTTO) is an internationally-recognized organization, representing the Turkish Cypriot business community at home and abroad.  READ MORE

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