Turkish Cypriot
Chamber of Commerce

Brussels Representation Newsletter

ISSUE 3, JULY 2013

European Commission adopts the Financial Aid Regulation 7th Annual Report           

On 4 June 2013, the European Commission adopted the 7th Annual Report on the implementation of the Financial Aid Regulation for the Turkish Cypriot Community, covering the year 2012. The Turkish Cypriot Chamber of Commerce (KTTO) appreciates the continuation of the Financial Aid Programme to the Turkish Cypriot Community and welcomes the approval of the programme to be funded within the 2014-2020 EU Multiannual Financial Framework. This will improve the effectiveness and sustainability of the Programme by increasing the predictability of funding.

KTTO also welcomes the increase in share of assistance given to the private sector within the context of the 2012 Aid Programme, and the extension of the support to include start-ups and small and medium sized enterprises (SMEs) in the services sector. KTTO believes that the competitiveness of SMEs lie in the heart of the sustainable development of the Turkish Cypriot economy which is not only crucial to reach a future comprehensive settlement on the island but also to sustain it. That is why KTTO asks for the continuation of the EU’s incremental support to the private sector.

While appreciating the assistance given by the European Union to the Turkish Cypriot Community, KTTO believes that the EU financial aid will be utilized better and will lead to sustainable investments only when continuing trade and travel restrictions imposed upon Turkish Cypriots are removed. “Once we hopefully manage to develop the competitiveness of our SMEs, we will need to address the challenge of finding markets for our enterprises. We need to be able to trade with the rest of the world, sell our goods and have tourists come and contribute to our economy. Otherwise, the investments made by the EU will not yield any concrete and sustainable results” stated Günay Çerkez, President of KTTO, in his opening speech at the SME Grant Scheme Launch in June 2012.

For more information on the EU Financial Aid Regulation: http://ec.europa.eu/enlargement/tenders/aid-programme-tcc/index_en.htm



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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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