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.
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
