Turkish Cypriot 
Chamber of Commerce

Brussels Representation Newsletter

Issue 26, June 9, 2017

KTTO publishes its ninth Economic Competitiveness Report

 The Turkish Cypriot Chamber of Commerce published its Competitiveness Report on the Turkish Cypriot Economy on 10 March 2017 for the 9th consecutive year.  According to the findings of the report, the Turkish Cypriot economy ranked 114th amongst 138 economies listed in the Global Competitiveness Index.  “In view of our prosperity and education, this ranking can be considered as a paradox” said Fikri Toros, President of the Chamber, “Nevertheless, it shows that we have not been successful in utilizing our resources efficiently or restructuring our economy towards sectors with comparative advantage” he added. He drew attention to the necessity for the political elite to demonstrate consistent political will to carry out the necessary structural reforms to transform the economy for achieving a private sector driven growth. “This is also essential in narrowing the gap between the two economies on the island” he stressed.
Referring to the theme of this year’s report ‘standardization and access to external markets’, Toros said that it was absolutely crucial to uplift the standards of our products and services to comply with those of the global markets. “Accessing external markets and compliance with global standards as means of increasing our competitiveness, must be our top priority” he concluded.  To read the full report:

EBRD holds its 2017 Annual General Meeting and Business Forum in Cyprus

The European Bank of Reconstruction and Development (EBRD) held its Annual General Meeting and Business Forum in Nicosia, Cyprus on 9-11 May 2017. Senior businesspeople, investors and policy-makers from around the globe joined the Forum for three days of discussion, debate and networking opportunities. A high-level meeting on post-unification support for Cyprus’s economy also took place on the margins of the General Annual meeting.
“I recognise that the talks between the two communities are not easy and there is a great deal still to discuss but today's meeting is a sign that should agreement be reached, the EBRD and other international organisations would stand ready to provide technical, financial and political support within their respective mandates in order to help the island realise the huge economic potential related to reunification' said Sir Suma Chakrabarti, the President of the EBRD, following the meeting.
Our Chamber appreciates the readiness of the EBRD and other international organisations to provide the necessary support to the Cypriot economy in case of a solution, however considering the economic gap across the divide and the role economics and economic development can play in achieving reconciliation on the island, it is as important, if not more, to have the support of these organisations now and prior to the settlement as well as after it. READ MORE

KTTO was represented at EBRD 2017 Business Forum

The EBRD 2017 Business Forum was held in Nicosia on the 9-11 May 2017 with the participation of around 2,000 participants from around the world, including high-level government officials, financial and corporate executives, entrepreneurs from the region, representatives of civil society, as well as a strong media presence.
The Forum which was organised in a series of panel discussions provided an opportunity to reflect on what has been achieved, and on the many economic, social and political issues now facing the EBRD’s regions of operation.
While Fikri Toros, President of KTTO, participated  in the panel discussion on Small business, Big Markets: Internationalisation of SMEs as a panelist, KTTO Board Member Mustafa Erk was speaking at the event entitled the role of the Civil Society in promoting economic development for reconciliation.


Cyprus Conference is expected to reconvene in Geneva in the 2nd half of June.

Following the meeting of the United Nations Secretary-General Antonio Guterres with H.E. Mr. Nicos Anastasiades, Greek Cypriot leader; and H.E. Mr. Mustafa Akıncı, Turkish Cypriot leader, in New York, on 4 June 2017, the leaders agreed on the need to reconvene the Conference on Cyprus in the second half of June. The Special Adviser of the Secretary-General, Mr. Espen [Barth] Eide, will engage with all participants in the preparation of a common document to guide the discussions on security and guarantees, while the leaders will continue in parallel the bi-communal negotiations in Geneva on all other outstanding issues, starting with territory, property and governance and power-sharing” said the Secretary General in his statement made following his meeting with the two leaders. The Secretary-General will reach out to Greece, Turkey and the United Kingdom and the European Union as an observer in order to set a date.
Commenting on the developments, KTTO President Fikri Toros said that he was very glad with the decision of reconvening the Cyprus Conference in Geneva soon.
Having gained substantial progress since May 2015, and being so close to a negotiated deal, failure to resume the Conference aimed at a comprehensive agreement would have been a grave mistake he stated.  “Not to mention the alarming consequences, which will escalate the tension, pronounce the division further and close this "unique window of opportunity" he added. Referring to the significant economic benefits a comprehensive settlement would bring, he said “The settlement would unlock the potential of many sectors of the economy, benefiting from synergies and economies of scale, and create a greater stability which will attract the much-needed foreign investment to the island, stimulating sustainable growth and employment”. “The settlement however will only be achieved if the two leaders and the guarantor powers involved demonstrate the necessary political will through mutual and simultaneous compromise on all divergencies.” he emphasized.  “Thus our expectation from the parties is to show empathy towards each other’s concerns and make the necessary compromises for the greater common good of our Island” he concluded.. READ MORE

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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