BUSINESSMAN and ambassador for investment for North Cyprus, David Lewis, said that it was now the prime time to invest there at a conference organised by Cyprus Turkish Investment Development Agency (YAGA) and Chamber of Turkish Cypriot Commerce (CTCC).
The Conference, held last Thursday, also highlighted special interest tourism, yacht building and higher education as possible investment opportunities reflecting a service based future for the north of the island.
Lewis said: "You could use the phrase, come in while the water is warm to describe the situation in Cyprus. Here you have the part of the island with areas that are sparsely populated and a Mediterranean coastline which is undeveloped, unlike those of France, Spain and Greece".
Lewis also reflected on the island’s ecological beauty and diversity as a major attraction in the north of the island.
Titled North Cyprus Investment, the Conference also gave participants an opportunity to pose their questions to the relatively newly formed YAGA, who are tasked by the Turkish Republic of North Cyprus government to bring new investment to the TRNC.
Director of YAGA, Ayse Donmezer, highlighted the TRNC economy growth rate of 9.65 per cent between 2002-2007 as the highest in Europe and other favourable investment points including, a low tax rate on corporate income (23.5 per cent), a surplus of educated workers and the lowest office costs in comparison to similar type economies.
Donmezer put forward her vision of the possible future of the TRNC economy by reflecting that the island seeks to attract tourism of the niche kind rather than mass tourism. She said: "Health tourism could be catered for by five star care centres. With the European population aging, why shouldn’t they choose Cyprus as their retirement destination.”
Donmezer added that the education sector is another which she will be actively seeking investment for. She said that there are two new universities already in planning stages in the TRNC and that investment would be more than welcomed for similar ventures.