Turkish Cyprus to host 150 investors from Islamic countries

9 April 2012 / TODAY’S ZAMAN, İSTANBUL
Girne, a town on the northern cost of the Turkish Republic of Northern Cyprus (KKTC), expects to host 150 investors from Islamic countries who plan to explore business opportunities in the KKTC.
The businesspeople, currently in İstanbul attending the second session of the Islamic Chamber of Commerce and Industry’s general assembly, will be taken to the KKTC, which is seeking to attract foreign investment. They will participate in a forum called “Investment Opportunities in the KKTC” during the trip, organized by the Turkish Union of Chambers and Commodity Exchanges (TOBB), and will also have meetings with their counterparts. These businesspeople will have the chance to find out what kinds of opportunities are offered to investors. KKTC President Derviş Eroğlu, KKTC Prime Minister İrsen Küçük, ministers and representatives from businesses in the KKTC will be present at the forum as well as Islamic Development Bank President Dr. Ahmed Mohamed Ali Al Madani. TOBB President Rıfat Hisarcıklıoğlu noted that the forum aims to see the KKTC as a country where political isolation is lifted, where political, economic and legal systems meeting international standards are present and where a powerful economy and well-trained labor force enable the country stand on its own feet economically. Explaining that the KKTC wants to be included in the investment map of the businesses, he said: “As TOBB, we support the forum, which was planned with cooperation from the Islamic Development Bank in 2009, and within this framework we will attend the forum on April 12 with representatives from chambers of commerce of Islamic countries. The forum aims to display the potential of the KKTC and place the country among the attractive investment zones of the world.”

Turkish Energy and Natural Resources Minister Taner Yıldız, who is currently on an official visit to China, recently said the Turkish Petroleum Corporation (TPAO) will launch oil and natural gas drilling in the KKTC upon his return from China. Referring to an incentive package promoting nationwide development announced last week by Prime Minister Recep Tayyip Erdoğan, Yıldız commented that the package will be a major contributing factor to energy investment. He stated: “The package covers all sectors, but we particularly put an emphasis on giving incentives to domestic and renewable sources. This package will also pave the way for more energy generation from domestic coal, wind and solar sources -- sources other than natural gas,” and added, “Ways to produce more energy with domestic resources must be established in Turkey in order to lower the current account deficit and contribute to country’s gross domestic product [GDP].”