Why Northern Cyprus ?
The Turkish Republic of Northern Cyprus, or Northern Cyprus, is a de facto state located in the northern part of the island of Cyprus, which is the third-largest island in the Mediterranean. The economy is based on the free-enterprise system, with the private sector being the backbone of economic activity.
Hence, the government pursues fiscal stimulus policies and supports private initiatives, aiming to promoting and maintaining favorable investment conditions to both local and foreign investors. The government also grants generous investment incentives to direct investments.
Strategic Business Location
The favorable and non-discriminatory business environment of Northern Cyprus promotes and supports commercial activities. Yet more, it became the top country in Europe in entrepreneurial intent to start a new business in 2014.
Further to the quality of business environment, Cyprus' strategic position has always played a key role in developing the island into a convenient center for trade and international business. It lies on an axis of movement, north-south, and east-west. standing at the crossroads of three continents: Europe, Asia, and Africa. Its ideal location offers businesses inclusive access to several important markets.
The economy of Northern Cyprus is dominated by the services sector, including the public sector, trade, tourism. and education, followed by light manufacturing and agriculture. As a small developing island, Northern Cyprus has sustainable economic growth rates. Its 10- year average annual GDP growth (%) 2.6, while GDP per capita income varies between 13,000 USD and 15,000 USD.
Northern Cyprus uses the Turkish lira as its currency, which ties the TRNC economy to that of Turkey's. In addition, the Euro and Dollar are also widely circulated and used in trade transactions. The unemployment rate declined through the 2000s and was at 6.9% in 2018. Given the high enrollment rate to the number of universities, Northern Cyprus has a qualified young labor workforce.
According to the data announced by the ministry of interior, the population of Northern Cyprus is 374,299, which the majority is composed of indigenous Turkish Cypriots and settlers from Turkey, excluding noncitizens, students, guest workers, and temporary residents.
Northern Cyprus is a vibrant and dynamic nation with most people being relatively young and of working age (25-64 years old). The public is almost entirely Turkish-speaking. English, however, is widely spoken as a second language.
For the present, Northern Cyprus is recognized only by Turkey as a sovereign state, thereby all exports and imports have to take place via Turkey unless they are produced locally.
The solution proposal of the Turkish Cypriots aims to establish a cooperation relationship between the two states on the island based on their sovereign equality and equal international status. It is expected that the possible cooperation between the two states will further improve the business and trade environment for both sides.
When it comes to Northern Cyprus, we couldn't finalize this article without mentioning tourism.
Northern Cyprus is a beautiful tourism paradise with its historical places and vivid towns and cities. It is famous for its long stretches of unspoiled sandy beaches on the Karpaz, North West, and Eastern coastlines. Over 1.2 million tourists come to the island each year seeking charming scenery, hot, sunny weather and sparkling, blue Mediterranean waters. The crime rate is at a record low, and the local people are warm and friendly.
FinnPrints Newsletter Issue 1
FinnPrints Newsletter Issue 1
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