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Reunification would make Cyprus a major investment destination

Article - February 20, 2016

Cyprus Chamber of Commerce and Industry draws attention to the potential economic benefits of the island’s reunification

A series of landmark public meetings staged recently between the Cyprus Chamber of Commerce and Industry (CCCI) and its counterpart, the Turkish Cypriot Chamber of Commerce (TCCC) have highlighted the enormous economic benefits in finding a permanent solution to the issue of the country’s separation.

Despite having been in cooperation for many years over matters of trade and the reunification of the island, for the first time ever in September “the two chamber leaders, alongside the President of Cyprus and Turkish Cypriot community leader spoke to the representatives of the business community from both sides together in the same event,” explains Phidias Pilides, President of CCCI.

Mr. Pilides told the media that while cooperation between the chambers had already played an important role towards building peace on the island, resolving the so called ‘Cyprus issue’ would benefit all sectors of the economy. It is estimated that reunification of the country would boost per capita income by 70 percent in 20 years, and that Cyprus would become a major investment centre in the region.

Aside from boosting relations with its Turkish Cypriot counterparts, the CCCI is played a key role in Cyprus’ trade mission to the UK on October 7. “The UK is probably the most important economic partner to Cyprus,” says Mr. Pilides. “We attract a lot of tourists from the UK.” Beyond this, according to Mr Pilides, “coming back from the so called ‘crisis’ in 2013, we are focusing on enhancing our role as an international business hub, and the UK can contribute and benefit a lot from such a development.”