GIRNE - Turkish Republic of Northern Cyprus (TRNC) Prime Minister Irsen Kucuk said Tuesday that they would continue to make structural reforms with patience and determination in order to facilitate sustainable economic development and attract foreign investments to the TRNC.
Speaking at an Investment Consultative Council meeting in the TRNC, Prime Minister Kucuk said that they will continue to make efforts so that the TRNC becomes an investment friendly country in the world.
As part of our aim to make the TRNC investment friendly, we have made the necessary legal arrangements so that laws on competition in the TRNC are in harmony with those laws and regulations of the EU on competition, Kucuk said.
We have completed works on Corporate Laws so that the establishment of new businesses are easier. We have prepared a draft law on Public Tenders so that tender procedures are more transparent. We have made legal arrangements so that we can avoid unregistered economy, Kucuk said.
To date, we could not benefit from foreign investments. One of the most crucial elements in attracting foreign investment is political stability. The continuation of the Cyprus problem and the fact that the TRNC is only recognized by the Republic of Turkey cause a problem for the TRNC to attract foreign investments, Kucuk underlined.
The frequent change of governments in the TRNC is a source of political instability. Our government will make the reforms that could not be made in the past decade and do away with the cause of political instability, Kucuk also said.