The Turkish Cypriot Chamber of Commerce (KTTO) warned that trade was shifting to South Cyprus and called on the government to take measures to preserve competitiveness.
Pointing out that consumers from South Cyprus is one of the most important sources of the North’s economy, the chamber pointed out that, according to the data of the first five months of 2024, there was a serious decrease in shoppers from South Cyprus, although it maintained its level last year.
It also emphasized that the number of Turkish Cypriots passing to the South, which was 982 thousand in the first five months of 2023, has increased by 13.4 percent to 1 million 113 thousand. These figures clearly show that trade is shifting to the south.
In the written statement KTTO warned that in recent days, both tradesmen and business people trying to do business on a larger scale have become less competitive with the South Cyprus market. If measures are not taken trade will largely shift to the south.
