The role of the private sector and foreign investment in the economic development of Northern Cyprus

In your opinion, what kind of businesses can be effective in the economic development of a country? Northern Cyprus is a small country in the Mediterranean Sea, which is located in the neighborhood of Turkey. This country is dependent on Turkey in many ways. However, in recent years, many immigrants have chosen to immigrate and live in Northern Cyprus. On the other hand, many investors have invested in this country by spending their property in this country. But in the development of Cyprus, there is something called the private sector and foreign investment.

In the previous part, we made a small mention of foreign investment in North Cyprus, but in order to learn more about the role of the private sector and foreign investment in the development of North Cyprus, we are going to examine the private sector businesses and foreign investment that are carried out in this country. . Of course, in North Cyprus, like many other countries, there are various businesses. But we intend to examine only the private sector and foreign investment in this article.

If you intend to immigrate and even invest in North Cyprus, be sure to read this article to the end. Because it provides you with useful information that you can use to experience better living conditions in Northern Cyprus.

Business situation in Northern Cyprus

If we want to have a general view of the business situation in Northern Cyprus, we should consider this country as one of the developing countries. There are various businesses in North Cyprus, many of which are old local companies and many of which were founded by immigrants. In the past, due to various events that happened in this country, none of the cities of Northern Cyprus had the necessary conditions to establish or cover a suitable commercial company.

But now the situation is very different. Many cities of this country play an important role in the trade industry of this country by having different companies and businesses. For example, the city of Famagusta, North Cyprus, is one of the most important cities in this country, where many commercial companies have been registered and established in recent years.

On the other hand, many people who intended to immigrate or work in Cyprus, established a new company in this country by establishing a business or a specific brand. This factor caused the role of the private sector to increase in North Cyprus. Over time, this role increased and the private sector and foreign investment had a greater impact on the economy of Northern Cyprus.

Economic development of Northern Cyprus

Private sector and foreign investment

In this section, we are going to mention two of the main factors that caused the growth and development of the economy of Northern Cyprus. The private sector and foreign investment are among the most important issues that helped the development of Cyprus and of course the growth of its economy:

Private business sector

You have probably heard the name of private company many times and you are familiar with the way it works or even the conditions of this country. Private companies are companies that are established by a natural person with only personal investors. The business does not receive any capital from the government and spontaneously uses a private investor or other source to meet its financial needs. But how is the role of this company defined?

Certainly, private companies also need employees with specific capabilities and skills to continue their work. For this reason, they should use human resources who lived in the same country. Despite these conditions, when a private company is established in a country like Northern Cyprus, the government does not pay them any capital. On the other hand, the same company reduces the unemployment rate in this country by inviting the human forces of Cyprus to work.

In addition, it increases liquidity in Northern Cyprus by paying salaries and other financial capabilities. All these factors lead to the development and economic growth of Northern Cyprus. In fact, by establishing a private company in this country, the government of Cyprus not only supports them (which of course they do not need), but they also use the advantages and positive results achieved by this company.

Foreign investment

The second thing that plays a role in the economic development of Northern Cyprus is foreign investment. So far, we have talked many times about investing in North Cyprus, its advantages and methods. We all know very well that investing in a country like North Cyprus has different methods and even individuals can obtain permanent residence in this country by activities such as buying property in North Cyprus, which is one of the methods of investment. But in this section, we must also mention the impact of this foreign investment on the economic development of Northern Cyprus.

Many immigrants choose to immigrate to North Cyprus and invest in this country. Because migration to North Cyprus through investment, in addition to being a long-term investment in this country, can be considered as a source of income for investors. On the other hand, in order to support its investors and encourage other investors to invest in this country, the government of North Cyprus grants permanent residency in North Cyprus to the investor and his family.

Of course, this does not mean that an investor can easily obtain permanent residence in this country without going through legal procedures, but he can submit his application form to the embassy of this country in a shorter period of time. be considered a Cypriot citizen.

The role of foreign investment in Northern Cyprus

The role of the private sector and foreign investment in the economy of Northern Cyprus

At the beginning of the article, we asked you what factors can cause the development of a country’s economy? One of the most important things that has led to economic development and growth in Northern Cyprus is the private sector and foreign investment in this country. Because supporting these two sectors not only does not harm the government, but also helps them to develop their economy in a faster process.

In a country like North Cyprus, which does not enjoy economic and political certainty, a new law can be passed every day. For this reason, the government of this country should develop its economy by using the help of the private sector and foreign investment. Most of the private companies that exist in North Cyprus are founded by foreign immigrants. What do you think is the reason for this?

Profitability and income of the private sector

As we mentioned in the previous section, most of the immigrants who travel to Northern Cyprus for the purpose of working or living, set up a private business company and work in this way. Conditions and job opportunities in North Cyprus are very suitable. But the profitability and income of establishing a new business is much higher than being employed in the companies of North Cyprus.

In this way, people with a suitable budget and their work experience start a new business in this country. In this way, they get a very good profit and get permanent residence in this country. Because work migration to North Cyprus is one of the best ways to immigrate to North Cyprus.

On the other hand, due to the growth of the tourism industry in Cyprus, jobs related to the tourism industry in this country are very profitable. For example, establishing an attractive hotel, establishing a restaurant with attractive menus including Iranian cuisine and even other countries of the world, are among the businesses that can bring great profit to their owners.

A look at the economic future of Northern Cyprus

Many economists and investment activists, regarding the economic future of North Cyprus, believe that this country can be one of the most profitable and richest countries in Asia. Of course, compared to other countries in the world, Northern Cyprus still has a long way to grow and develop. This is also the reason why the financial and real estate markets of this country are just at the beginning of the journey and have good profits for their owners.

But in general, due to the great role that the private sector and foreign investment have played in the economy of this country, we can conclude that the economy of Northern Cyprus will improve day by day and it can be mentioned as one of the best countries in Asia.

Perhaps there were many countries throughout history that, with similar conditions, could not reach the same bright future that was predicted for them, but the situation of Northern Cyprus is definitely a little different. Because currently this country is one of the most popular Asian countries and many people are interested in immigrating and investing in this country. So we can be more hopeful for the future of this country.

The role of the private sector in Northern Cyprus

final word

In every country, the private sector and foreign investors have specific roles. This is the reason why all developed countries attach great importance to the business and investment sector. If you are interested in living and immigrating to North Cyprus, you can choose the best business or investment method in this country based on the information you have obtained from the role of the private sector and foreign investment in the economic development of North Cyprus. With this, a brighter future awaits you