Deniz: Structural Reforms Essential Despite TRNC’s Fragile Economy

Speaking at the panel titled “Developments in the Turkish and Global Economy and Future Vision,” Deniz stressed the importance of fiscal discipline, improved access to financing, and the development of competitive sectors in the face of global economic challenges.

Opening his remarks with an overview of global economic trends, Deniz underlined how differing monetary and fiscal policies among countries have complicated the global economic landscape. He noted that adverse global conditions tend to impact the most fragile economies the hardest, and that Northern Cyprus is not immune to these effects.

Deniz argued that building a sustainable future in such challenging times is only possible through stable and robust growth. This, he said, requires comprehensive structural reforms, resource development, and a focus on boosting high value-added, competitive sectors. He reaffirmed that establishing a productive economy remains a top priority for the Chamber of Commerce.

Highlighting key strategies for economic stability in the TRNC, Deniz called for the enforcement of fiscal discipline, improvements in public services, and a more dynamic financial sector that facilitates access to funding for the private sector. He stated that the TRNC’s competitive advantage could lie in strengthening the service sector.

Deniz also pointed to the importance of private sector growth and competition as the foundation of a strong economy. For increased competitiveness and employment, he stressed the need to enhance sectoral capacities, improve transport infrastructure, and embrace digital transformation.

He reaffirmed the Chamber’s commitment to transparency and public engagement by noting that all scientific reports prepared by the Chamber are regularly shared with the public. He also reiterated the Turkish Cypriot people’s unwavering solidarity with Turkey in their collective struggle for economic survival.

Concluding his speech with a quote from Mustafa Kemal Atatürk, Deniz remarked, “No matter how great political and military victories may be, they cannot be sustained unless they are crowned with economic success.” He extended his thanks to all those who contributed to organising the panel.