Interdependence benefits both economies, more than originally assumed Intra-island transactions reached EUR 300-mln in 2009: The movement of people across the Green Line accounts for 75% of the total intra-island expenditures.
Financial flows across the Green Line were worth EUR 301 million in 2009, according to research by Peace Economics Consortium (PEC) that was jointly commissioned by the Cyprus Chamber of Commerce and Industry (KEBE) and the Turkish Cypriot Chamber of Commerce (KTTO) through the Economic Interdependence Project. The figure is far more than what is suggested by data on credit card spending on inter-communal trade in goods.
On the occasion of the UN International Peace Day, the Cyprus Chamber of Commerce and Industry (CCCI) and the Turkish Cypriot Chamber of Commerce, organized on Tuesday, September 21 a briefing on the Bi-Communal Business Partnerships Grant Programme.
"Both the CCCI and the TC Chamber of Commerce support and promote bi-communal business cooperation, contributing in this way to the economic interdependence between the GC and the TC Community. This new grants programme is a pioneering initiative of the two Chambers and we urge the business community to take advantage of it," said Manthos Mavrommatis (President of the Cyprus Chamber of Commerce and Industry) and Gunay Cerkez (President of the Turkish Cypriot Chamber of Commerce).
Why Bi-Communal Enterpreneurship Matters!
The Cyprus Chamber of Commerce and Industry (CCCI) and the Turkish Cypriot Chamber of Commerce (KTTO) together with the Stelios Philanthropic Foundation organized "An evening with Stelios" on 20th of October 2010, where Sir Stelios Hajioannou, the founder of Easyjet, gave a speech about his vision on bi-communal entrepreneurship and announed the winners of the "Stelios Awards for Business Cooperation in Cyprus 2010".
The two Chambers stated that the increasing volume of intra-island trade will pave the way for a fair and durable settlement in Cyprus, and that joint bi-communal partnership initiatives are a very important tool for reconciliation on the island.