Cin: We must review our economic model

Omaç Cin, a board member of the Turkish Cypriot Chamber of Commerce (KTTO), argued that the economy's dependence on three sectors, tourism, higher education and construction, is not sustainable and that a new economic model is needed. Cin made the remarks on the programme Kıbrıs'ta Gündem, presented by Eda Alisinanoğlu on KIBRIS TV.

Cin said new sectors such as production, agriculture, information technology and software should be added to the economy, and that greater sector diversity would reduce economic risks. He suggested that free zone or low-tax trade models, citing examples in Singapore, Taiwan and Dubai, could be introduced gradually. He also named North Africa, the Middle East and the United Kingdom as opportunities for new export markets.

To ease the high cost of living, Cin proposed regulating customs duties, fees, electricity and fuel costs and lowering business expenses. He also called for untaxed areas to be brought into the tax system. On the upcoming elections, he said the government formed afterwards should act quickly without concern for votes, as voters increasingly expect action over words.