The President of the Cyprus Turkish Chamber of Commerce (KTSO), Ali Kamacıoğlu, emphasized that local production should take priority in the economy of the Turkish Republic of Northern Cyprus (TRNC) and stated that the share of industry in the Gross Domestic Product (GDP) and employment needs to be increased. He also called for alleviating the financial burdens faced by producers.
It was announced that the “Industry and Production-Based Economic Transformation Program,” prepared by KTSO, will soon be introduced to the public and presented to all political parties. This program aims to encourage local production and facilitate production-oriented economic change.
Kamacıoğlu indicated that one of the program’s objectives is to place local production at the center of economic policies. He asserted that the role of industry in the TRNC needs to increase, stating that relying solely on consumption and import-based economic models is insufficient.
He stressed that the share of the industrial sector in GDP, employment, exports, and total investments should be increased with specific and time-based goals, highlighting the need to boost production capacity. He noted that this is crucial for economic independence and sustainable growth.
Kamacıoğlu drew attention to the need to reduce costs in areas such as energy, financing, labor, land, and logistics for industrialists, stating that without alleviating cost pressures, it will be difficult to enhance competitiveness.
He called for creating a policy environment that encourages industrialists to invest, increase capacity, and turn towards technology. He stated that the public could play a significant role in the transition to a production economy by increasing the use of local products.
Through public procurement, the growth of businesses’ market share via local products will facilitate the retention of local added value within the country, he noted. It was recorded that the program aims to establish the Producer Price Index (PPI) and sectoral data infrastructure to monitor developments in the industrial sector.
Kamacıoğlu also added that specialized industrial zones need to be developed for the industry to attain a modern, efficient, and competitive structure. He emphasized that their goal is to create an industrial structure that generates employment and increases export capacity.
Source: www.diyaloggazetesi.com
