Besim Tibuk, the Chairman of NET Holding, emphasized that to reduce the cost of living in the Turkish Republic of Northern Cyprus (TRNC), competition needs to be increased. He stated that one of the primary reasons for the high cost of living in the TRNC is the costs generated by bureaucracy and the lack of competition.
During a television program with Taha Akyol, Tibuk assessed the economy of the TRNC and pointed out that perspectives on the cost of living need to change. According to Tibuk, raising awareness about the true value of the national economy is an important step. He stressed that the solution to this long-discussed issue is not more price controls, but rather increasing competition.
Tibuk pointed out that prices in the TRNC are higher when compared to Turkey, explaining that this situation arises not only from external factors but also from the internal economic structure of the country. Thus, he suggested that instead of the government’s efforts to control prices, consumers should be provided with more options.
“Full competition must be ensured through free market practices,” said Tibuk, criticizing attempts to manage price controls through employment of public personnel. He argued that over time, when there are many businesses, citizens would be able to choose companies that offer better prices and quality services. He indicated that this is the real mechanism for regulation.
In his statements on the program, Tibuk emphasized that the discussions in the TRNC should revolve around the question, “Why isn’t there enough competition?” and highlighted the necessity of establishing adequate competition regarding the cost of living. He particularly noted that trade and geographic advantages play a significant role in enhancing economic potential.
Finally, Tibuk mentioned that the economic potential of Northern Cyprus is not fully recognized, asserting that alongside geographical advantages, the right management and economic choices are decisive factors. He concluded by stating, “The number one factor is intellect, followed by geography,” stressing that if the advantages held by the TRNC are properly utilized, it can achieve a stronger economic structure.
Source: www.diyaloggazetesi.com
