The Turkish - Cypriot Chamber of Commerce recently announced that the value of traded goods in the northern part of the country increased by 14% at the level of 2016. In 2015, the value of traded goods was situated at EUR 3.7 million, while in 2016, the overall value rose up to EUR 4.3 million. The estimates take into account the results registered up until the level of August 2016. Businessmen who want to start a company in Cyprus may have positive business prospects in this region and our team of lawyers in Cyprus can provide their assistance for the registration requirements.
Products with highest profits in northern Cyprus
Businessmen who are interested in registering a company in Cyprus can set up their operations in the northern part of the country. The economic value of the region also increased as a direct effect of the inclusion of potatoes in the Green Line Regulation, which established the right to trade potatoes here (the regulation became applicable this year and up until 2016, this good was not traded in this region).
The Green Line Regulation (GLR) was imposed in Cyprus in 2004, thus regulating the free movement of persons, services and goods in the Green Line, a region in which the sovereignty is divided between the Turkish and Cypriot authorities. Our team of attorneys in Cyprus can provide more details on the provisions of the GLR.
The overall value of the potato trade was set up in 2016 at EUR 470,000.
The top products which were traded in the region are the following:
• plastic goods (EUR 1.4 million);
• fresh fish (EUR 720,000);
• wooden furniture (EUR 250,000).
There was an important increase in the value of the wooden furniture trade, as the manufacturers started to trade such products through the Green Line. Businessmen should also know that the increase in the furniture domain was also determined by a high demand from the southern part of the country. Our team of Cypriot lawyers can assist businessmen with more information on the business permits available for this industry.
At the same time, relevant increases were also seen in the trade of stone and recycled paper.
Please contact our law firm in Cyprus for further information related to the trade regulations available in the northern part of the state.