The Minister of Economy and Energy Özdil Nami has said that the government was aware of the need to implement long term not short term solutions for the economy to get back on track.
Speaking at a meeting for members of the Cyprus Turkish Chamber of Industry, Nami said that the fall in value of the Turkish Lira despite being a development out of their control had drastically reduced the purchasing power of Turkish Cypriots.
“We took over an economy that ranked 114th amongst 144 countries. The weakness of our competitiveness can clearly be seen. We need to sit down and discuss in detail with Turkey incentives, loans and what can be done to increase production” he said.
Also touching upon the issue of energy, the TRNC Economy and Energy Minister said that the issues of interconnecting the electricity grids with Turkey as well as increasing reliance on solar energy were being discussed.
“We are discussing these issues with Kıb-Tek. We will be continuing to invest in electricity but we need access to cheaper energy” he said.