Arbitration Center and Incubation Center to be Established in Cyprus The second summit of the Nicosia Economic Forum was held in Istanbul
ISTANBUL –Heads of business organizations of Turkey, Greece, South Cyprus and the Turkish Republic of Northern Cyprus (TRNC) convened for the second time after the first summit in Nicosia. The four leaders held the second summit of the Nicosia Economic Forum, launched on June 2nd, in Istanbul on Sunday, September 14th.
The meeting hosted by M. Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Turkey, was attended by Constantine Michalos, President of the Union of Hellenic Chambers; Phidias Pilides, President of the Cyprus Chamber of Commerce; Fikri Toros, President of the TRNC Chamber of Commerce; Güven Sak, TEPAV Managing Director, and businessmen.
During their opening remarks, heads of business organizations reiterated their commitment to supporting the political reconciliation process on the Island. Following the opening remarks, TEPAV Director Güven Sak delivered a presentation. Sak stated that the buffer zone could be considered a reconciliation point and opened to discussion the project proposals raised.
The first project the parties agreed on was to launch works to establish a commercial arbitration center. Arbitration experts from all sides are going to convene in Athens within 30 days to take concrete steps to this end.
Another decision was to open an incubation center and organize a Startup Weekend event at the buffer zone to support entrepreneurs of the Island. Parties said that they hoped these events to be supported also by universities would contribute to strengthening the ties between young entrepreneurs of both sides on the Island.
The Forum also decided to launch a feasibility study concerning joint investments by businesspeople from the two communities in Cyprus.
In addition, the Nicosia Economic Forum discussed measures against natural disasters which had united the two communities on the Island on several occasions. In this context, the Forum agreed to establish a Natural Disaster Management Unit.
At the end of the meeting, business representatives made a joint statement to the press and stressed: “We, as the members of the Forum, consider that these steps aimed at strengthening the ties between our communities are only a starting point.”
The next meeting of the Nicosia Economic Forum will be held in Athens in December.
