‘Economic prosperity lies in federation’
Economic prosperity for the Turkish Cypriots and their exit from isolation lies in a agreeing to a federation, with rapprochement the basis of reciprocity, said economist Andreas Theophanous, while the Central Bank of Cyprus was launching its new campaign to attract foreign and offshore investors wit the theme “Europe’s Best Kept Secret,” according to the Cyprus Financial Mirror issue 95, on January 25, 1995.
Dr Andreas Theophanous, at the Intercollege, said that economic prosperity for the Turkish Cypriots, as well as their survival as a distinct community can only be achieved with in the framework of cooperation and peaceful coexistence with Greek Cypriots in a unified federal republic of Cyprus. Nevertheless, he said in an exclusive interview that a set of policies could be designed which would be helpful to the Turkish Cypriots, while it could also be used to promote cooperation and build confidence between the two communities and prepare the ground for a lasting settlement.. Theophanous said at the launch of his book “Economic Aspects and Consequences of Federal Solution to the Cyprus problem” that the economic gap between the Republic of Cyprus and the TRNC continued to grow.
Iacovos Pashos, Senior Manager at the Central Bank told a meeting of the Cyprus Offshore Enterprises Association that 1994 was a record year of offshore company registration, reaching 4,314, up 49% compared to 2,892 in 1993. The total since 1976 had reached 17,332 of which 1,097 maintained fully-fledged offices, employing 5,700 people, of which 3,700 locals and 2,000 expats. He said that the Central Bank’s new campaign was themed “Cyprus: Europe’s Best Kept Secret”.
Lawyers for Takis Shacallis and his associates said they will fight the temporary injunction freezing assets (including three ships) of the collapsed Best Leisure group, after the law firm of Tassos Papadopoulos sought to claim the interest of hoteliers who were owed CYP 3 mln, while the Group already owed a total CYP 5.52 mln to 122 hotels and clients.