The 12th Real Estate Fair and the Arabic-Turkish Summit is being held in İstanbul, with 19 firms from the TRNC in attendance, as well as Tourism and Environment Minister Fikri Ataoğlu.

“North Cyprus Day” was organized as part of the fair, during which Ataoğlu gave a speech on investment incentives in the TRNC.

Stating that more than one million tourists visit the TRNC every year, Ataoğlu hailed the TRNC as a tourism island, with its historical richness and Mediterranean climate. Tourists can enjoy long summers with 10 months of sunny weather, and days at beaches and beside the sea for eight months of the year. Ataoğlu added that the climate during four seasons of the year is perfect for sports and tourism.

Minister Ataoğlu also highlighted “incentive certificates”, which are given to those who want to invest in the TRNC, regardless of whether they are native or foreign investors. Stating that customs and fund discounts are applied to imported products within the scope of the incentive certificate, Ataoğlu said that VAT is not applied to imported or local machinery and equipment.

In his speech, Ataoğlu emphasized that investment costs in the TRNC are more reasonable than South Cyprus.