Minister Economy and Tourism Derviş Kemal Deniz stated that 2005 was a very successful year for economy and tourism.

In a press statement issued yesterday, Derviş Kemal Deniz evaluated the year of 2005 for the Ministry of Economy and Tourism. Drawing attention to the positive developments in private sector, particularly on trade, in TRNC economy, Deniz pointed out that this was achieved through the competitive environment created against the trade in South Cyprus.

Stressing the importance of reaching EU standards and implementing the principles of EU acquis on economy and tourism, Deniz said within this framework a big group of staff composed of experts on EU and economy was formed and serious studies initiated.

Pointing out that legal and physical infrastructure initiatives was improved with Turkey’s contributions, Deniz said within the framework of the Protocol signed between the two states 550 Million Dollars credit was allocated to the TRNC.

Stressing that the 26% growth in the TRNC economy in 2004 , continued with 10% growth in 2005 Deniz said this meant that the sudden growth in 2004 did not stop in 2005 but continued.

Deniz pointed out that the other indication of the economic growth was the increase in the number of new established companies and added that there was a 15.37 % increase in the number of companies in 2005 compared to 2004.