GREEK CYPRIOT and Turkish Cypriot businessmen have agreed that Europeanisation of the island is the key to economic aspects of the Cyprus solution.

The Island-wide implementation of the EU’s legal system, the acquis communautaire, the euro currency and a single central bank are essential for the Cyprus solution, said Andreas Pittas, President of the Cyprus Employers and Industrialists Federation (EOB) 

In an interview with Cyprus News Agency (CNA) he stressed that these should be considered prerequisites as far as the economic aspects of the Cyprus question is concerned.

In a positive step, both the EOB and their Turkish Cypriot counterparts, the ISAD, have agreed on these key economic issues. Pittas said 

“We agreed with ISAD on two very important issues. First, that the solution should be in accordance with the acquis communautaire and second that in the reunited Cyprus there will be a single Central Bank and a single currency, the euro”

He added that these will benefit the island in other ways, such as improving its image for tourism and foreign investment. The cost of any proposed solution, he said, would be considered at the appropriate time, and proportional with the various aspects of the problem.

“We firmly believe that Cyprus should be reunited and that this will prove beneficial for all Cypriots, Greek Cypriots and Turkish Cypriots” he added.

This decision was reached following the EOB’s donation to a project to restore two religious buildings, the Archangel Michael church in occupied Lefkoniko and Arnavut mosque in Limassol. Pittas said “It was a symbolic act, thus contributing to rebuilding trust, since the initiative was part of confidence building between the two communities”

Asked about the current state of business links between the two communities, Pittas asserted that the lack of a solution greatly impeded the development of links. 

“What we are trying to do is to find business people who are interested so that when a solution is achieved, they will consolidate an improved cooperation” he said, adding that the fact that OEB and ISAD are in contact constitutes progress.

“We expect a solution in order to consolidate a better climate for the island’s economy. There’s no doubt at all on this” he noted.

He also explained that the improved bicommunal relations and increased foreign direct investment would not just benefit businessmen, but for people on both sides.

For example, it will allow Turkish Cypriots to contribute to the labour market on the island, and help to raise their living standards to that of Greek Cypriots.

This increased economic cooperation bodes well for bicommunal relations on the island, ahead of the second round of negotiations between the two leaders, President Christofias and Ali Talat in September.