Nicosia: The bicommunal Technical Committee on economic and commercial matters is examining ways to withdraw damaged euro banknotes that have been accumulated in the occupied territories of the Republic of Cyprus through the Central Bank, Greek Cypriot Co-Chairman of the Committee, Manthos Mavrommatis, told CNA. Significant quantities of such damaged euro notes have been accumulated, he said, noting that the Committee is looking for a legal, easy, and practical way to withdraw them.
According to Cyprus News Agency, Mavrommatis stated that the bicommunal Technical Committee is also considering the possibility of involving Greek Cypriot and Turkish Cypriot companies in the planned solar park in the Buffer Zone promoted by the European Commission, as well as the recycling of waste electrical appliances from the occupied territories. The Technical Committee aims to contribute to the development of trade across the Green Line and the potential business synergies that may result from it, as well as any other measures that bring the two business communities of the country closer together.
The trade across the Green Line is regulated by the Green Line Regulation. The EU, which Cyprus joined in May 2004, in an effort to contribute to closer ties between the island’s two communities, adopted in 2004 the Green Line Regulation which defines the legal framework on the crossing of goods, persons, and services to and from the island’s northern Turkish occupied areas.
The biggest challenge before the Committee, and one on which it has spent a great deal of time, is an attempt for the Central Bank of Cyprus to exchange the damaged euro notes held in the Turkish Cypriot community. After so many years, significant quantities of such damaged euro notes have been accumulated, and the Committee is trying to find the legal but easy and practical way to make this exchange through the Central Bank of Cyprus.
Regarding the issue of waste electrical and electronic equipment in the Turkish Cypriot community, the Co-Chairman of the Technical Committee said that in the past the Committee had put forward a proposal for their collection and recycling and for their transportation and processing in recycling plants in the Greek Cypriot community. As he explained, there is no such system in place in the Turkish Cypriot community. This is considered beneficial for both communities and contributes to the preservation of the environment from any negative effects due to abandoned equipment in various places, especially along the Green Line.
In the future, the Technical Committee is interested in the discussion on the creation of a solar park in the Buffer Zone, because there is certainly the business side of the whole project and they would like to see if Greek Cypriot or Turkish Cypriot companies can contribute to the implementation of such a project, which is in line with the priorities of the European Union and will help the whole island.
Regarding the various problems regarding trade as per the Green Line Regulation, Mavrommatis said they are being addressed mainly at the level of the two chambers, the Cyprus Chamber of Commerce and Industry and the Turkish Cypriot Chamber of Commerce, noting that these are also being examined by the Committee. There are various initiatives underway by the special office set up by the European Commission in Cyprus to assist both in matters of payments through bank transfers, so that Green Line trade does not have to be done in cash, which is essentially what is done today, as well as in the digitization of the relevant accompanying documents required by the two chambers.
On issues regarding the banking system, he said that the Committee is in constant contact with both the Association of Cyprus Banks and the Central Bank, noting that while Turkish Cypriots as individuals are allowed to open basic accounts in Greek Cypriot banks, there is interest in extending this to companies so that the Green Line trade can benefit. However, these are challenging issues as the banks are commercial entities, and there is reluctance due to the perceived risks involved.
Finally, Mavrommatis noted that currently, there is a pilot exchange programme for internships for young students in companies in the other community, either commercial companies, service companies, or research institutions. The aim is to expand this programme because it is considered important.