Why there is now hope for Cyprus

The Chambers of Commerce from Turkey, Greece and Turkish and Greek Cyprus announced the creation of the joint commerce forum, namely the “Nicosia Economic Forum,” last Monday in Cyprus. This was their first meeting since 1974.

Rıfat Hisarcıklıoğlu, the chairman of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), said this forum would be a game-changer in the Cyprus equation. Also, his Greek counterpart, Constantine Michalos, underlined that for the first time he was very hopeful for a solution on the island.
So then what has changed since the Annan Plan of 2004?

First of all, the economic crisis on the Greek part of the island has been effective. The director of the Economic Policy Research Foundation of Turkey (TEPAV), Professor Güven Sak, shared the following numbers: 72 percent of people in the EU are complaining about the economy while this number is as high as 98 percent in Greek Cyprus. Hence this forum will create a huge difference by enhancing the trade volume between the parties, which will in turn raise the chances for a solution.

Another factor is the gas and oil reserves which have been recently discovered in the waters off Cyprus and Israel. The only viable option to export that gas is transporting it to Europe via an underwater gas pipeline through Turkey which requires a compromise between Turkey, Cyprus and Israel. It is this energy potential which has increased the support from the two sides on the island, Turkey, Greece and the West.

Turkish Republic of Northern Cyprus President Derviş Eroğlu is also aware of this potential since he stated in my meeting with him last Monday in Cyprus that they suggested to the United Nations to establish a commission composed of...