Perhaps there is no other country in the world which could be as friendly for investment from the Muslim countries, especially Pakistan, than the Turkish Republic of Northern Cyprus (TRNC). After living in isolation for several decades, the TRNC has seen its Per Capital Income doubled, and foreign investment in areas such as real estate and tourism grow many times in the past few years.
  In May 2008, Cyprus Turkish Investment Development Agency (YAGA) announces an investment opportunity for the prospective investors to provide creative tourism sector projects in the country’s Bafra Tourism Investment Area. The new investment lots to be leased on long term basis are Bafra 16A, Size: 27930 meter square; and Bafra 168, Size: 19568 meter square.
  YAGA is looking forward to receive project applications from local and foreign investors who would like to invest in tourism sector in North Cyprus. Investors, who would like to apply for these investment lots, are expected to submit their applications to YAGA office by 15th August 2008. The application forms and the address can be found on YAGA's website:
  Investors are expected to develop creative projects for these two investment lots. The Agency is looking to receive leisure-activity based projects which posses the new tourism trends (3Es-Entertainment, Education" and Excitement), and the potential to support the tourism establishments in the area. The investment projects should not provide any accommoda1ion facilities.
  The area of Bafra is located on the north-eastern 'panhandle' of the North Cyprus coastline. This area is close to the ancient town of Famagusta. It is known locally as 'Cyprus paradise', and is widely recognized as being one of the most important and unspoiled places in the Mediterranean with respect to cultural and natural heritage, which has the most beautiful and pleasant beaches in the island. Within a reasonable distance (around 1 hour drive) from the touristic area of Girne (Kyrenia) - and a short 40 minute drive from both Ercan and Larnaca Airports, the "Bafra Tourism Investment Area", is expected to become an important tourism destination of North Cyprus. Several lots in this tourism investment area were already leased on long term basis to investors for tourism establishments (5 star and above Hotels and a Golf Course) which are expected to create around 10.000 bed capacity in the area.
  With a considerable number of Pakistani expatriates and students already settled or studying there, and a social climate that provides a lot of respect and love for the people from Pakistan, the TRNC is an ideal place for Pakistani business tycoons shifting their investment concerns from Western world for “understandable” reasons. The economic sectors in the TRNC which Pakistani investors can specially explore are the citrus exports, tourism, real-estate and garments industry.         
  It is unfortunate that despite the TRNC being the friendliest of all places for Pakistanis, the Pakistani businessmen seem to be generally unaware of this great country and its people. They appear to take only the political dimension of Cyprus into consideration, without realizing the fact that enormous economic changes have been under way in the Turkish part of the island, opening up a whole range of opportunities for foreign investors. The TRNC is politically stable and democratic, socially secular and tolerant, and economically fast growing. 
  The TRNC is an independent republic with a democratic governmental system. The free-market economy of the TRNC is composed mostly of the services sector, such as financial services, tourism and education, augmented by light manufacturing and agriculture. However, economic development is hampered by the political isolation of the TRNC, a lack of inward investment, workforce shortages and high freight costs, since the only inbound flights come from Turkey.
  In spite these problems, the economy of the TRNC is growing: growth rates in 2003 and 2004 were 9.6% and 11.4% respectively, and per capita income between 2002 and 2005 almost doubled, from US$4,409 to US$10,248. The Turkish Lira is relatively stable, and the TRNC receives substantial aid from the Turkish government - $200 million in 2002, with a further $450 million pledged.
  The TRNC is fast becoming one of the most appealing emerging property markets in the world. The government of the TRNC has taken a massive step forward in terms of its treatment, registration and assessment of all land and property in Northern Cyprus by totally removing the emphasis on the type of the title deed a piece of land or property holds. This means all land and property registered in Northern Cyprus comes with government guarantee, making land and property in northern Cyprus very attractive for foreign investors and developers.
  As a consequence in recent years Northern Cyprus has been transformed from a relatively unrecognised small state to a centre of investment opportunities. This process has been assisted by a number of developments such as a new 18-hole European standard championship golf resort, the proposed new marina in the Esentepe area, the future proposals for unification of the island and the availability of direct flights to Ercan airport. In addition, the overall lower cost of living and Mediterranean climate means that the country is currently attracting a wider investment market, making Northern Cyprus an attractive investment opportunity.
  As the market unfolds, there is a concerted effort to ensure that Northern Cyprus maintains the characteristics that make it an attractive area and does not become over developed. To this end, the government in Northern Cyprus has put legislation in place to ensure that the unspoiled natural beauty is preserved. There is no construction permitted along the coastline, within the mountain ranges and ravines as well as greenbelt protected areas. Construction is also limited to 20 per cent of the total land area with a restriction of two stories.
  Compared to Spain, France and the Algarve where equivalent properties can cost up to three times as much, property prices in Northern Cyprus represent significant value for money. It is therefore unsurprising that both foreign and local investors are helping to create a flourishing property market, with expectations of high returns. The growth of the market is assisted by the fact that buying property in Northern Cyprus is a relatively uncomplicated process and a comprehensive legal system allows foreign purchasers to buy property with minimum difficulty.
  According to local property investment firms, approximately 1000 properties were sold in 2003 rising to 3000 in 2004 and 6000 in 2005 and early indications for 2006 look promising as the profit margin in this sector increases with overall property prices rising 20 per cent annually. Northern Cyprus currently attracts in the region of 80,000 foreign visitors each year. The fact that nearly 2.5 million tourists visit Southern Cyprus indicates that the current market has quite some way to go before reaching its threshold and the promise of future growth is evident.
  As stated above, for Pakistani investors, investment in sectors such as tourism, real estate, citrus, and garments can bring solid financial gains in the long-run. Even sectors such as winery and distillery, where Pakistani businessmen have failed to invest locally because of religious reasons, can cater to the needs of Pakistani investors.
  The TRNC provides a secure and friendly climate for foreign investment. The political and economic issues raised above are unlikely to be a hurdle in any foreign investment venture.