Tibuk: More Competition Would Bring Down Cost of Living

Speaking on a television programme hosted by Taha Akyol, Tibuk said the approach to the cost of living needed to change and called for greater recognition of the TRNC’s economic potential.

Tibuk said prices in Northern Cyprus were higher than in Turkey and argued that this was not solely due to external factors, but also reflected the structure of the domestic economy.

“Open the Market to Full Competition”

Tibuk stressed that increasing competition should be at the centre of efforts to tackle the cost of living.

Rather than attempting to set or control prices, he said, the government should ensure that consumers have more choices.

“You have to open it to full competition. You have to have a free market. The customer is very important,” Tibuk said.

He also criticised the employment of public-sector personnel for the purpose of monitoring prices, arguing that direct government intervention could create other problems in the market.

Tibuk said that when multiple businesses compete to sell the same product, consumers can choose the cheaper, higher-quality or better-service option.

“The consumer should be the real regulator,” he said.

He argued that the key question in the TRNC should therefore not be “Why aren't prices being controlled?” but rather “Why is there not enough competition?”

“We Are Not Aware of Our Economic Value”

Tibuk also argued that the TRNC was failing to recognise its economic potential, pointing to its geographical position and commercial advantages.

“People would laugh if you said Northern Cyprus should not be wealthy. Look at all these advantages,” he said.

Tibuk argued that a country’s economic prospects are determined not only by geography but also by sound management and economic choices.

“Number one is intelligence, then comes geography,” he said, arguing that Northern Cyprus could build a far stronger economy if its geographical position and economic advantages were properly utilised.