EMIC CEO Umut Vehit commented on the coronavirus process in the economy of Northern Cyprus!

How is the Cyprus economy going through the coronavirus process? What are the expectations for the TRNC economy? EMIC Director and CEO Umut Vehit, who has made investments in the Cyprus construction sector and in many areas, evaluated the process for the readers of Kıbrıs Emlak Merkezi (KEM).

The corona crisis continues to increase all over the world. Countries are going through a tough test one after another. So how can we return to normal after the coronavirus crisis is over?

Umut Vehit, Director and CEO of Euro-Mediterranean Investment Company (EMIC), answered for our readers.

Here is Umut Vehit’s interview ..

How has the coronavirus process affected you?

Since the moment the virus started to spread to the world, we have prepared our company and our business staff to work remotely, thinking that our country could unfortunately be caught in this epidemic.

As a result of our preliminary preparation, we did not experience any difficulties at the level of our stakeholders, banks, financial and legal advisors.

However, as a certain part of our investments are real estate and derivatives, there was a noticeable slowdown as in many other companies. This slowdown as a result of force majeure caused our year-end targets to spread to the future.

What are the measures your company has taken against the Covid-19 danger, which has recently surrounded the whole world?

As I just mentioned, we do our office work safely and in the best possible way, together with the operating staff of our company.

In this period when technological possibilities are extremely wide, we hold our meetings both visually and audibly, and share our works via e-mail. Of course, at this point, I have to underline the devoted work of our teammates. We are doing our best to overcome this difficult period with the least difficulty for ourselves, our stakeholders and our customers.

How do you interpret your new working order? What are the pros and cons for you and your company?

I think it would be better if we call this a ‘temporary’ working order rather than ‘new’. I can say that we are focused on getting through this difficult period as best as possible and returning to our old working order, regardless of the pros and cons.

How do you think it will reflect on the sector and economy in the upcoming period?

Temporary pauses are likely to occur in almost all sectors until normalization is achieved.

It will take all the private sector gear accordingly. At this point, cash flow to the market must be provided urgently so that it can continue its work until the economic cycle regains its old potential and provide our people with gain and bread.

Here, our aim should be “not to leave anyone behind”. In this process, the main supporting factor will be the policies of our state in crisis management. I think that the steps to be taken before the government are of great importance for the private sector and the entire TRNC economy. Therefore, the studies that the state will carry out in harmony with all its institutions but also with the private sector will be the main guide to rapidly strengthen our economy in this difficult period.

In the meantime, I should state that the dedication and cooperation of our private and public institutions and all segments of our people by saying “health first” is admirable. I think the more united we are, the faster we can achieve normalization.

What is your message to our people and investors?

Stay well.

I have no doubt that we will overcome these difficult days together and continue to grow much stronger as we have overcome many difficulties.

10 good reasons to invest and live in Northern Cyprus!