What is the fastest way for a Turkish Cypriot to generate 1 Million Turkish Lira in profit from the island of North Cyprus?

I have decided to post more of my thoughts, ideas and strategies on LinkedIn after seeing some of my ideas and articles copied word for word by someone else on Quora.

Context: I am a problem solver majoring in design, product, policy and strategy in North Cyprus. That said, here goes.

Random Q: What would be the fastest way for a Turkish Cypriot (TC) to make a million Turkish lira (TL) in North Cyprus?

Note that I said TC, not foreign resident, as there are a few government policies that need to pass and collaborations that need to happen first. As of 2020, the GDP stood at €4B, which has dropped since then, given the combined effect of the pandemic and global economic realities.

So there are a few legal ways- The most significant economic sectors are tourism, education and construction/ real estate. Some of these areas might be able to generate 1 million TL in revenue, but two issues with that plan are

1. This would only be possible after massive investments, which given the local investment climate, may not make sense

2. The headaches might not be worth it in the end.

So what do I think? I think the answer is in two broad things- food and services.

1. The person must massively ramp up the production, distribution and marketing of food (food recipes, food packaging etc.) ready for export. Shipping from North Cyprus will be a headache due to international sanctions, so the main factory can be in Dubai (for example). Still, one of the main offices will be in North Cyprus, so the cash flows back to the island, and too many jobs are not lost.
2. Services: We will need to scale up services fast and aggressively in two ways- one part of the funding and plan will go to funding and growing talent over the next 5–10 years, and another part will go to lobbying to get significant corporations outsources their support channels to us- everything from customer service, design, software etc. Again, a company registered in Delaware or Dubai will easily overcome said sanctions and jobs on the island + GDP will explode.

In 3–5 years, profits on one of those coys should hit a million TL. If said people want to shorten the time, they can find smart foreigners and make them partners.

#realestate #design #people #jobs #govtpolicy #strategy #Cyprus #education