The Turkish Contractors Association (TMB) has signed a cooperation protocol with contractors in Turkish Cyprus aiming to rebuild the island. TMB Chairman Mithat Yenigün said the protocol can generate potential amounts of around 100 billion euros. He stressed that while the potential for multiple projects - including the rebuilding of Varosha, the so-called "Miami of the Mediterranean" - is extremely high in the region, infrastructure work such as laying electric cables along with natural gas pipes and other energy investments are required, in which Turkish contractors have vast experience and expertise.

A committee presided by Yenigün and the president of the Cypriot Turkish Contractors Association (KTİMB), Cafer Gürcafer, attended the signing ceremony along with the Turkish Cyprus Finance Minister Birikim Özgür and Turkish Cyprus Labor Minister Asım Akansoy.

Yenigün said Turkish contractors have the second-highest global business volume after Chinese contractors and that they are willing to use their expertise for the development of Cyprus. "We want to cooperate with this area that we have immense ties to along with close proximity. We believe the politicians will be supporting these efforts as well," Yenigün added.

At the beginning of the 1970s, Varosha had a capacity of 20,000 beds while Turkey only had around 15,000 to offer for holiday vacationers. Once the Cyprus problem is resolved, Varosha - which is currently occupied by abandoned, run down hotels and wrecked piers - can regain its popularity and glory. Gürcafer also stressed the importance of the Varosha region, and if an agreement is reached with Greek Cyprus, the region can be renovated to reveal its potential.