Cypriot economy 'good for foreign investors'
An official from the Cypriot government has praised the island's economy in a bid to attract foreign investment.
Antonis Michaelides, minister of commerce, industry and tourism in the Mediterranean country, said that Cyprus had numerous benefits to offer to overseas investors.
He highlighted the island's good location as one of the reasons it had emerged as an international business hub in the wake of its accession to the European Union.
In addition, he said the economy had benefited from recent government reforms, such as the simplification of the tax regime and cuts in the amount of bureaucracy.
Mr Michaelides commented: "Advantages include a stable socio-economic environment, state-of-the-art infrastructure, a highly qualified labour force and a business environment."
He added that last year, foreign direct investment in Cyprus was worth more than 1.5 billion US dollars.
The island is due to join the single European currency in January 2008, a move which could potentially add to its appeal among foreign property buyers.
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