Cyprus ideal for investments, says finance minister

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NICOSIA, June 28 (Xinhua) -- Cyprus is an ideal place for foreign investments, having entered into a promising economic period, following its recovery from the 2013 financial crisis, finance Minister Harris Georgiades said on Friday.

He told 150 international investors from 20 countries taking part in the fourth "Cyprus International Investors Summit" in Limassol that he expected yearly expansion of the economy for at least the next three years.

"Cyprus has one of the fastest growing economies among EU countries, having added 19 percent to its Gross Domestic Product over the past five years," he said.

He also said that the island's fiscal position is healthy, with a 3 percent surplus, despite a relatively high sovereign debt as a result of the rescue of the banking system.

Georgiades said that Cyprus is worried by the increasing instability and climaxing tensions in international trade.

He also said Cyprus is closely monitoring developments regarding Brexit and said he hoped that a regulated exit of the United Kingdom from the European Union will be made possible.

But he added that even in case of a hard Brexit, Cyprus is not panicking "as the comparative advantages of the open Cypriot economy will be able to moderate any negative developments."

Cyprus has close economic ties with the United Kingdom, which is a major trade partner and the main source of tourism for Cyprus.

Many thousands of second and third generation Cypriots live in the United Kingdom, while Cyprus, a former British colony, host about 80,000 British citizens on a permanent basis. Enditem

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