PIK's host Zheng Chenguang speaks to Yiorgos Lakkotrypis, Cypriot Minister of Energy, Industry, Commerce and Tourism on Oct 29th, 2013. [Photo Source: CRIENGLISH.com]
The paralysis of the banking system in Cyprus this March may have cast doubt over its future, but the country is quickly regaining its strength through seeking more direct foreign investment and tapping into its newly found natural gas reserve in its exclusive economic zone.
Cypriot Minister of Energy, Industry, Commerce and Tourism, Yiorgos Lakkotrypis, is in China this week to convince Chinese investors that the future remains bright and there are ample investment opportunities for them in Cyprus. The main attraction for Chinese businessmen is a potential gas deal that is expected to deliver LNG shipments to China by 2020. Minister Lakkotrypis said China will not only be able to purchase natural gas from Cyprus but also directly participate in its upstream projects.
Another thing that may attract Chinese investors is direct investment in large projects, including resort, golf rings and hotels. Although the balmy climate and stunning views have put Cyprus on the tourism map for Europeans, it has yet won favor among Chinese travelers. Minister Lakkotrypis says his ministry will try to woo more Chinese tourists by opening flights and offering more tour packages.
So what sets Cyprus apart from other European destinations? How is Cyprus coping with its economic recession?
Ni hao, you're listening to People In the Know, bringing you insights into the headlines in China and around the world, I'm Zheng Chenguang in Beijing.
In this edition of the program, we speak to Yiorgos Lakkotrypis, Cypriot Minister of Energy, Industry, Commerce and Tourism.