Cyprus Tourism Organisation (CTO) aims to attract around 400, 000 Chinese tourists, chairman Angelos Loizou said recently.

Nestled in the Eastern Mediterranean, surrounded by crystal blue waters, Cyprus, with almost 365 days of sunshine, is a popular holiday destination. Tourism accounts for an impressive 11% of GDP. Visitors to Aphrodite’s island come to enjoy the sun, sea, sand, mountains, history and culture that Cyprus offers in abundance.

Low demand and lack of liquidity are the main problems Cypriot businesses face, a recent survey has shown.

Tourist arrivals in August rose 5.1% to 392,272 compared to a year before mainly on a strong increase in the number of tourists from the UK which more than offset the drop of Russians visitors, the statistical service said.

The government recently launched the licensing procedure for the integrated casino resort.

Energy Minister Yiorgos Lakkotrypis travels to Houston on September 18, 2015 to meet Noble Energy Chief Executive Officer (CEO) David L. Stover to discuss the Aphrodite field development plan and possible gas exports to Egypt.

A Eurogroup meeting recently declared Cyprus a success story, praising the conclusion of its seventh review of the economic adjustment programme, which took place in July 2015.

A solution of the Cyprus problem will open new prospects for ships flying the Cypriot flag, Cypriot President Nicos Anastasiades said recently.

The European Central Bank purchased since July 2015 a total of €98m in Cypriot government securities with an average maturity of 5.27 years as part of its expanded asset purchase programme.

The Cabinet has approved the 2016 budget, which Finance Minister Haris Georgiades described as ‘balanced’ and included a 5% increase in development spending.