Κυπριακή Δημοκρατία (Greek) Kıbrıs Cumhuriyeti (Turkish) Republic of Cyprus

Geography

The third largest island in the Mediterranean Sea (after Sicily and Sardinia), Cyprus is geographically situated in the eastern Mediterranean and just south of the Anatolian peninsula (or Asia Minor) of the Asian mainland; thus, it is commonly included in the Middle East (see also Western Asia and Near East). Turkey is 75 kilometres (47 miles) north; other neighbouring countries include Syria and Lebanon to the east, Israel to the southeast, Egypt to the south, and Greece to the west-north-west.

Economy

Economic affairs in Cyprus are dominated by the division of the country.

The Cypriot economy is prosperous and has diversified in recent years. Cyprus has been sought as a basis for several offshore businesses, due to its highly developed infrastructure. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union.

Recently, oil has been discovered in the sea south of Cyprus (between Cyprus and Egypt) and talks are under way with Egypt to reach an agreement as to the exploitation of these resources. The level of the oil field in terms of production (barrels per day) that the two countries will be able to produce is still a matter of speculation.

Demographics

Greek and Turkish Cypriots share many customs but maintain separate ethnic identities based on religion, language, and close ties with their respective motherlands. Greeks comprise 77% of the island's population, Turks 18%, while the remaining 5% are of other ethnicities.

After the Turkish invasion of 1974, about 150,000 Turks from Anatolia were transferred or decided to settle in the north. This has changed the actual demographic structure of the island. Northern Cyprus now claims 265,100 inhabitants

Today the Republic of Cyprus is a developed country and a member of the European Union since 1 May 2004.