The Minister is in Bulgaria on a four-day official visit accompanied by 14 representatives of the Eastern Mediterranean nation's business community, BTA reports.
Most of the 30,000 Bulgarians working in Cyprus are involved in its tourism industry as waiters and hotel staff, the Minister said.
Asked to comment on any problems encountered by Cypriot businessmen in Bulgaria, he said that, indeed, not only were there no problems in this area, but that Cypriot investment in the country would continue to grow.
Official Bulgarian figures rank Cyprus eighth in a league table of countries with the largest investments in the country for the period 1996-2006, with a total of 760 million euro. For the
period January-June 2007, since Bulgaria's EU accession, Cyprus has risen to fifth place with a further 147 million euro's worth of investments.
Cyprus has vowed to support Bulgaria's position in the EU's Competitiveness Council to allow free export of Bulgarian goods to European markets.
Minister Michaelides thanked Bulgaria for its position that Cyprus needs to remain a sovereign state, whose integrity must be preserved.