NICOSIA, Nov. 19 (Xinhua) -- Euro-China Business Week opened here on Monday evening with the participation of some 100 companies from China, the first of its kind on the eastern Mediterranean island.

Antonis Michaelides, the Cypriot Minister of Commerce, Industry and Tourism spoke highly of China's economic development and high-tech industry in his opening remarks.

He reiterated the important role of Cyprus as a base for Sino-Cypriot operations in Europe, due to the island's strategic location.

"Cyprus is best positioned to serve as a stepping stone for Asian products and businesses to the lucrative EU and Near East markets," said Michael ides.

Chinese Ambassador to Cyprus Zhao Yali told the audience that the Euro-China week is very important not only for China and Cyprus, but also for Middle East countries because it brings China closer to them and creates conditions more favorable for contacts with Chinese business people.

The Euro-China Business Week is organized by the International Merchandising Center of Cyprus, in cooperation with the Cyprus Chamber of Commerce and Industry, the International Chambers of Commerce from Wenzhou and Xiamen, the Shandong Enterprise Confederation of China.

The exhibition presents a large variety of Chinese products, services and new technologies for export. Workshops on doing business with China and new energy technology will be organized during the business week.

Some companies from Italy, Greece and other countries also participated in the event from November 19 to 25.