Derry is one of the four shortlisted cities vying for the 2013 title along with Birmingham, Norwich and Sheffield.
The Minister said: "A successful bid could bring any number of social, physical and economic benefits not just to Londonderry but to the whole of Northern Ireland."
The Minister said the Walled City, as one of the NI Tourist Board’s five Signature Projects, was already recognised as an area with great potential to create international standout for Northern Ireland.
"Work continues on the implementation of the second phase of the Walled City Project," she said.
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"This includes key elements such as a built heritage programme, a lighting strategy, a conservation and management plan for the historic walls along with a business and cultural animation programme."
As part of the Built Heritage Programme work has started on both the First Derry Presbyterian Church and Saint Columb's Cathedral. The Aras Colmcille complex and the Playhouse Theatre have already been completed under Phase 1 of the Walled City project, while plans for the Guildhall and the Apprentice Boys Memorial Hall remain under consideration.
"These projects will help tell the story of the city from Monastic Gaelic life through to contemporary history and will enhance its image as well as providing a welcome boost for the local economy," Minister Foster added.
The Minister went on to outline the ongoing support provided by the Department of Enterprise Trade and Investment and Invest Northern Ireland to the economy in the North West.
She concluded: "The regeneration of Londonderry can stand as an example to other cities and towns of what can be achieved if the public and private sectors work together towards a common goal."
(NS/BMcC)
