Cyprus Prez says keen to seek Indian investments

New Delhi: Cyprus is keen to seek investments from Indian industry in creative industries, tourism and technology sectors.

“There is great opportunity for promoting creative industries in various sectors from tourism, medical healthcare, Bollywood and technology sectors besides financial services and innovation  and technology in Cyprus,” said Mr Nicos Anastasiades, President of the Republic of Cyprus while addressing the banquet organised in his honour by the All India Association of Industries (AIAI) and the World Trade Centre Mumbai last week.

Mr Anastasiades said Cyprus will offer various incentive and conducive atmosphere to promote these sectors to the investors who are looking forward to establish bilateral trade relations with Cyprus in these sectors.

He emphasised that Cyprus is a hub for financial services and added that his government is looking to expand this to various other sector and are keen to create opportunities of investments.

World Trade Centre Mumbai chairman Kamal Morarka in his welcome address said that historical and economic legacy of India-Cyprus relationship remains strong.

“The statistics of the economic ties is impressive and is likely to grow exponentially in future. In India, an avenue in New Delhi is named after the first President of Cyprus, Archbishop Makarios, and in Cyprus, the government installed a bust of Mahatma Gandhi in the Nicosia Municipal Park near the Parliament House, which is the only bust of a foreign leader in the park, which shows India’s strong ties with Cyprus,” said Mr Morarka.

Mr Morarka further said that the reforms in fiscal and investment facilitation policies are transforming investment scenario in India and it is an opportune time to invest in this liberalised investment scenario. He expressed optimism that exchange of culture and business delegations will enhance bilateral relations and will enable India and Cyprus to explore areas of co-operation.

During this occasion, AIAI and WTC Mumbai signed Memorandum of Understandings (MOU) with the Cyprus Chamber of Commerce and Industry to strengthen economic and trade relations between both the countries.

While proposing the ‘Vote of Thanks’, Mr Vijay Kalantri, President, All India Association of Industries said: “The bilateral trade between India and Cyprus stands at $ 80 million annually. We could further explore opportunities specifically in exchange of high-technology along with creative and film industry. It offers scenic beauties and is a premier location after Switzerland.”

Mr Kalantri further added that Cyprus is an ideal gateway to Europe and with its tax friendly policies and investment incentives.  He said that AIAI and WTC Mumbai would play pivotal role in promoting Cyprus as the business destination to Indian businesses vis-à-vis from Cyprus to India.