DOING BUSINESS C YPRUS 20 INDIA EDITION INSIGHT M<strong>in</strong>ister of Energy, Commerce and Industry George Papanastasiou
DOING BUSINESS C YPRUS 21 INDIA EDITION <strong>Cyprus</strong> and <strong>India</strong> are currently deepen<strong>in</strong>g their bilateral ties <strong>in</strong> terms of trade and <strong>in</strong>vestment. Which sectors of the <strong>Cyprus</strong> economy could provide the most <strong>in</strong>vestment potential for <strong>India</strong> at the moment, and how can <strong>Cyprus</strong> facilitate more bus<strong>in</strong>ess from <strong>India</strong>n <strong>in</strong>vestors? <strong>Cyprus</strong> and <strong>India</strong> have traditionally enjoyed excellent relations, based on mutual respect and close cooperation, particularly <strong>in</strong> the context of <strong>in</strong>ternational organisations such as the UN and the Commonwealth. In fact, the bilateral ties between the two countries, which <strong>in</strong> 2022 celebrated 60 years of diplomatic relations, have been grow<strong>in</strong>g stronger over the years, focus<strong>in</strong>g ma<strong>in</strong>ly on trade, economic, scientific and tourist cooperation, <strong>in</strong>clud<strong>in</strong>g bus<strong>in</strong>ess-to-bus<strong>in</strong>ess contacts. As an EU Member State s<strong>in</strong>ce 2004 and a member of Eurozone s<strong>in</strong>ce 2008, <strong>Cyprus</strong> has evolved <strong>in</strong>to a modern and cosmopolitan bus<strong>in</strong>ess centre offer<strong>in</strong>g opportunities for <strong>in</strong>vestment across a wide range of sectors. As a result, <strong>Cyprus</strong> has been attract<strong>in</strong>g a fast-grow<strong>in</strong>g number of <strong>in</strong>ternational companies <strong>in</strong> recent years, operat<strong>in</strong>g <strong>in</strong> the areas of technology, shipp<strong>in</strong>g and f<strong>in</strong>ancial services. In this context, and through its 68 double taxation agreements, as well as the more than 40 EU trade agreements with third countries, our island can serve as an ideal bus<strong>in</strong>ess and trade hub for <strong>India</strong>n companies. Moreover, it can be a welcom<strong>in</strong>g dest<strong>in</strong>ation for those entrepreneurs <strong>in</strong>terested <strong>in</strong> expand<strong>in</strong>g their regional operations or enter<strong>in</strong>g the European Market, whilst at the same time offer<strong>in</strong>g a safe and reliable gateway for <strong>in</strong>vestment <strong>in</strong> the EU, the Middle East and North Africa. <strong>Cyprus</strong> is also fast becom<strong>in</strong>g one of the top emerg<strong>in</strong>g <strong>in</strong>vestment fund centres <strong>in</strong> Europe, <strong>in</strong> part due to its cont<strong>in</strong>uous efforts to upgrade its legislative and regulatory framework, which is backed by an attractive tax regime and a strong network of f<strong>in</strong>ancial and professional services providers. The country has developed <strong>in</strong>to a key regional and cost-efficient domicile for <strong>in</strong>vestment funds, private equity firms and asset managers, with its many advantages beg<strong>in</strong>n<strong>in</strong>g to attract notable <strong>in</strong>terest from <strong>India</strong>. We have confidence <strong>in</strong> our country’s exist<strong>in</strong>g dynamic <strong>in</strong>vestment portfolio, and we are positive that there is great potential <strong>in</strong> <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> even more sectors of strategic importance for the government, such as research and <strong>in</strong>novation, <strong>in</strong>formation and I<strong>Cyprus</strong>’ commitment to the green transition, comb<strong>in</strong>ed with the forthcom<strong>in</strong>g liberalisation of the electricity market, creates new opportunities for <strong>India</strong>n <strong>in</strong>vestment <strong>in</strong> <strong>in</strong>frastructure, especially for power generation from renewable energy sources and for energy storage.
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