2023 Doing Business in Cyprus (India Edition)
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DOING BUSINESS C YPRUS<br />
22<br />
INDIA EDITION<br />
communication technology, hospitality and tourism, healthcare, education, and<br />
renewable energy.<br />
For <strong>in</strong>stance, <strong>Cyprus</strong>’ commitment to the green transition, comb<strong>in</strong>ed with the<br />
forthcom<strong>in</strong>g liberalisation of the electricity market, creates new opportunities for<br />
<strong>India</strong>n <strong>in</strong>vestment <strong>in</strong> <strong>in</strong>frastructure, especially for power generation from renewable<br />
energy sources and for energy storage.<br />
Additionally, our grow<strong>in</strong>g technology, <strong>in</strong>novation, and research sector, serv<strong>in</strong>g as a<br />
bridge between Europe, the Middle East and North Africa, has transformed <strong>Cyprus</strong> <strong>in</strong>to<br />
a promis<strong>in</strong>g location for high-technology bus<strong>in</strong>esses. Well-known global technology<br />
companies such as Amdocs, NCR, Wargam<strong>in</strong>g, eToro and 3CX, have already established<br />
their presence on the island.<br />
A number of government <strong>in</strong>itiatives<br />
have, <strong>in</strong> fact, paved the way for a vibrant<br />
technology ecosystem <strong>in</strong> <strong>Cyprus</strong>, <strong>in</strong> which<br />
tech companies have the opportunity to<br />
grow and expand <strong>in</strong> today’s ever chang<strong>in</strong>g<br />
global market.<br />
The government has also <strong>in</strong>troduced a<br />
strategy for attract<strong>in</strong>g both high-skilled<br />
talent and <strong>in</strong>ternational bus<strong>in</strong>esses that<br />
I<strong>Cyprus</strong> is contribut<strong>in</strong>g<br />
actively towards the further<br />
enhancement of <strong>India</strong>-EU<br />
relations, <strong>in</strong> the framework of<br />
the ongo<strong>in</strong>g negotiations for an<br />
EU-<strong>India</strong> Free Trade Agreement.<br />
wish to set up, relocate or expand their activities <strong>in</strong> <strong>Cyprus</strong>, aim<strong>in</strong>g to enhance the<br />
country’s position as an <strong>in</strong>ternational, high-growth bus<strong>in</strong>ess centre. An important part<br />
of this new strategy is the <strong>Bus<strong>in</strong>ess</strong> Facilitation Unit, that operates under the auspices<br />
of the M<strong>in</strong>istry of Energy, Commerce and Industry, provid<strong>in</strong>g fast-track bus<strong>in</strong>ess setup<br />
to <strong>in</strong>ternational companies.<br />
Overall, <strong>Cyprus</strong> is try<strong>in</strong>g to boost bilateral trade and facilitate more bus<strong>in</strong>ess with<br />
<strong>India</strong> by rais<strong>in</strong>g awareness on the benefits that our island has to offer. To this end, <strong>Cyprus</strong><br />
has recently proceeded with the open<strong>in</strong>g of a Trade Centre <strong>in</strong> <strong>India</strong> (15 November<br />
2022), whereas Invest <strong>Cyprus</strong> signed an MoU with Invest <strong>India</strong> (25 January 2022).<br />
Moreover, even with<strong>in</strong> the EU itself, <strong>Cyprus</strong> is contribut<strong>in</strong>g actively towards the further<br />
enhancement of <strong>India</strong>-EU relations, <strong>in</strong> the framework of the ongo<strong>in</strong>g negotiations for<br />
an EU-<strong>India</strong> Free Trade Agreement. n
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