2023 Doing Business in Cyprus (India Edition)

DOING BUSINESS C YPRUS
39
INDIA EDITION
Cyprus-India relations have deep history and are based on solid political, economic,
and cultural foundations. Our bilateral cooperation has always been and remains
dynamic and ever evolving.
On the political front, India maintains a principled stance on the Cyprus question.
We are grateful to India for its staunch support to our efforts to reach a viable and
comprehensive solution leading to the reunification of our country, in line with the
relevant UN Security Council resolutions.
On the economic front, India is a priority country in Cyprus’ Strategy for Economic
Diplomacy. In the last three years, Cyprus has been among the top 10 Foreign Direct
Investment (FDI) countries in India, investing in sectors such as Information and
Communication Technology (ICT) services, pharmaceuticals, shipping, manufacturing
and construction. Furthermore, we will continue to strengthen the economic ties
between Cyprus and India in areas such as renewable energy, trade, shipping, research
and innovation, tourism and in the field of digital cooperation.
In the field of connectivity, we have
welcomed the recent announcement of
the India-Middle East-Europe Economic
Corridor (IMEC) and we believe that
Cyprus, with its strategic geographical
location, can contribute to the realisation
of this significant project.
Cyprus can also serve as a bridge,
connecting India to Europe, and thus
bringing together people, cultures
and civilisations. Cyprus attaches high
importance to the EU-India strategic
IWe have strengthened our
diplomatic presence in India
by establishing a commercial
office at the High Commission
of Cyprus in New Delhi in
2022, and we are planning to
open an Honorary Consulate
in Mumbai in the next year.
partnership, which we view as key in
strengthening a rules-based international order and as an important parameter for
addressing global challenges. In this respect, we will continue to be vocal in our support
for a free trade agreement between the European Union and India.
In recent years, we have strengthened our diplomatic presence in India by
establishing a commercial office at the High Commission of Cyprus in New Delhi in
2022, and we are planning to open an Honorary Consulate in Mumbai in the next year.
In the past five months, I had the pleasure to meet twice with my Indian counterpart,
Dr Subrahmanyam Jaishankar, and in those meetings we had the opportunity to
discuss practical ways on how to maximise the mutual benefit in our relationship. Our
meetings have been building on Dr Jaishankar’s recent visit to Cyprus in December
2022, when three important bilateral documents were signed: a Memorandum of
Understanding on Defence and Military Cooperation, a framework agreement on
International Solar Alliance, and a Declaration of Intent on Migration and Mobility.
Further exchange of high-level visits in 2024 will add to the existing momentum.
India is a valuable global partner for Cyprus. Our relationship has deep roots,
historical basis and great potential for the future. We will continue to work steadfastly
in bringing our two countries closer, for our mutual benefit. n