2023 Doing Business in Cyprus (India Edition)
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
DOING BUSINESS C YPRUS<br />
43<br />
INDIA EDITION<br />
<strong>in</strong>dustry <strong>in</strong> <strong>India</strong>, coupled with the emerg<strong>in</strong>g tech sector <strong>in</strong> <strong>Cyprus</strong>, can lay a robust<br />
groundwork for tech-centric collaborations. Opportunities for partnerships <strong>in</strong> areas<br />
such as IT, software development, and f<strong>in</strong>tech can be <strong>in</strong>vestigated.<br />
As the global focus shifts towards eco-friendly energy solutions, there is potential for<br />
<strong>India</strong> and <strong>Cyprus</strong> to collaborate on renewable energy <strong>in</strong>itiatives, such as solar and w<strong>in</strong>d<br />
power. Given <strong>Cyprus</strong>’ geographical advantage for solar energy generation, it could be a<br />
valuable partner <strong>in</strong> <strong>India</strong>’s transition to cleaner energy sources.<br />
<strong>India</strong>’s burgeon<strong>in</strong>g pharmaceutical sector and <strong>Cyprus</strong>’ established healthcare<br />
<strong>in</strong>dustry present another avenue for collaboration. Jo<strong>in</strong>t efforts <strong>in</strong> pharmaceutical<br />
research, development, and distribution could lead to outcomes that are beneficial for<br />
both countries. Enhanc<strong>in</strong>g connections <strong>in</strong> education and research can foster human<br />
capital development and knowledge exchange. The establishment of jo<strong>in</strong>t academic<br />
programmes and research <strong>in</strong>itiatives can further solidify our economic relations.<br />
<strong>India</strong> has a strong <strong>in</strong>novation and technology ecosystem,<br />
how could this expertise be applied <strong>in</strong> <strong>Cyprus</strong>?<br />
<strong>India</strong>’s strong <strong>in</strong>novation and technology ecosystem could be applied <strong>in</strong> <strong>Cyprus</strong><br />
<strong>in</strong> several ways. <strong>India</strong>n tech start-ups have shown significant growth and have<br />
attracted global <strong>in</strong>vestors. This expertise could be shared with <strong>Cyprus</strong>’ emerg<strong>in</strong>g startup<br />
ecosystem to foster <strong>in</strong>novation and entrepreneurship. <strong>India</strong> has made substantial<br />
<strong>in</strong>vestments <strong>in</strong> research and development (R&D), which has led to advancements <strong>in</strong><br />
various sectors <strong>in</strong>clud<strong>in</strong>g agriculture, manufactur<strong>in</strong>g, automation and biotechnology.<br />
<strong>Cyprus</strong> too has a vibrant R&D ecosystem. Exchange of best practices and projects could<br />
be encouraged to f<strong>in</strong>d synergies and boost the outcomes of these research capabilities.<br />
<strong>India</strong> has a large pool of skilled professionals <strong>in</strong> the IT sector. <strong>Cyprus</strong> too attracts<br />
some of the best talent <strong>in</strong> technology <strong>in</strong> the region. Collaborative programmes could<br />
be established to exchange knowledge and skills between the workforce <strong>in</strong> <strong>India</strong> and<br />
<strong>Cyprus</strong>. <strong>India</strong>’s f<strong>in</strong>tech sector has seen rapid growth. Partnerships could be explored<br />
<strong>in</strong> this area that could add value to <strong>India</strong>’s and <strong>Cyprus</strong>’ f<strong>in</strong>tech ecosystems <strong>in</strong> areas<br />
of e-governance, digital payments, and onl<strong>in</strong>e services. <strong>India</strong> has been <strong>in</strong>vest<strong>in</strong>g<br />
<strong>in</strong> renewable energy projects. Similar <strong>in</strong>itiatives could be undertaken <strong>in</strong> <strong>Cyprus</strong>,<br />
leverag<strong>in</strong>g its geographical advantage for solar energy generation. These are just a<br />
few examples of how <strong>India</strong>’s <strong>in</strong>novation and technology expertise could be applied <strong>in</strong><br />
<strong>Cyprus</strong>. The actual possibilities are vast and could lead to mutually beneficial outcomes.<br />
How do you see the relationship of the two<br />
countries develop<strong>in</strong>g <strong>in</strong> the future?<br />
I<br />
ndia and <strong>Cyprus</strong> have a robust framework for bilateral <strong>in</strong>vestment. The two countries<br />
have signed a Double Taxation Avoidance Agreement (DTAA), which has been <strong>in</strong> force<br />
s<strong>in</strong>ce 1994. This agreement was further revised <strong>in</strong> 2016, putt<strong>in</strong>g <strong>in</strong> place global best<br />
practices and m<strong>in</strong>imum standards. This agreement has facilitated a significant amount
Change language