2023 Doing Business in Cyprus (India Edition)

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DOING BUSINESS C YPRUS 46 INDIA EDITION INTERVIEW High Commissioner of the Republic of Cyprus to India Evagoras Vryonides India and Cyprus have a longstanding friendship which is being reinforced by new efforts to increase mutual investment activities and promote deeper business cooperation in multiple economic sectors, says Evagoras Vryonides.
DOING BUSINESS C YPRUS 47 INDIA EDITION How would you describe the current bilateral relations between Cyprus and India? Relations between Cyprus and India go back to the founding of the two countries decades ago, as well as in the collaboration by their respective leaders President Makarios and Prime Minister Jawaharlal Nehru in the establishment of the Non- Aligned Movement. Naturally, with our entry into the European Union in 2004 we had to move on, but the genuine sentiments of national ties remain strong to this day. Our long-standing relationship both in bilateral and multilateral spheres has been consistently strengthened over the decades. It is a relationship which is premised on deep friendship, mutual respect and close cooperation. In recent years this bond has been strengthened with high level delegations from India, including the former President of India, the current External Affairs Minister, visiting Cyprus. In addition to the High Commission in New Delhi, Cyprus maintains an Honorary Consulate in Kolkata, a city which boasts high artistic venues and creativity, and a new Honorary Consulate is under way in Mumbai, the financial centre of the country. Cyprus has focused on developing stronger economic links and trade relations with India over the years, what kind of joint projects have the two countries participated in and what new prospects are there to increase cooperation? C yprus and India cooperate in the areas of economy, commercial activities and investment within the framework of various Agreements and Memoranda of Understanding signed between the two countries over the years. The two countries are poised to consistently work together towards further strengthening cooperation in areas such as information technology, science, financial services, shipping, pharmaceuticals, tourism and renewable energy – particularly solar energy. In this regard, Cyprus signed the Framework Agreement to join the International Solar Alliance (ISA) in December 2022, and became the 92 nd Member State of the Alliance. During the 6 th Congress of the ISA, held in New Delhi, Cyprus became a member of the Credentials Committee to evaluate the accession of new members. India recently also accorded a special status to Cyprus enabling Category 1 of Foreign Portfolio Investors (FPIs) to invest in Indian capital markets. A number of Indian entities have already set up establishments in Cyprus or are in a strategic alliance. From time to time, Invest Cyprus engages in promoting growth of business between the two countries. Cyprus offers very high professional quality of financial segment solutions. Regarding the IMEC trade corridor (Indian-Middle East-European Economic Corridor), as announced during the recent G20 Summit in New Delhi, with shipping and rail infrastructure from India to Europe, via the UAE, Saudi Arabia, Israel and ending up in Greece, Italy and France, Cyprus finds itself naturally in the way of the
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2023 Doing Business in Cyprus (India Edition)

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