Potential economic cooperation between Cyprus and India were discussed on Friday between Foreign Minister Ioannis Kasoulides and India’s Minister of State for External Affairs Mobashar Jawed Akbar who was on a visit to the island.
Cyprus is already the 8th biggest investor in India, with a cumulative foreign investment of more than USD$9bn the two ministers said. They also expressed their intention to facilitate further cooperation in areas, such as new technologies and tourism.
President Nicos Anastasiades is set to visit to India in late April. The Indian minister said they were working to turn this into a “landmark visit”.
The two minister also referred to the Agreement on the Avoidance of Double Taxation between Cyprus and India, signed last November and the ensuing removal of Cyprus from the “Notified Jurisdictional Area” catalogue.
Kasoulides referred to these developments as “an important landmark in our relations”. “It is a sign of confidence between our authorities and a conduit for further economic cooperation, considering that Cyprus is the 8th biggest investor in India,” he said.
“I believe this is likely to facilitate more foreign investment,” added Akbar.
Kasoulides also said: “For Cyprus, India is a trusted partner with whom our bonds of friendship have been forged through similar historical experiences in the 1950’s and beyond”.
In his statements, Akbar noted that both Prime Minister Narendra Modi and India`s President Pranab Mukherjee looked forward to President Anastasiades` state visit.
He paid tribute to Cyprus for being able to overcome the financial crisis, noting its “remarkable leadership”.
Kasoulides and Akbar also discussed potential cooperation in various flagship programme in India as well as in the sectors of tourism, renewable energy and high technology. According to Akbar, the two sides were also working to establish direct air connections in the hope of increasing two-way tourism.
The two minister also discussed regional issues, UN reform, international terrorism, developments in the EU and in India`s neighbourhood. “We share common views on crucial global issues” Akbar said.
After the statements, the two men went outdoors to a nearby area near the ministry where they unveiled a sculpture donated by the Indian government to the Republic of Cyprus.
The sculpture is a model of the “Konark Wheel”, a “masterpiece of architecture” according to Kasoulides, symbolising power, strength and valour. During the short ceremony, Akbar said the temple with the original carvings in India was a world heritage monument.
