Cyprus and India deepen investment ties

The Cyprus Investment Promotion Agency, commonly known as Invest Cyprus, announced on Friday that it has signed a memorandum of understanding with its Indian counterpart Invest India.

The memorandum was signed during an online ceremony held by the chief executive officers, Invest Cyprus’ George Campanellas and Invest India’s Deepak Bagla.

The online ceremony was also attended by the High Commissioner of India in Cyprus Madhumita Hazarika Bhagat, as well as the High Commissioner of the Republic of Cyprus to India Agis Loizou.

Invest Cyprus said the aim of the two organisations was to bolster investment ties between India and Cyprus. The memorandum includes provisions for supporting investments from India to the European Union, with Cyprus “acting as an ideal gateway” to the single market.

In November of 2021, Invest Cyprus and Invest India were elected to the steering committee of the World Association of Investment Promotion Agencies (WAIPA), with India holding the presidency and Cyprus representing Eastern Europe.

During his address, Bagla underlined “the huge potential for further cooperation between the two countries”, adding that the excellent relationship between the two organisations bodes well for a constructive partnership.

Bagla concluded by saying that “there is a shared belief that this partnership will soon have positive, tangible results”.

His Cypriot counterpart, George Campanellas, outlined the next steps in the action plan shared by the two organisations, expressing “the readiness of the Cypriot side to immediately begin the implementation of a bilateral partnership on all levels”.

In addition, the memorandum also stipulates the creation of a shared technical committee, with which members of Invest Cyprus and Invest India will have an open line of communication.

The committee will help utilise and promote potential investment opportunities, while also providing support to both businesses and investors.

Agis Loizou, who attended the meeting while at Invest India’s offices in New Delhi, spoke on the efforts to upgrade the relations between the two countries, adding that “this agreement will help broaden cooperation on an economic level”.

Finally, Invest Cyprus chairman Ioannis Matsis spoke on the importance of the strategic approach of target markets such as the one of India, within the context of transforming Cyprus into an international business hub and attracting foreign investment.