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Cyprus pursuing economic cooperation with India
2006-04-12 11:24:22

by Athena Arsalidou

New Delhi, Apr 12 (CNA) - Cyprus pursues economic cooperation with India, Cypriot President Tassos Papadopoulos said, addressing the business meeting held in New Delhi with the participation of Indian and Cypriot businesspeople.

The meeting, organised by the Indian federation of chambers of commerce and industry, offered an opportunity to investors from both countries to get together and discuss ways of cooperation, especially in the areas of information technology and pharmaceutics.

''We want to invest heavy in research, technology and innovation. We think of no other country to which we can turn to especially in the area of information technology,'' President Papadopoulos noted.

Already, 34 companies from New Delhi have shown interest in investing in Cyprus, and 150 more, based in Bombay, will meet this week with the Cypriot businesspeople accompanying President Papadopoulos on his official visit to India.

Addressing the business meeting, Indian Minister of State for External Affairs Anand Sharma expressed the wish that the Cypriot President's visit to India would lay a milestone in the economic relations of both countries.

In reaching the goal to attract Indian investors to Cyprus, President Papadopoulos announced today three personal commitments.

''We will introduce a faster way in issuing visas for Indian citizens, in 24 hours. We will also introduce a multiple entry visa for Indian investors that would last four years. And finally we shall introduce the 'one stop shop', a new service in the Ministry of Commerce, that would allow foreign investors to register their companies and get all necessary licenses in just seven days,'' President Papadopoulos said.

He added that foreign companies in Cyprus could have access to European Union funds in research and innovation as well as to state grants.

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