Paschalides wants India FDIs in Cyprus

Cypriots invest €250 mln in India
Commerce, Industry and Tourism Minister Antonis Paschalides invited Indian businesspeople to expand their interest in the Cypriot market, “where they can find appropriate partners and engage in new business activities”.
Speaking at the Cyprus Business Forum in New Delhi, he expressed the readiness of the Cyprus government to provide full support and encouragement to any serious co-operation between Cypriot and Indian companies.
The minister presented Cyprus as an investor-friendly market that provides confidence, safety and security despite the economic crisis. He added that Cyprus has a favourable environment for businesses, a modern and transparent legal framework, a liberal investment policy that allows 100% participation in most sectors of the economy and a low corporation tax of 10%.
“I am convinced that the expansion of Indian enterprises into the European markets will be achieved more effectively in collaboration with Cypriot companies. On the other hand, this cooperation should be mutual, with Cypriot companies taking advantage of India’s geographical position as a gateway to Asia”, he stressed.
In addition, the minister said that Cyprus is increasingly focusing on high technology knowledge intensive industries and that it welcomes wider participation by investors who can transfer know-how and introduce high technology to the island.
Regarding energy, he pointed out that Cyprus aims to increase the share of renewable energy sources to the total final consumption of 2020 to 13%, adding that to achieve this target, cooperation can be established between Cypriot and Indian companies.
According to the Ministry of Commerce, India’s investments in Cyprus reached 37 mln euros in 2009, whereas Cypriot investments in India during the same year were 250 mln euros. Exports of Cyprus products to India during the period 2005-2009 tripled in value, whilst total imports from India for the same period doubled.