Cyprus and India have pledged to up their game in the bilateral promotion of shipping, tourism and investment.
India's president Ram Nath Kovind invited Cyprus to invest in his country to take advantage of growing investment opportunities.
Speaking to parliament on Monday, he declared India open for business.
Earlier Kovind held talks in Nicosia with his Cypriot counterpart Nicos Anastasiades during a two-day visit aimed at further cementing bilateral relations.
The two men held extensive consultations on Cyprus-India relations and signed Memoranda of Co-operation in the fields of Financial Intelligence to combat money laundering and the Environment (sustainable development).
Four bilateral agreements were signed during Anastasiades’ visit to India in April 2017.
“We discussed a number of issues in a wide spectrum of bilateral interest and identified specific areas on which we can work together to further solidify our partnership,” Anastasiades told reporters on Monday.
“We agreed to establish a Ministerial Working Group to oversee the conclusion of pending bilateral agreements and ensure the optimum implementation of existing ones, particularly those in the fields of economy, merchant shipping, investments and tourism,” he added.
Kovind said that India is the world’s fastest growing major economy – with 8.2% growth last quarter – and it wants to “fundamentally step-up ties” in the economic field as Cyprus has expertise in financial services and investment banking.
He said there was “much scope” for investment opportunities to “enhance business collaboration in IT, shipping and the film industry”.
Anastasiades said Cyprus and India have a common vision and identical positions on crucial issues such as; tackling climate change, sustainable development, protection of the maritime environment, migration and international terrorism.
“Additionally, we elaborated on further strengthening our cooperation within the framework of the Commonwealth, taking also into account the linked issue of Brexit,” said Anastasiades.
He said Cyprus is a firm supporter of the enhancement of the EU-India strategic partnership.
“I expressed our sincere support for tangible progress in the negotiations for the conclusion of an EU-India Free Trade Agreement.”
People-to-people relations are also said to be improving with increased tourism between the two countries and more Indian students coming to Cyprus.
Kovind is on his first overseas visit since taking up his position in July 2017.
He is also the first Indian President to visit Cyprus for nine years. The previous President who paid Cyprus a visit was Pratibha Patil, in 2009.
Kovind`s visit to Cyprus follows that of President Nicos Anastasiades’ visit to India last year.
At the University of Cyprus on Tuesday Kovind unveiled the bust of one of India’s greatest poets, Rabindranath Tagore, a Noble Laureate.
Anastasiades hosted a state banquet in honour of Kovind at the Presidential Palace.
“Our relations are based on deep mutual trust. We both have been steadfast supporters of each other on issues of vital concern. India’s commitment to Cyprus and to its territorial integrity remains deep and abiding,” said Kovind at the dinner.
“Our bilateral agenda today is diverse and expanding. Both countries have a substantive and growing economic relationship, with investment and commercial cooperation, supported by close people to people contact,” he added.
Apart from Cyprus, Kovind will also visit Bulgaria and the Czech Republic during his European tour.
