Comments
Keen to further boost bilateral ties with India under Narendra Modi-led Government, Cyprus is looking to bolster tourism activities as well as make the island nation a shooting destination for Indian film makers.
Cyprus, the seventh largest source of FDI into the country, is also pinning hopes on the new Indian regime to sort out tax issues which has created “immense obstacles” for investment activities between the two sides.
Striking an optimistic note, a Cyprus Foreign Ministry spokesperson said that a visit to India by the country’s President Nicos Anastasiades would help in creating a new atmosphere.
Emphasising that Cyprus and India have traditionally had close ties, the official said the island nation was looking forward to the new government in New Delhi so that bilateral ties can be further enhanced and strengthened.
“The areas of trade, investments and commerce remain of primary importance, while at the same time we are looking to boost tourism in both directions.
“In addition, Cyprus being a ‘natural studio’ is trying to establish itself as a shooting destination for Indian film productions, which in itself will enhance tourism and cultural relations,” the spokesperson told PTI.
Many Indian films have been shot in Cyprus, known for its scenic beaches and natural beauty.
“... a visit by the President of the Republic of Cyprus, Nicos Anastasiades, to India, can do a lot to create a new atmosphere, which will be conducive in the promotion of our relations and the opening of new areas and avenues of fruitful co-operation,” the spokesperson said.
India received Foreign Direct Investment (FDI) worth $557 million from Cyprus during 2013-14, according to latest official figures. The same stood at $490 million during the 2012-13 financial year.
However, late last year, the Indian government had put the investments coming from Cyprus under tax lens, a move which the island nation said was creating immense obstacles for investment activities between them.
The move was a part of efforts to curb possible tax evasion by entities through Cyprus.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.