WTC Mumbai to Promote Economic Ties with Cyprus

MUMBAI, INDIA - World Trade Centre Mumbai and All India Association of Industries (AIAI) jointly organized a banquet reception to honour H. E. Mr. Nicos Anastasiades, President of the Republic of Cyprus at New Delhi on April 27, 2017. Mr. Anastasiades led a high level business delegation to India on a five-day (April 25-29) tour to explore potential economic partnership.

Addressing the banquet, Mr. Anastasiades mentioned that there is great opportunity for India and Cyprus to collaborate in tourism, healthcare, film production, technology and financial services. Cyprus is the 8th largest investor in India with an investment of nearly USD 9 billion during 2000-2016. He invited Indian companies to invest in Cyprus and assured them that his government would offer fiscal incentives and conducive business environment. Cyprus is working on to strengthen air connectivity with India.

Mr. Kamal Morarka, Chairman, World Trade Centre Mumbai, in his welcome address said “The historical and economic legacy of India-Cyprus relationship remains strong”. The statistics of the economic ties is impressive and is likely to grow exponentially in future, he added.
On this occasion, AIAI and WTC Mumbai signed MoUs with the Cyprus Chamber of Commerce and Industry to strengthen economic and trade relations between both the countries.

Mr. Vijay Kalantri, President, All India Association of Industries, while proposing the ‘Vote of Thanks’, said “The bilateral trade between India and Cyprus stands at USD 107 million annually. We could further explore opportunities specifically in exchange of high-technology along with creative and film industry. Cyprus offers scenic beauties and is a premier location after Switzerland.”

Mr. Kalantri further added that Cyprus is an ideal gateway to Europe and with its tax friendly policies and investment incentives. He concluded that AIAI and WTC Mumbai would play pivotal role in promoting Cyprus as the preferred business destination for Indian investors.

The banquet reception was well attended by high profile dignitaries and diplomats from various countries. Mr. Arjun Ram Meghwal, Minister of State for Finance and Corporate Affairs, Government of India was the Guest of Honour on this occasion.

In Photo: Mr. Kamal Morarka, Chairman, World Trade Centre, Mumbai (2nd from Left) and Mr. Vijay Kalantri, President, All India Association of Industries (2nd from Right) exchanging the Memorandum of Understanding (MoU) with Mr. Phidias Pilides, President, Cyprus Chamber of Commerce and Industry in the presence of H.E. Mr. Nicos Anastasiades, President of the Republic of Cyprus (3rd from right) and Mr. Arjun Mehgwal, Union Minister of State for Finance and Corporate Affairs, Government of India (1st from Right) at the Ball Room, The Leela Palace, New Delhi.