India, Cyprus sign 2 agreements

Source: The Hitavada      Date: 04 Sep 2018 09:03:13



INDIA and Cyprus signed two agreements on combating money laundering and co-operation in the field of environment on Monday as President Ram Nath Kovind met his Cypriot counterpart Nicos Anastasiades and held wide-ranging talks here. President Kovind is in Cyprus on the first leg of his three-nation visit to Europe to continue India’s high-level engagements with European countries. Kovind and Anastasiades exchanged views on economic co-operation during their talks.

India happens to be the fastest growing major economy in the world today with a growth rate of 8.2 per cent last quarter, the President said. “In this context and given Cyprus’ niche expertise in financial services and investment banking, both of us agreed that there was much scope to deepen our investment partnership,” Kovind said in a statement.

“We welcomed the signing of the MoU between Financial Intelligence Unit, India and Unit for Combating Money Laundering of Cyprus. “This agreement would further strengthen institutional framework to facilitate investment cross-flows. We also emphasised that the revision in the Double Taxation Avoidance Agreement made in 2016 provided greater opportunities for our investment partnership to grow,” Kovind said. Underlining Cyprus’ contribution to India’s economic growth, Kovind invited the businesses in Mediterranean nation to invest in India in areas of digitalisation, Smart Cities, infrastructure and tourism.