History:
- Diplomatic ties between India and Cyprus were established in 1962.
- Cyprus got the support of India during its struggle for independence from British colonial rule.
Investment and Trade:
- Cyprus is the eighth largest foreign investor in India with a cumulative foreign direct investment of about $9 billion in areas such as financial leasing, stock exchange, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and logistics.
- The Double Taxation Avoidance Agreement (DTAA) between both the countries was revised in 2016.
- Bilateral trade between both the countries stood at EUR 76.5 million in 2015.
- The major commodities exported by India to Cyprus are organic chemicals, vehicles & accessories and iron & steel. India’s main imports are aluminium and its products, wood pulp, machinery, boilers, engines, and plastic.
MoUs:
- India and Cyprus have signed two agreements on combating money laundering and cooperation in the field of environment
Bilateral Visits:
- Indian President visited Cyprus in September 2018