India-Cyprus Relations

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.

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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