Cyprus And India Sign Investment Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

12 April 2002

Cyprus and India on Tuesday signed an agreement for the mutual promotion and protection of cross-border investments, according to government sources.

The agreement was signed by the Cypriot Minister of Finance, Takis Klerides, and the Indian Minister of State for External Affairs, Omar Abdullah, during the latter's two day visit to the low tax jurisdiction.

Mr Klerides told the press after the signing ceremony that he believed that the agreement would significantly enhance economic relations between the two regions. He revealed that the treaty contains provisions to ensure that investors from Cyprus and India are protected against non-commercial risks, and incentives to encourage them to invest in the two countries.

The visiting Indian minister announced that he welcomed the agreement, but suggested that even more could be done to promote trade and investment between Cyprus and India. He concluded by saying that his country looks forward to Cyprus's accession to the European Union, noting the jurisdiction's strategic location with access to Europe, West Eurasia, and North Africa.

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