The Hindu : Business : Cyprus President suggests panel on cooperation

Online edition of India's National Newspaper
Thursday, Apr 13, 2006

Business

Business

Cyprus President suggests panel on cooperation

Special Correspondent

The country needs more investment in technology and research

— Photo: Kamal Narang

GATEWAY TO EUROPE: Cyprus President, Tassos Papadopoulos (left), with V. K. Mathur (centre), Chairman and Managing Director, Inaex, and Rana Kapoor, Chairman and Managing Director, YES Bank, at a meeting with Indian businessmen in New Delhi on Wednesday.

NEW DELHI: President of Cyprus Tassos Papadopoulos on Wednesday suggested setting up of a high level committee to identify the areas of common interest where the two countries could increase their economic and trade cooperation.

Addressing a meeting organised by the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry and the Associated Chambers of Commerce and Industry of India, Mr. Papadopoulos said that India had always played a very supportive role at every stage of their struggle against colonialism and oppression and stood by the people of Cyprus for a fair and just solution to the Cyprus problem.

Mr. Papadopoulos said that despite the deep wounds inflicted by the Turkish Invasion in 1974 the people of Cyprus have "since then performed an economic miracle which had led to Cyprus getting a membership of the European Union since May 2001.''

"As of May 2, 2005 our country has joined the Exchange Rate Mechanism and on account of the convergence programme implemented by the Government, is expected to enter the euro zone by January 1, 2008", he further stated.

Cyprus's excellent climatic conditions and scenic beauty, the country had developed into an attractive tourism destination and tourism arrivals were more than two and half million annually, which was three times the population of the island.

He said his country was mostly known for its services sector and it needed a lot of investment in technology, innovation and research. "This is a business opportunity for India as Cyprus provides a gateway to the markets of Europe,'' the President said. Mr. Anand Sharma, Minister of State for External Affairs, said trade between the two countries was till now confined to traditional items but this would have to be diversified to include sectors like pharmaceuticals and electrical goods.

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