India and Cyprus sign 2 MoUs

India and Cyprus have signed two agreements on combating money laundering and cooperation in the field of environment. These agreements were signed after wide-ranging talks between President Ram Nath Kovind and his Cypriot counterpart Nicos Anastasiades in Nicosia (capital of Cyprus).

President Kovind visited Cyprus on the first leg of his three-nation visit to Europe including Bulgaria and Czech Republic to continue India’s high-level engagements with European countries.

The MoU on combating money laundering was signed between Financial Intelligence Unit, India, and Unit for Combating Money Laundering of Cyprus. This agreement will further strengthen institutional framework to facilitate investment cross-flows.

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.

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