Cyprus minister lures Indian investors

New Delhi, Apr 12 (UNI) Wooing Indian business, Cyprus today invited the country's commercial establishments to take advantage of the strategic location of the island, the low tax regime and the Double Taxation Avoidance Agreement (DTAA).

''Indian bussinessmen can take advantage of our system to reach out beyond Cyprus to African and North African markets,'' Cypriot Minister of Commerce, Industry and Tourism, George Lillikas said while addressing a special session of 'India-Cyprus Joint Business Council' here.

Mr Lillikas also underlined the close links between Cyprus and India in trade, investment, science and technology and IT.

''There is much scope for deepening of bilateral cooperation and business-to-business collaboration in diverse fields,'' he said.

The Leader of the business delegation and Vice-President, Cyprus Chamber of Commerce and Industry, Andreas Louroutziatis said Cypriot businessmen were committed to enlarging economic cooperation with their Indian counterparts by way of investments and joint ventures.

''What were needed now were practical steps to establish business partnerships,'' he added.

Cyprus, he said, offered a highly developed infrastructure, an excellent communications network, high legal and accounting standards and a low corporate tax regime of 10 per cent.

''These features should act as a magnet for overseas investors,'' he pointed out.

UNI SBJ SR DS1532