President's Visit to Cyprus

• 04 Sep 2018

President Ram Nath Kovind visited Cyprus in the first leg of his visit to three-nation in Europe.

• Memorandum of Understanding signed
  • MoU between Financial Intelligence Unit, India and Unit for Combating Money laundering of Cyprus to facilitate investment cross-flows.
  • MoU on cooperation in the field of environment.

Importance of Cyprus

• Nuclear Suppliers Group membership and UNSC reform
• Cyprus is the member of 48-Member Nuclear Suppliers group and India is seeking membership of NSG. Thus, support of Cyprus is vital for India to gain membership of NSG.
• Cyprus has also shown favor for UN- Security Council Reform and publicly endorsed its support to India’s bid for a permanent seat in the reformed UNSC.
• Cyprus as European Union Member
• Cyprus is a member of European Union since 2004. Cyprus is also a part of the Eurozone. Thus, Cyprus can prove to be an important base for Indian industries to invest in the European Union.
• Economic relations
  • India has substantial economic ties with Cyprus. Cumulative foreign direct  investment (FDI) from Cyprus to India amounts to USD 9.2 billion, making it the 8th largest investor in India.

Republic of Cyprus

• The Republic of Cyprus is an island country in the Eastern Mediterranean and third largest and most populous island country in the Mediterranean.
• It was divided in North and South Cyprus in 1974 after Turkey invaded Cyprus after a Greece backed military coup in Cyprus.