You are here: Home » Economy & Policy » News
Business Standard

Revised tax treaty with India to boost bilateral investments: Cyprus envoy

Cyprus is one of the major sources of foreign direct investment in India with a cumulative investment of about $8.5 bn

Press Trust of India  |  Kolkata 

Union Cabinet clears new India-Cyprus DTAA

The revised treaty between Indian and will promote bilateral investments, a diplomat said in Kolkata on Saturday.

The two countries signed the revised India-Double Taxation Avoidance Agreement in November, 2016.

"I believe with new taxation agreement, from both sides will increase," High Commissioner of to Demetrios A Theophylactou said on the sidelines of a Bengal Chamber of Commerce and Industry event.

Cyprus is one of the major sources of foreign direct in with a cumulative of about $8.5 billion.

However, investment from is minimal in Cyprus, but Theophylactou is hopeful that sectors like tourism will be lucrative for Indian investors.

The diplomat also said could be another area for Indian investment in Cyprus.

"I had gone to Kerala... and I feel Indian holds lot of potential in Cyprus," he said.

First Published: Sat, November 25 2017. 17:30 IST