The Mediterranean island nation of Cyprus today exuded confidence that its commerce with India has potential to grow manifold, especially with co-operation in evolving sectors like renewable energy, IT and tourism.
"We believe the trade prospects are improving along with the relationship between India and Cyprus, specially in certain sectors like IT and renewable sources of energy," Cyprus Minister of Commerce (Industry and Tourism) Antonis Paschalides told PTI here.
The two-way trade between the countries was a meagre $61 million in 2009-10, a huge drop from $408 million in the previous fiscal.
Asked about the target set for growth in bilateral trade, he said, "Much, much bigger. But I do not want to go into figures."
He also said that there are huge opportunities available for increasing investments.
Cyprus, located in East Mediterranean sea, contributed to about four per cent in the country's $8.88-billion foreign direct investment during April-August 2010-11.
Since April 2000 till now, the European Union member state has invested a total of $4.2 billion in India.
"At the moment it (bilateral trade) is small but it is getting bigger and bigger, specially with increase in the investments," Paschalides said.
He said that during the last couple of years, the global economic recession affected Cyprus but next year it is aiming to grow by 1.5 per cent.
India and Cyprus have a Double Taxation Avoidance Agreement (DTAA) between them.
Paschalides said his country will formally present a proposal before India for collaboration in the field of renewable energy. Cyprus is one of the major renewable energy players in the world.
"Besides, there are areas like tourism, IT, maritime services, education and infrastructure, where we could cooperate. We are ideally located at the cross roads between Asia, Europe and Africa and India can use Cyprus as gateway to Europe," he said.
