Panaji: In an attempt to increase trade and investment between Goa and Cyprus, the Goa Chamber of Commerce and Industry (GCCI) joined hands with the Limassol Chamber of Commerce and Industry (LCCI) on Thursday. The two industry bodies inked an MoU through which they hope to develop trade and business relations.
Limassol is a city on the southern coast of Cyprus and is the second-largest city on the Mediterranean island. High commissioner of India in Cyprus, Madhumita Bhagat, who was present for the signing of the MoU, described the milestone as momentous.
“Ours is a time-tested and traditional relationship, and I think the mainstay of our relationship in the last few years has been our commercial and business ties,” said Bhagat. “So we feel that the Goa chamber of commerce has come at an opportune time, and we feel that there will be a lot of focused cooperation between the chambers of Goa and Limassol.”
The Republic of Cyprus is the 10th largest foreign direct investor in India, with an accumulated investment of almost $12 billion during the past 20 years. The two countries trade in iron, steel, chemicals, pharmaceutical products, fisheries, ceramic products, electrical machinery, as well as IT services. In 2021, bilateral trade between the two nations stood at $140 million and then jumped to $214 million in 2022. Major items of export from India are organic chemicals, pharmaceutical products, fisheries, ceramic products, and electrical machinery and equipment.
“We see this signing of an MOU as a major step in enhancing trade within Cyprus and India, and more specifically Goa,” said GCCI president Ralph de Sousa.
The MoU states that GCCI and LCCI will establish “effective and systematic consultation and cooperation,” particularly on trade and investment policy developments. The industry bodies could also support business delegations and trade promotion events in their respective countries.