The Goa Chamber of Commerce and Industry (GCCI) and the Limassol Chamber of Commerce and Industry (LCCI) joined forces on Thursday in an effort to boost business and investment between Goa and Cyprus. The two trade associations signed an MoU with the intention of fostering trade and economic ties.

The second-largest city on the Mediterranean island of Cyprus is Limassol, which is located on its southern coast. The MoU's signing was witnessed by Madhumita Bhagat, the high commissioner of India to Cyprus, who called the occasion historic.

“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.”

With a total investment of about $12 billion during the previous 20 years, the Republic of Cyprus ranks as the 10th largest foreign direct investor in India. Iron, steel, chemicals, pharmaceuticals, fisheries, ceramics, electrical machinery, and IT services are all traded between the two nations. Bilateral commerce between the two countries was worth $140 million in 2021 before rising to $214 million in 2022. Organic chemicals, pharmaceuticals, fisheries, ceramics, and electrical apparatus and equipment are some of India's top exports.

“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.

According to the MoU, GCCI and LCCI would promote "effective and systematic consultation and cooperation," particularly with regard to changes in trade and investment policy. Additionally, business delegations and trade promotion activities could be supported by the industry bodies in their home nations.