“In­dia’s busi­ness model is very friendly”

Financial Mirror (Cyprus) - - FRONT PAGE -

The newly elected pro-busi­ness ad­min­is­tra­tion of Naren­dra Modi is plac­ing par­tic­u­lar em­pha­sis on the im­prove­ment of ties with other coun­tries, such as Cyprus, which is why the For­eign Min­istry in New Delhi is con­sid­er­ing an in­vi­ta­tion for Pres­i­dent Ni­cos Anas­tasi­ades to visit the In­dian cap­i­tal.

The Hindu na­tion­al­ist BJP-led govern­ment, just three months into its his­tor­i­cal term of of­fice, plans to up­grade the coun­try’s po­lit­i­cal, as well as busi­ness model, ex­plained the Min­is­ter of State for Ex­ter­nal Af­fairs, Vi­jay Ku­mar Singh. As the Min­is­ter said, “we en­joy ex­cel­lent re­la­tions.” Speak­ing to a mis­sion of jour­nal­ists from ten is­land na­tions vis­it­ing In­dia, Ku­mar said that both the govern­ment, as well as the For­eign Min­istry are look­ing for ways to im­prove re­la­tions with other coun­tries and take them to a new level. He said the pri­or­ity is also to re­struc­ture the econ­omy. Re­fer­ring to In­dia’s eco­nomic prob­lems, Min­is­ter Ku­mar said that the coun­try faces “the same prob­lems as with any other de­vel­oped coun­try with a large pop­u­la­tion.

“The new govern­ment’s goal is a ma­jor re­struc­tur­ing of the econ­omy.”

As re­gards the busi­ness cli­mate, he said that In­dia is “do­ing it’s best” and that the em­pha­sis is how to project the new busi­ness model over­seas, as well as to at­tract for­eign in­vestors.

The re­sponse so far has been that more and more are ex­press­ing the view that they “feel happy do­ing busi­ness with In­dia”.

He added that the In­dian busi­ness model is friend­lier than many other coun­tries and that any one who wants to en­joy the ben­e­fits is more than wel­come, in or­der to break away from stereo­typ­i­cal eco­nomic en­vi­ron­ments.

The For­eign Min­is­ter said that in­fras­truc­tural changes were im­prov­ing to the bet­ter, but not with the speed that would be ex­pected. Nev­er­the­less, they are im­prov­ing.

The govern­ment of­fi­cial joked to say that eco­nomic de­vel­op­ments were sim­i­lar to tack­ling the traf­fic con­ges­tion in New Delhi. “You must have pa­tience”.

In any case, For­eign Min­istry of­fi­cials sug­gested that the govern­ment is con­sid­er­ing invit­ing Pres­i­dent Anas­tasi­ades for a state visit.

As re­gards the pend­ing is­sue of the In­dia-Cyprus dou­ble taxation avoid­ance agree­ment, govern­ment of­fi­cials in New Deli con­sider that the mat­ter will be re­solved very soon and the only out­stand­ing mat­ters are of pro­ce­dural na­ture. A se­nior Fi­nance Min­istry of­fi­cial told the

“We do not con­sider that we have placed friends on a black list. It’s just that be­cause of the pro­longed ne­go­ti­a­tions, mat­ters may take some time to con­clude, and this is the way it is.”

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