Panaji, Apr 21 (KNN) The Goa Chamber of Commerce and Industry (GCCI) on Thursday signed an agreement with Limassol Chamber of Commerce and Industry (LCCI) based in Cyprus to promote trade and investment, reported TOI.

Under the agreement, 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, the MoU stated.

Speaking about the MoU signed, GCCI President Ralph de Sousa said, “We see this signing of an MOU as a major step in enhancing trade within Cyprus and India, and more specifically Goa.”

Madhumita Bhagat, High commissioner of India in Cyprus called the MoU a milestone in the relations between the two nations.

“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,” he said adding that the agreement will further strengthen the cooperation between the chambers of Goa and Limassol.

Limassol is a city on the southern coast of Cyprus and is the second-largest city on the Mediterranean island.

The Republic of Cyprus is the 10th largest foreign direct investor in India, with an accumulated investment of almost USD 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.  (KNN Bureau)