I am very happy to be in this historic city of Nicosia. I am touched by the warmth and friendship with which we have been greeted and are delighted to be with our long standing and steadfast friends.

The close and trusted friendship between our two countries, as you know, is deep rooted and goes back to our struggles for independence. The founders of our nation, Mahatma Gandhi and Pandit Jawaharlal Nehru and Archbishop Makarios shared a vision of a just world and bonds of personal friendship with each other. This mutual respect continued. This friendship continued between President Syprios Kyprianou and Prime Minister Indira Gandhi, whose 25th Death Anniversary is being observed today. It now falls on the future generations of both countries to continue this friendship. India has consistently stood for the independence, sovereignty, territorial integrity and unity of the Republic of Cyprus.

Our discussions today covered the entire gamut of bilateral relations, as well as international and regional issues of importance to both our countries. We reviewed the functioning of the institutional arrangements for dialogue between our two countries as also the agreements signed in the past few years which have created the necessary framework to enhance our relations.

We affirmed our desire to further develop our bilateral economic and commercial relations in a cross-sectoral manner. It is for this reason that an Indian business delegation accompanies me.

Economic development of Cyprus is a true success story. India rejoices in the rapid development achieved by the people of the Republic of Cyprus. Given its commitment to developing knowledge-based and hi-technology industry as one of the pillars of the economy, possibilities for cooperation with India in these areas are numerous.

IT and IT Enabled Services are areas of India's core competence. Biotechnology, R&D projects, Agro-food processing, financial services, pharmaceuticals, tourism, film industry, construction, automobiles are some of the other areas of potential cooperation. In our discussions, we also agreed that our bilateral trade which stands at US$ 68.7 million is much below potential and efforts to increase it should be explored.

We are happy to see the realization of aspirations of Cyprus in becoming a member of the European Union and in joining the Euro Zone. We see in these developments an opportunity to build on our economic and technological relations for the mutual benefit of our two peoples.

Mr. President, initiatives during your term have added momentum to resolve the long-standing Cyprus problem. The enthusiasm of the people at the opening of the Ledra Street crossing after 45 long years signified the hope and the desire of many people for unity. We wish you all success in achieving a resolution of the Cyprus problem in accordance with your aspirations and the resolutions of the United Nations Security Council.

India considers Cyprus a time-tested and valuable ally. We appreciate its support for India's permanent membership of the UN Security Council. Our shared commitment to freedom and democracy, multi-religious and multicultural society and common outlook on major regional and international issues, provide the basis for close cooperation in international forums.

I hope this visit will impart added momentum to our bilateral ties.

I have invited President H.E. Mr. Demetris Christofias and Madam Christofia to visit India at a mutually convenient date. We look forward to welcoming them in India.