Patil seeks Cypriot investment in infrastructure projects

Inviting Cypriot firms to take part in the bidding process for India's infrastructure projects, president Pratibha Patil today described her country as an excellent destination for investment in view of its stable economy and democratic system.

Addressing the Cyprus-India Business Meet, Patil, the first Indian head of the state to visit the island nation in the last two decades, offered participation of the country in Cyprus' plan to develop its knowledge-based industries.

"I invite Cypriot companies to participate in bids for projects in India, individually or in joint ventures with Indian firms," said the president, who arrived here last night.

The infrastructure sector in India, she said, requires investment worth USD500 bn over the next five years.

Amid the global downturn, all indications are that India is on the path to recovery, Patil said.

"The stock markets have rebounded and market capitalisation has crossed USD600 bn...India's stable economy and its democratic as well as transparent system makes it an excellent destination for investment," she said.

"India today is ideally positioned to facilitate the Cypriot government's policy to promote the country's pursuit in further developing hi-tech and knowledge-based industries," the President said.