Ramnath Kovind Current Affairs
India and Bulgaria have signed four MoUs in fields of Civil Nuclear cooperation, investment, Tourism and establishment of Hindi chair at Sofia University. Both countries also signed program of Cooperation on science and Technology. These agreements were signed after President Ramnath Kovind and his Bulgarian counterpart Rumen Radev held talks in Sofia, capital of Bulgaria. President Ram Nath Kovind visited Bulgaria on the second leg of his three-nation visit (Cyprus, Bulgaria and Czech Republic) to Europe to continue India’s high-level engagements with the European countries. President Kovind was fifth Indian President to visit Bulgaria and first in 15 years.
Key Highlights of President’s visit
India called for collaboration with Bulgaria in fields of innovation and R&D as it can offer exciting eco system for it. It was also held that India and Bulgaria can cooperate in devising technologies to clean rivers and to explore potential of blue economy. Both countries also have agreed to substantially upgrade their economic partnership in line with depth of robust political relations. Bulgaria can become key partner for India in defence sector under Make In India programme and in technology intensive sectors such as IT, logistics and infrastructure under Digital India and Smart Cities programmes of the Government. Bulgaria supported India on issues like entry into Nuclear Suppliers Group and permanent membership of UN Security council.
India and Cyprus have signed two agreements on combating money laundering and cooperation in the field of environment. These agreements were signed after wide-ranging talks between President Ram Nath Kovind and his Cypriot counterpart Nicos Anastasiades in Nicosia (capital of Cyprus). President Kovind visited Cyprus on the first leg of his three-nation visit to Europe including Bulgaria and Czech Republic to continue India’s high-level engagements with European countries.
The MoU on combating money laundering was signed between Financial Intelligence Unit, India, and Unit for Combating Money Laundering of Cyprus. This agreement will further strengthen institutional framework to facilitate investment cross-flows.
Cyprus is the eighth largest foreign investor in India with a cumulative foreign direct investment of about $9 billion in areas such as financial leasing, stock exchange, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and logistics. The Double Taxation Avoidance Agreement (DTAA) between both the countries was revised in 2016.
Diplomatic ties between India and Cyprus were established in 1962. Cyprus got the support of India during its struggle for independence from British colonial rule. Bilateral trade between both the countries stood at EUR 76.5 million in 2015. The major commodities exported by India to Cyprus are organic chemicals, vehicles & accessories and iron & steel. India’s main imports are aluminium and its products, wood pulp, machinery, boilers, engines, and plastic.