The Hindu

India proposes to undertake oil exploration in Cyprus

New Delhi, Apr 13: India proposed to engage in oil exploration in Cyprus as it noted that there were tremendous opportunities for collaboration with that country in the field of knowledge-based and hi-technology industry.

"We are involved in projects in oil prospecting and exploitation in different parts of the world and would be happy to share our expertise in the exploration of your hydrocarbon resources," President A P J Abdul Kalam said addressing a banquet hosted in honour of his Cypriot counterpart Tassos Papadopoulos here.

Kalam said the Indian economy has been growing at 7 to 8 per cent over the last few years and its stock markets are doing well. India's foreign trade and foreign exchange reserves have grown since 1991, he said.

"But in order to bring prosperity and growth to our one billion people, we need to grow at around 10 per cent or so for the next few years," he said.

Noting that though it was a high figure, Kalam said the government was optimistic that it could be achieved.

The President said government was seeking to ensure that the benefits of development reached the rural poor.

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