Distinguished guests,
Ladies and Gentlemen,
I would like to sincerely thank the IGC Business and Investment Council and the Indian Chamber of Commerce for bringing us together today. This forum is more than just a meeting point. It is a platform to discuss meaningful collaboration initiatives at industry & business level, and an opportunity for us to showcase Cyprus’ strengths as a reliable and forward-looking business partner, and an efficient gateway for Indian businesses into Europe and the wider region. And for that we are grateful.
With a stable and resilient economy, one of the best performing in the EU, a business-friendly environment, a geostrategic location at the crossroads of three continents and an elevated role as a pillar of geopolitical stability and humanitarian aid, Cyprus offers a unique proposition for innovation, investment, and growth. Together, we have the opportunity to build partnerships that are not only profitable, but transformative.
Dear friends,
The bonds between Cyprus and India are deep and longstanding, but what is particularly important is how rapidly they have evolved in recent years. Our cooperation now extends well beyond traditional friendship, reaching into new and promising fields, such as technology, shipping, tourism, and investment. Since my visit to India one year ago, we have witnessed this relationship enter a new and more dynamic phase, one that is not just political or symbolic, but already delivering concrete results, with Indian companies choosing Cyprus as a base for significant new ventures.
This momentum gained historic significance with Prime Minister Modi’s visit to Cyprus in June this year, the first by an Indian Prime Minister in more than two decades. In the words of our President, Nikos Christodoulides, “at a time of geopolitical turmoil and resulting global realignment, trusted, reliable partnerships, secure supply chains, and shared innovation ecosystems will define the next chapter of international cooperation.”.
Ladies and Gentlemen,
Cyprus is firmly committed to being that trusted partner. Despite regional challenges, our economy has shown remarkable resilience, attracting international investors who see Cyprus not only as a gateway into Europe, but also as a hub for their global operations. For Indian companies looking to expand their footprint in Europe, Cyprus is a natural partner and an ideal testbed for emerging technologies, offering the right ecosystem to pilot innovative solutions, particularly in AI, fintech, and digital services. At the same time, India’s global leadership in technology and innovation, coupled with its fast-growing economy, present meaningful opportunities for joint ventures, talent exchange and transformative collaborations.
Our investment relationship is already strong: Cyprus is the 8th largest source of Foreign Direct Investment in India, while India ranks among the top ten investors in Cyprus. This two-way flow reflects the trust and confidence that already exists between our economies, and points to enormous potential to grow even further together.
Building on this strong foundation, we believe that initiatives such as the India–Middle East–Europe Economic Corridor (IMEC) offer a natural next step for collaboration. Cyprus is ideally positioned to serve as India’s first point of entry into Europe and as a reliable transshipment hub, strengthening supply chains and enhancing connectivity across regions. By linking Europe, the Middle East, and Asia, IMEC provides Indian companies with unparalleled access to markets, smart infrastructure, and growth opportunities, making Cyprus not just an ideal gateway, but a strategic partner for resilient and scalable business operations.
Dear friends,
Cyprus offers Indian companies a compelling value proposition, underpinned by strong incentives and unwavering governmental support. Technology, now the fastest-growing pillar of our economy, is expanding at double-digit rates and driving some of the most exciting opportunities for innovation and investment. With over 800 tech companies, a thriving startup ecosystem ranked 40th globally in the StartupBlink 2025 Index, and incentives such as the most attractive IP Box regime in Europe, R&D tax credits, and talent mobility schemes, Cyprus provides a dynamic environment where businesses can grow, scale, and lead.
This potential is already coming to life. Indian technology companies are increasingly choosing Cyprus as a base for European operations. LTIMindtree’s AI & Digital Center stands out as a flagship example of Cyprus as a testbed for cutting-edge technology. The Fairfax investment in Eurobank underlines confidence in Cyprus as a regional financial and business hub, while Europe’s first enterprise-grade agentic AI voice platform was recently launched on the island. These are not abstract ambitions, they are real investments, already producing results.
At the same time, Cypriot companies have a unique opportunity to expand their presence in India, invest in a country of scale, innovation and remarkable opportunity, and explore collaborations that will enable them to grow and diversify. This is also why Cyprus is participating in this forum with an extended business delegation, representing sectors such as technology, space, financial services and consulting. Their presence here today reflects the readiness of the Cypriot private sector to engage directly with Indian partners, to build trust, and to translate opportunities into real projects and joint ventures.To further strengthen our partnership, a bilateral MoU on Innovation and Emerging Technologies is being finalized, designed to facilitate strong links between our two ecosystems. Complementing this, a trilateral Business and Investment Council between Cyprus, India, and Greece has been launched, opening new avenues in shipping, logistics, renewable energy, aviation, and digital services. Practical progress is also evident through the NPCI International–Eurobank Cyprus agreement, enabling UPI-based cross-border payments and making Cyprus only the second country in Europe to offer this service.
Dear friends,
The Government of Cyprus remains firmly committed to creating an environment that enables high-impact investment, drives business activity, and positions Cyprus at the forefront of technological innovation in Europe and the region. We invite Indian companies to see Cyprus not only as a gateway into Europe, but as a partner with whom they can co-create sustainable growth, scale global ventures, and jointly shape the innovation ecosystems of the future.
In fact, the private sector is already forging ahead, which is a clear sign of confidence in the economic promise of India-Cyprus relations. With collaborations been formed between private stakeholders in the context of this visit, we are paving the way for deeper cooperation and concrete projects between our business communities.
Looking ahead, as Cyprus prepares to assume the Presidency of the Council of the European Union next year, we are also determined to strengthen the India–EU Strategic Partnership and advance the conclusion of the India–EU Free Trade Agreement. These developments will open new layers of opportunity for collaboration, trade, and investment between our nations.
Closing, I would like to thank you all for joining us and for the warm hospitality. I am confident that today’s session will lay the foundations for exploring concrete partnerships, innovative projects, and exciting new business ventures.
Thank you, and I wish you all a productive evening.
