A high-level Cyprus Government and Business Delegation recently visited Mumbai to further strengthen bilateral economic, trade, and investment relations between India and Cyprus. This event, jointly organized by the World Trade Center (WTC) Mumbai and the All India Association of Industries (AIAI), marked a significant milestone in the longstanding partnership of over six decades between the two nations.
On this occasion, WTC Mumbai signed Memorandums of Understanding (MoUs) with Invest Cyprus and WTC Cyprus to foster bilateral trade and investment. These agreements reaffirm Cyprus’ role as a strategic gateway for Indian businesses into European markets, opening new opportunities in sectors like technology, research, shipping, fintech, and innovation.
The session was graced by distinguished dignitaries, including H.E. Mr. Evagoras Vryonides, High Commissioner of Cyprus to India; Mr. Demetris Skourides, Chief Scientist for Research, Innovation, and Technology, Republic of Cyprus; Mr. Marios Tannousis, CEO of Invest Cyprus; Mr. Nicos Chimarides, IGC Representative and PwC Partner, Tax & Legal; Mr. Panayiotis Chrysotomou, IGC Representative and Manager, Banking Services & Representative Offices IBB of Eurobank; Mr. Antony Georgaki, Head of Operations, WTC Cyprus; and Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI.
Their insights reflected the shared vision of India and Cyprus to deepen economic and investment cooperation.
In his opening remarks, Dr. Vijay Kalantri emphasized the importance of Cyprus in global trade, stating, “Cyprus is the gateway to other European nations and increasing collaborations in fintech and innovation will lead to continued benefits for both India and Cyprus, with hopeful expectations of trade surpassing USD 1 billion in the future.”
Highlighting ongoing diplomatic efforts, H.E. Mr. Evagoras Vryonides noted, “The 14th round of the India–EU FTA negotiations is scheduled for October 2025, which will further strengthen the bond between India and Cyprus. Indian business entities can set up businesses in Cyprus, manufacture or produce there, and receive preferential access to European markets.”
The keynote presentation was delivered by Mr. Demetris Skourides, who showcased Cyprus as an emerging hub for research and technology. He remarked, “Cyprus today ranks 25th in the Global Innovation Index, supported by strong research institutions and projects in advanced sectors such as defence and ship manufacturing. By combining India’s global leadership in digital technology learning with Cyprus’ research expertise and professional services, both nations can build powerful synergies that drive innovation and competitiveness.”
The session featured other distinguished speakers who spotlighted Cyprus’ strengths as a global business hub. Mr. Marios Tannousis spoke about the country’s investor-friendly environment, highlighting the Start-up Visa for non-EU entrepreneurs, attractive tax policies, and a robust regulatory framework.
Mr. Nicos Chimarides emphasized Cyprus’ favourable tax regime, including zero withholding tax on overseas payments (excluding EU-blacklisted jurisdictions), an extensive double tax treaty network, a corporate tax rate of 12.5%, and a preferential IP regime with rates as low as 2.5%.
Focusing on banking and trilateral cooperation, Mr. Panayiotis Chrysotomou noted the recent launch of the India-Greece-Cyprus Business & Investment Council in Mumbai, aimed at fostering collaboration in technology, infrastructure, and finance. He further remarked, “The IMEC trade, logistics, and data corridor will serve as a vital link connecting India to Europe, and Cyprus will be an essential node in facilitating its outcomes. Through the IGC platform, we are committed to ensuring that the full benefits of IMEC reach businesses across all three nations.”
Representing WTC Cyprus, Mr. Antony Georgaki outlined the institution’s mission to connect Cypriot businesses with the world and to help international enterprises leverage Cyprus as a strategic base for EU access.
In his concluding remarks, Dr. Vijay Kalantri expressed confidence that the visit provided Indian exporters, investors, and business entities with a comprehensive overview of Cyprus as a trusted partner. The signing of the MoUs by WTC Mumbai with Invest Cyprus and WTC Cyprus stands as a testimony to the commitment of all parties to expand opportunities and achieve sustained growth in bilateral trade and investment.
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