Cyprus pitches itself as India’s gateway to Europe at Mumbai summit

Cyprus has sought to deepen trade and investment ties with India, positioning itself as a “gateway to Europe” for Indian companies during a high-level business roundtable at the ICC Global Business Summit in Mumbai.

Speaking at the session on India–Cyprus Business and Investment Opportunities, Cyprus’ Deputy Minister of Research, Innovation and Digital Policy, Dr Nicodemos Damianou, said the island nation offers Indian firms “a stable, resilient and business-friendly ecosystem” to expand operations into Europe and beyond.

“Cyprus is firmly committed to being that trusted partner,” Damianou said. “For Indian companies looking to expand their footprint in Europe, Cyprus is a natural partner and an ideal testbed for emerging technologies, particularly in AI, fintech, and digital services.”

India and Cyprus already enjoy a strong two-way investment relationship. Cyprus ranks as the eighth largest source of foreign direct investment in India, while India is among the top ten investors in Cyprus, according to official figures.

Damianou stressed that this flow of capital reflected “trust and confidence” between the two economies.

The ties gained fresh momentum in June when Prime Minister Narendra Modi visited Cyprus, the first trip by an Indian premier in over two decades.

“Trusted, reliable partnerships, secure supply chains, and shared innovation ecosystems will define the next chapter of international cooperation,” Cypriot President Nikos Christodoulides had said during that visit.

Highlighting Cyprus’ strengths, Damianou pointed to its strategic location at the crossroads of Europe, Asia, and Africa, its strong startup ecosystem and investment-friendly policies, including Europe’s most attractive IP Box regime and R&D tax credits.

IT major LTIMindtree has set up an AI and Digital Centre in Cyprus.

Recently, the island also became only the second country in Europe to enable India’s UPI-based cross-border payments, through a deal between NPCI International and Eurobank Cyprus.

The two countries are also working on a bilateral MoU on innovation and emerging technologies, while a new India–Cyprus–Greece trilateral Business and Investment Council aims to boost cooperation in shipping, logistics, renewable energy, aviation, and digital services.

Cyprus will assume the presidency of the European Union in 2026, Damianou noted, and intends to use that position to push forward the long-pending India–EU Free Trade Agreement, which could unlock “new layers of opportunity for collaboration, trade, and investment.”