Trade and policy experts have emphasised Cyprus’ growing role as a gateway for Indian businesses into European markets, as the World Trade Centre (WTC) Mumbai signed MoUs with Invest Cyprus and WTC Cyprus.
The agreements, announced at a high-level business and government meeting in Mumbai, are aimed at boosting bilateral cooperation in technology, research, shipping, fintech, and innovation, according to reports from India.
As reported by BW Business World, the 18 September session, jointly organised by WTC Mumbai and the All India Association of Industries (AIAI), highlighted Cyprus’ investor-friendly environment, innovation capacity, and position in emerging global trade corridors. The visit by a Cyprus government and business delegation, including senior officials and industry leaders, was described as a significant step in strengthening over six decades of economic partnership between India and Cyprus.
As noted in the report, Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI, underscored Cyprus’ role in India’s global trade outreach. “Cyprus is the gateway to other European nations, and increasing collaborations in fintech and innovation will lead to continued benefit for both India and Cyprus, with hopeful expectations of trade surpassing USD 1 billion in the future,” he said.
High Commissioner of Cyprus to India, Evagoras Vryonides, pointed to the relevance of ongoing trade negotiations between India and the European Union. “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 in European markets,” he noted.
Demetris Skourides, Chief Scientist for Research, Innovation, and Technology of the Republic of Cyprus, stressed the country’s capacity to complement India’s strengths in digital technology. “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,” he said.
Experts argued that this collaboration could serve as a platform for advanced technological ventures, joint research projects, and capacity building in emerging sectors, the report also mentioned.
Tax and investment advantages
Cyprus was also presented as a favourable tax and regulatory destination for Indian investors. Nicos Chimarides, PwC Partner, Tax and Legal and IGC representative, highlighted Cyprus’ tax framework, noting, “Its favourable tax regime includes 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 as low as 2.5%.”
On his part, Marios Tannousis, CEO of Invest Cyprus, emphasised the island’s investor-friendly policies, pointing to initiatives such as the Start-up Visa for non-EU entrepreneurs and streamlined procedures for international businesses.
Banking and finance experts also underlined Cyprus’ role in new connectivity initiatives, the report continued, elaborating that Panayiotis Chrysotomou, Manager of Banking Services & Representative Offices IBB at Eurobank, drew attention to trilateral cooperation. “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,” he said.
Institutional support
On behalf of WTC Cyprus, Head of Operations Antony Georgakis, highlighted the institution’s mission to connect Cypriot businesses globally. He underlined the value of the MoUs in expanding collaboration between India and Cyprus across innovation, research, and business services.
Kalantri, meanwhile, said the MoUs provided Indian exporters, investors, and business entities with a clear perspective on Cyprus as a trusted partner for accessing the European market. He added that the agreements reaffirmed the commitment of both countries to expand bilateral trade and sustain long-term growth. The company said the MoUs signed between WTC Mumbai, Invest Cyprus and WTC Cyprus stand as testimony to the shared vision of driving innovation, trade, and connectivity between India and Europe.
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