Cyprus offers a unique proposition for innovation, investment and growth, Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou said, addressing a session on India-Cyprus relations and investment opportunities, during the ICC Global Business Summit in Mumbai, India, showcasing Cyprus’ strengths as a "reliable and forward-looking business partner, and an efficient gateway for Indian businesses into Europe and the wider region".
According to the Deputy Ministry, Damianou on 18 September said that Cyprus' stable and resilient economy is "one of the best performing in the EU", as 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, noting that 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", he said.
Damianou noted that the bonds between Cyprus and India are deep and longstanding and they have rapidly 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", he said, adding that since his last visit to India, a year ago, this relationship entered a new and more dynamic phase that already delivers concrete results, with Indian companies choosing Cyprus as a base for significant new ventures.
This momentum, he continued, 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.
Committed to being a trusted partner
Cyprus is firmly committed to being a trusted partner, the Deputy Minister said, noting that, despite regional challenges, Cyprus' 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," he added.
At the same time, he pointed out, "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."
According to Damianou, 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", he highlighted.
He added 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," he said.
Unparalleled access to markets, smart infrastructure, and growth opportunities
According to the Deputy Minister, "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."
As he said, 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", he noted.
Damianou also pointed to the fact that Indian technology companies are increasingly choosing Cyprus as a base for European operations, naming LTIMindtree’s AI & Digital Center as a flagship example of Cyprus as a testbed for cutting-edge technology.
He referred to the Fairfax investment in Eurobank, which "underlines confidence in Cyprus as a regional financial and business hub", while also noting that Europe’s first enterprise-grade agentic AI voice platform was recently launched on the island.
At the same time, he added, 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," he said.
Bilateral MoU on Innovation and Emerging Technologies
Damianou noted that a bilateral MoU on Innovation and Emerging Technologies is being finalised, designed to facilitate strong links between the 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, he said.
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, he added.
"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," he noted.
The Deputy Minister invited 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", noting that the private sector is already forging ahead, which, as he said, is a clear sign of confidence in the economic promise of India-Cyprus relations.
Furthermore, he noted that, 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."
Deep and longstanding ties
Damianou also wrote about his address in a LinkedIn post, stating, "Addressed today the roundtable “India–Cyprus Business and Investment Opportunities: Economic Collaboration and Shared Growth” during the ICC Global Business Summit, in Mumbai, India.
Cyprus and India enjoy deep and longstanding ties, which have recently entered a new, dynamic phase, with cooperation extending into technology, shipping, tourism, investment, and beyond. The historic visit of Prime Minister Narendra Modi to Cyprus earlier this year gave powerful new momentum to this partnership.
Cyprus stands ready to serve as a trusted and strategic partner for Indian companies seeking access to Europe and the wider region. Indian companies are increasingly choosing Cyprus as a base for significant new ventures, particularly in the field of AI.
MoU on Innovation and Emerging Technologies is being finalized, designed to facilitate even stronger links between our two ecosystems.
Together, Cyprus and India can unlock vast opportunities— shaping a future of shared growth and prosperity."
(Sources: CNA, LinkedIn)
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