Pinaki Bag, Founder of the banking-focused IT services and products company DeltaSoft Solutions, discusses the positive dimensions of Cyprus’ smaller scale for relationship-based businesses while calling for greater efficiency, awareness campaigns and more tertiary education options.
Having set up DeltaSoft Solutions offices in Larnaca, in a recent interview with GOLD magazine Bag also shares his thoughts on how doing business in Cyprus compares to India and suggests what opportunities and risks he believes will define the two countries' business relationship over the coming years.
What were the main drivers for choosing Cyprus as a destination? Was there a calculation that Cyprus offered something different from other jurisdictions?
For me, Cyprus offered something beyond the usual tax and geographical advantages. In Larnaca, I discovered a community that is warm, approachable and open to forming meaningful relationships. This is very different from larger business centres where interactions are often transactional. The smaller scale of Cyprus makes space for real conversations and genuine trust. That warmth is not only welcoming but also contagious and it creates a foundation that is invaluable for relationship-based businesses such as B2B sales. Most large firms overlook this dimension but, in Cyprus, it is naturally present.
How does the reality of doing business in Cyprus compare with your experience in India? Have you encountered practices or attitudes that struck you as markedly different?
In India and other large jurisdictions, business relationships often begin in a formal, competitive way. In Cyprus, people bring warmth into the discussions. Conversations move naturally into areas of mutual understanding and that builds trust more quickly. This may come from the smaller population and the strong sense of community here. For someone used to the anonymity of big cities, it is striking that, in Cyprus, personal warmth translates directly into business openness and, in many cases, into lasting partnerships. That approach is something people can learn from Cyprus and apply in a genuine way elsewhere, because it strengthens client relationships in a way that big firms often miss.
From your perspective, where does Cyprus need to improve if it is to become more competitive in attracting Indian companies?
Cyprus has many strengths but I believe that it could improve in three areas. The first is efficiency in administrative processes, since delays or uncertainty discourage companies that are used to faster systems. The second is awareness. Many Indian companies know Dubai or Singapore well but Cyprus is less visible. Promoting its business culture, EU framework and bridging role between Europe and Asia would help Cyprus gain stronger consideration as a serious option. The third is education. Many young Cypriots leave the island for higher studies because local universities do not yet compete at a world-class level. Without strong, competitive universities, it is difficult to build natural centres of high-tech innovation. Long-term competitiveness will depend on developing an education ecosystem that can retain talent and attract international students and researchers.
Finally, looking five to ten years ahead, what opportunities and risks do you think will define the India-Cyprus business relationship?
I think opportunities lie in financial services, technology and energy. The main risk is that Cyprus could remain under the radar if it does not actively position itself. Indian businesses will naturally gravitate to destinations they already know, so without stronger visibility and a clearer narrative, Cyprus may miss the chance to capture sustained attention.
This interview first appeared in the October edition of GOLD magazine. Click here to view it.
