Cyprus stands as a pivotal commercial bridge for Indian companies venturing into Europe, the Middle East and North Africa primarily through seamless access to the EU’s 450 million consumers, its ability to attract top-tier talent from third countries and unparalleled proximity to MENA markets within a safe, highly competitive business ecosystem, according to the President of the Cyprus-India Business Association, Chrysilios Pelekanos.
Pelekanos shares his views on the current state of business relations between the two countries and how they can be expanded, in an interview published in the October issue of GOLD magazine.
How do cultural ties and historic diplomatic relations influence today’s business cooperation between Cyprus and India?
The cultural and historical bonds between Cyprus and India – rooted in shared post-colonial experiences, democratic values and mutual respect – form a solid foundation that fosters trust and facilitates deeper business collaboration today. Diplomatic relations, established shortly after both nations gained independence, have evolved into a strategic partnership characterised by consistent support in international forums. This legacy of friendship has been evident in recent high-level engagements, such as Prime Minister Narendra Modi’s historic 2025 visit to Cyprus. The visit started with a Business Roundtable during which the increased business and economic activity between the two countries and the use of Cyprus as a gateway for Indian businesses into Europe were acknowledged and encouraged by the two leaders. These ties, coupled with the excellent political and economic relations between Cyprus and India, send a strong signal to Indian businesses to leverage Cyprus’ stability for European expansion and to Cypriot businesses to tap into India’s vast market, as seen in burgeoning sectors like shipping, fintech and renewable energy. Ultimately, our shared heritage is transforming abstract goodwill into tangible economic synergies, promoting innovation-led growth and resilient supply chains.
In what ways do you see Cyprus serving as a bridge for Indian companies looking to Europe, the Middle East and North Africa?
Cyprus stands as a pivotal commercial bridge for Indian companies venturing into Europe, the Middle East and North Africa, primarily through seamless access to the EU’s 450 million consumers, its ability to attract top-tier talent from third countries and unparalleled proximity to MENA markets within a safe, highly competitive business ecosystem. As an EU member, Cyprus enables Indian firms to establish operations that tap directly into the single market’s vast consumer base, leveraging streamlined regulations and logistics for exports in sectors like IT, renewables and manufacturing. Its strategic Mediterranean location offers easy, secure access to MENA, mere hours from key hubs like Dubai and Riyadh, fostered by a stable geopolitical environment, world-class infrastructure and a skilled, multilingual workforce that enhances operational efficiency. Moreover, Cyprus’ progressive policies allow companies to bring in high-calibre professionals from third countries, fuelling innovation and addressing talent shortages while integrating diverse expertise into EU-compliant frameworks. These policies and the recent introduction of the EU Blue Card make Cyprus an attractive place for high-calibre and skilled Indian professionals. Complementing these advantages, the India-Middle East-Europe Economic Corridor (IMEC) amplifies Cyprus’ role as a critical node, facilitating multimodal trade routes that connect Indian ports to European destinations via the island’s advanced shipping facilities, promoting joint ventures in green energy and digital infrastructure. This positions Cyprus not just as a gateway but as a dynamic hub for sustainable growth and regional integration.
As India undergoes rapid digital transformation, how can Cyprus best position itself to partner in this venture?
Building on Cyprus’ pivotal role as a commercial bridge for Indian enterprises into Europe and MENA, the island is uniquely poised to partner in India’s digital transformation by attracting displaced tech talent and innovative start-ups, channelling their expertise toward EU market expansion in a secure, competitive ecosystem that prioritises seamless access to 450 million consumers. As a compliant EU hub, Cyprus offers Indian firms a stable launchpad for AI, fintech and cybersecurity solutions, where joint ventures can test and scale technologies like blockchain and data analytics while adhering to stringent privacy standards, fostering reciprocal growth in high-value sectors. Recent advancements, including the June 2025 Joint Declaration on Comprehensive Partnership and September’s agreements between UCLan Cyprus and Perfect & Complete Solutions Inc India for training chief digital and AI officers, exemplify this collaboration, paving the way for blended R&D initiatives that merge India’s rapid innovation with Cyprus’ advanced infrastructure and logistics. Amid the intensifying US H-1B visa challenges, including a US$100,000 fee per new permit and entry restrictions effective from September 2025, Cyprus emerges as an attractive relocation destination for Indian and third-country tech professionals, bolstered by the EU Blue Card. In this era of geopolitical flux, Cyprus invites these talents to thrive, creating vibrant innovation clusters that not only mitigate brain drain for India but also amplify bilateral ties through diversified talent pools and accelerated digital corridors like IMEC.
Beyond investment, what role could knowledge exchange and talent mobility play in strengthening bilateral ties?
Knowledge exchange and talent mobility can serve as vital catalysts for deepening Cyprus-India ties, transcending mere capital flows to build sustainable, human-centred partnerships. Structured programmes, such as joint academic exchanges in technology and management, could transfer best practices in fintech and renewable energy, empowering Cypriot firms with India’s scalable innovation models while exposing Indian talent to EU standards. Visa facilitation and mobility schemes would enable skilled Indian professionals to contribute to Cyprus’ growing tech sector, addressing talent gaps and fostering reverse knowledge flows through mentorship initiatives. The 2025 trilateral forums with Greece underscore this, promoting cross-sector dialogues in defence, logistics and education. By prioritising these, both nations can cultivate a shared talent pool, drive R&D collaboration and enhance soft power, ultimately yielding long-term economic resilience and cultural integration.
What are the key challenges that businesses face when exploring cross-border ventures between Cyprus and India?
Cross-border ventures between Cyprus and India undoubtedly involve navigable hurdles. Elements such as Cyprus’ streamlined EU-aligned processes or optimising logistics amid India’s expansive geography underscore the immense potential for enduring partnerships that reward patience and persistence. India’s vastness, spanning diverse regions from tech hubs in Bangalore to manufacturing powerhouses in Gujarat, demands a deliberate, consistent outreach strategy to illuminate Cyprus’ role as a stable, EU-anchored gateway, much like our ongoing delegations and forums that have steadily amplified awareness among pan-Indian businesses. Indeed, great things take time – Rome wasn’t built in a day! – and viewing this as a long-term investment, with the Cyprus-India Business Association’s unwavering advocacy through tailored matchmaking and policy dialogues, positions both nations to cultivate resilient ecosystems that yield exponential returns for generations.
How does the Cyprus-India Business Association support and assist its members? Which leading Indian enterprises are presently established in Cyprus and what broader significance does their presence hold?
The Cyprus-India Business Association, operating under the Cyprus Chamber of Commerce & Industry with support from the Ministry of Energy, Commerce & Industry and the High Commission of India, empowers its members by fostering bilateral trade and socio-economic ties through targeted initiatives. It assists by organising outbound business delegations to promote Cyprus’ advantages, hosting incoming Indian delegations with B2B matchmaking, and delivering seminars, conferences and networking events featuring global experts. Members gain access to an exclusive network for introductions, advocacy with authorities and collaborative advocacy on trade issues, enhancing their competitive edge in imports, exports and services.
Leading Indian enterprises established in Cyprus include LTIMindtree, which launched a Digital Innovation Hub in 2025 to serve regional clients; Thomas Cook India, expanding tourism and financial services; and Voicing.AI, focusing on AI-driven solutions. Their presence signals Cyprus’ emergence as a tech and investment hub, injecting innovation, capital and diversification while validating its role as a European gateway. India ranks among Cyprus’ top ten investors, with reciprocal FDI flows underscoring mutual strategic complementarity. This not only boosts local ecosystems but also amplifies Cyprus’ geopolitical relevance in Indo-Mediterranean corridors.
This interview first appeared in the October edition of GOLD magazine. Click here to view it.
