The visit of Prime Minister Narendra Modi to Cyprus in June was a landmark moment, as it was the first such visit in over two decades.
I had the privilege of attending the closed-door Cyprus-India Roundtable in Limassol alongside Prime Minister Modi and Cypriot President Nikos Christodoulides – a great honour as the only female entrepreneur from the corporate industry in Cyprus.
That discussion made it clear to us and the rest of the world that our countries are entering a new chapter of cooperation, one that emphasises maritime security, defence, cybersecurity and trade. The symbolism of the Indian frigate INS Trikand’s port call in Cyprus last month further underlined this commitment, complemented by the pledge to establish more structured mechanisms for defence collaboration and information-sharing.
On the business front, the Cyprus-India Business Roundtable brought together business people to explore opportunities in technology, finance, logistics, travel, ESG-driven growth and more. Recently, Cyprus participated in the Indian Chamber of Commerce Global Business Summit in Mumbai, promoting our country as a natural gateway for Indian companies into Europe. These engagements illustrate that bilateral ties are no longer aspirational but active, dynamic and forward-looking actions.
Adding to this momentum is the growing economic and financial cooperation between our countries. A significant milestone was the signing of a Memorandum of Understanding (MoU) between the Indian National Stock Exchange (NSE) and the Cyprus Stock Exchange to explore collaboration in areas such as cross- and dual-listings, technology sharing and sustainable finance. Following the signing, I had the honour of joining the recent meeting in Mumbai between the NSE and the Cyprus delegation led by the Deputy Minister of Research, Innovation and Digital Policy, Dr Nicodemos Damianou, and Chief Scientist Demetris Skourides. Our discussions went beyond technology, innovation, digital transformation and financial markets, touching on trading volumes, internal controls and practical modes of cooperation.
These steps reflect not just intent but the foundation of a deeper partnership, one that promises tangible benefits for both nations. WICCI Cyprus, as part of this ecosystem, is uniquely positioned to strengthen people-to-people and business-to-business links, particularly by focusing on women-led entrepreneurship and cross-border collaboration.
Opportunities
Cyprus offers one of the lowest corporate tax rates in the EU at 12.5%. It also serves as a hub for research and innovation, including data centres and R&D activities. Companies engaged in R&D can benefit from effective tax rates as low as 2.5% under its competitive IP regime.
The country also provides significant tax advantages, including no capital gains tax on shares and no tax on worldwide dividends, while maintaining over 65 double taxation treaties, including one with India. Cyprus has introduced an attractive Film Incentive Scheme, offering cash rebates of up to 45% on eligible production costs, making it an ideal destination for international projects.
Additionally, it is ranked among the world’s top 20 shipping centres and hosts Europe’s largest third-party ship management hub. India’s strengths in software, fintech, agritech, shipping, clean energy and its world-renowned film industry align perfectly with Cyprus’s drive to innovate and connect with European and Western markets. WICCI Cyprus is uniquely positioned to facilitate women-led ventures in these sectors, fostering collaboration and creating new opportunities for growth and partnership.
Challenges
The Indian market is not just big – it is truly vast, home to more than 2,000 ethnic groups. In contrast, Cyprus is a small Mediterranean island with a correspondingly small population. This contrast means that we must work tirelessly to raise awareness in India about Cyprus and the unique advantages our country offers, while keeping the momentum alive until business opportunities begin to materialise.
We must also ensure that information is readily available so that we can respond quickly to any queries or needs. For instance, a Bollywood producer once asked me whether Cyprus could host an entire production team of a few hundred people in a single five-star hotel. That question perfectly illustrates the essence of the Indian market. Everything operates on a grand scale and expectations must be matched accordingly or accommodated in a way that is mutually accepted.
Our responsibility is to ensure that when such opportunities arise, Cyprus responds positively with the people, equipment, infrastructure and services necessary to meet the demands of this dynamic and expansive market.
The Role of Businesswomen
India is a place where women are encouraged to pursue business at every level and they thrive. Our goal is to connect with these businesswomen to support their expansion into Europe and the West. The greatest opportunity lies in integrating women-led ventures into broader cooperation. Realising this potential requires commitment from both countries, with investment in mentorship, cross-border accelerators and platforms that empower women to drive inclusive prosperity.
WICCI Cyprus
Cypriots and Indians share the same principles – family, resilience and entrepreneurship – which shape our societies and fuel our desire for collaboration. My vision is for WICCI Cyprus to act as a bridge, connecting Cypriot and Indian businesswomen while strengthening the ecosystem that supports women in business. Our network provides not only a platform for networking but also guidance, support and a safe space for empowerment and long-term success. We represent women in Cyprus, empower women globally, and create connections that allow Cypriot women to reach beyond borders. Moving forward, our focus is on action – building platforms where businesses and leaders from both countries can collaborate meaningfully and ensuring that women are at the forefront of shaping this partnership.
*Marina Zevedeou, President, Women’s Indian Chamber of Commerce and Industry, Cyprus (WICCI Cyprus)
This article first appeared in the October edition of GOLD magazine. Click here to view it.
