The Minister of Foreign Affairs of the Republic of Cyprus, Constantinos Kombos, has sent a message of deepening the strategic cooperation between Cyprus and India, emphasising that the bilateral relationship is entering a new phase, with an emphasis on the creation of joint value chains in emerging sectors.
The Minister's greeting was read, on his behalf, by Demetris Assos, Head of the Asia & Oceania Directorate of the Ministry of Foreign Affairs, at the India–Cyprus Business & Investment Summit 2026 held in Nicosia and organised by the High Commission of India in Cyprus.
In his speech read out by Assos, Kombos stated that the Summit constitutes a “decisive step for the implementation of the ambitious Joint Action Plan 2025–2029”, which followed the historic visit of Indian Prime Minister Narendra Modi to Cyprus in June 2025. As he noted, this visit “gave new energy and ambition to the bilateral relationship.”
Referring to his recent visit to India, he stressed that he had the opportunity to witness “the scale of India’s transformation,” describing the country as a “global engine of growth, innovation and technological leadership”. He stressed that for Cyprus, India is a “trusted friend” and “strategic partner for the future.”
He recalled that since the establishment of diplomatic relations in 1962, the two countries have shared a commitment to sovereignty, international law and democracy, with the political relationship evolving into a dynamic economic partnership. He noted that in May the President of the Republic of Cyprus will pay an official visit to India, a visit that “will reaffirm our political commitment at the highest level” and “will create new opportunities to transform the strategic partnership into concrete initiatives” in the areas of trade, investment, technology and connectivity.
As he stressed, Cyprus is among the top ten foreign investors in India, with cumulative investments of approximately $14 billion by 2024, in sectors such as IT, pharmaceuticals and real estate. At the same time, Indian companies are using Cyprus as a gateway to Europe, particularly in the areas of information and communication technologies, financial services, shipping and innovation.
Reference was also made to recent agreements that enhance investor confidence and create practical tools for cooperation, such as the revised Double Taxation Avoidance Agreement, cooperation between investment agencies and stock exchanges, as well as the India-Cyprus Business Council. It was also emphasised that the classification of Cyprus as Category 1 for Foreign Institutional Investors in India enhances capital flows and financial cooperation.
Particular emphasis was placed on the position that cooperation is "about more than trade volumes", as it aims "to build common value chains in emerging sectors", with prospects in renewable energy sources, advanced technology, diversification of supply chains, skills mobility and investment facilitation.
At the European level, he underlined that the recent European Union-India Summit marked a substantial upgrade of the strategic partnership, with the successful conclusion of the Free Trade Agreement placing the relationship on a long-term and strategic trajectory. He stressed that Cyprus supported the successful conclusion of the agreement and, as the country holding the Presidency of the Council of the European Union, remains committed to its promotion and implementation.
Referring to the India-Middle East-Europe Economic Corridor, he noted that in an environment of geopolitical uncertainty and disruptions in supply chains, this corridor “constitutes a concrete response” and “a framework for diversification, resilience and economic security.” In the new connectivity map, the Eastern Mediterranean emerges as a critical hub and Cyprus is uniquely positioned to contribute as a reliable European entry point for Indian trade, investment and innovation.
Concluding, he stressed that the Cyprus-India partnership is entering a new phase "defined by shared ambition", with a horizon of 2027, when the two countries will complete 65 years of diplomatic relations, aiming for stronger investment flows, joint innovation and technology initiatives and further consolidation of Cyprus as a European gateway for India.
(Source: InBusinessNews)
