During one of the most strategic discussions of the 10th Professional Services Conference, presented by the Bank of Cyprus, India emerged not only as an emerging market but also as a full-fledged economic giant that is reshaping global balances. And, with it, a new window of opportunity opens for Cyprus.
India is more than “a growth market.” It is a strategic partner with a long-term footprint, requiring presence, structures, and most importantly, trust.
Chrysilios Pelekanos, President, Cyprus-India Business Association & Partner, PwC Cyprus, stressed that the strategic positioning of Cyprus as a bridge between India and Europe is the result of cooperation between the state, business entities and the banking system. As he stated, Indian businesses are now seeking access to markets such as the European Union, the Middle East and North Africa, as well as opportunities for acquisitions, partnerships and technological development.
He made particular reference to India's role in artificial intelligence, noting that its data utilisation and technological base make it a future leader in the field, which creates additional opportunities for cooperation with European jurisdictions such as Cyprus. "We need to increase our speed," he stressed.
Marios Cosma, Managing Partner & CEO, K. Treppides & Co Ltd, highlighted Cyprus as a mature and reliable jurisdiction for international investment schemes, noting that the international situation is creating new opportunities to attract capital, especially from family offices that seek stability and predictability.
As he mentioned, the change in the tax and regulatory environment in traditional investment centres, such as the United Kingdom, is leading to a reallocation of capital towards alternative jurisdictions. In this context, Cyprus has significant comparative advantages, such as its legal system, access to the European Union, quality of life and infrastructure that support both business activity and family settlement.
He placed particular emphasis on the importance of relocating businesses and executives, noting that the decision to settle in a country does not only concern the tax framework but also the ability to live, receive education, access to international universities and overall integration into the local environment.
Andriana Efstathiou, Partner, Frangos Law & Bybloserve, focused on the changing way in which international businesses now approach new markets. As she noted, companies are not simply seeking to enter a market but to establish a permanent base of activity, which makes relocation a key element of their strategy.
Cyprus, according to Efstathiou, combines a stable legal framework, a strong professional ecosystem in sectors such as legal and accounting services, as well as the ability to host and integrate foreign human resources. The parameter of quality of life and work-life balance is, as she said, a determining factor in the choice of international investors.
Petros Mavrommatis, Vice President, CIFA & Board Member, KPMG Cyprus, highlighted the role of Cyprus as an investment centre for capital and structures, noting the importance of connecting the financial sector with new markets and particularly with India, where there is growing interest in international investment placements.
Marios Christoforides, Manager International Business Unit Nicosia and IBU India Hub, Bank of Cyprus, presented India as an economy with the structural characteristics of a global superpower. As he mentioned, the country records a GDP of around 4.2 trillion dollars, with an average growth rate of around 7 to 7.2 percent over the last decade. The middle class, currently estimated at 400 million people, is expected to reach 700 million within the next decade, a size that, as he noted, is comparable to the entire population of the European Union.
He made particular reference to the Bank of Cyprus' initiative to create a specialised unit to service the Indian market, the India Business Unit, which operates as a hub for the management and development of relationships with Indian businesses. The aim of the initiative is, on the one hand, to deepen existing partnerships and, on the other, to attract new companies seeking to either relocate to Cyprus or expand through the country as a gateway to Europe.
The Secretary General, Cyprus Chamber of Commerce and Industry, Philokypros Roussounides, who successfully coordinated the discussion, underlined that professional services constitute a clear opportunity for Cyprus to establish itself as a reliable gateway for Indian entrepreneurship to Europe, as well as for European entrepreneurship to India, highlighting the need for continuous promotion of the country as well as that the current situation for relations between Cyprus and India is extremely critical and favourable.
(Source: InBusinessNews)
