India-Greece-Cyprus Council launches in Limassol, strengthening trilateral economic ties

Eurobank Cyprus hosted the Cyprus launch of the Greece-Cyprus-India Business & Investment Council at the Amathus Hotel in Limassol.

The event follows the Council's glittering debut in February 2025 at the Taj Mahal Palace in Mumbai, India, and a subsequent gathering in Athens earlier this week. The concept for the Council emerged approximately 18 months ago, initiated by Eurobank S.A. CEO Fokion Karavias and Dr Rajeev Singh, Secretary-General of the Indian Chamber of Commerce, both present at the launch.

What’s the Council going to do?

The Council aims to turn the trio’s growing economic chemistry into a more structured, strategic relationship and become a platform designed to grease the deal-making wheels. The launch caps a week marked by the two Indian companies establishing operations in Cyprus, IT giant LTIMindtree and leading travel company Thomas Cook India. It is a not-so-subtle signal of where the Council will initially focus: technology and tourism.

Michalis Louis, CEO Hellenic Bank

A business relationship on the rise

At the launch event, Michalis Louis, CEO of Hellenic Bank – now part of the Eurobank Group – highlighted the enduring ties between the three countries, describing the Council as “a pioneering initiative”. The numbers hint at a story in motion. Bilateral trade between India and Cyprus reached approximately US$200 million in 2022-2023, primarily involving scrap iron, aluminium, and organic chemicals.

But trade isn’t the whole picture. Cyprus ranks among India’s top ten foreign investors, channelling US$13 billion into the country in the last two decades. Key sectors include services, software, shipping, auto manufacturing, real estate and pharma, with increasing overlap in ICT and innovation. It’s also worth mentioning that in 2021, Cyprus Funds became eligible as Foreign Portfolio Investors in India. “We aim to establish Cyprus as a strategic gateway for Indian companies in the EU,” Louis stressed.

Irene Piki, Deputy Minister to the President of Cyprus

Policy at the podium

The Limassol event also brought policymakers to the fore. Speakers included Irene Piki, Deputy Minister to the President of Cyprus, Shri Manish, High Commissioner of India to Cyprus, and Ioannis Papameletiou, Greek Ambassador to Cyprus. All three emphasised the Council's role in deepening trilateral relations and signifying India's intent to bolster its influence in the Mediterranean region, particularly through the expansion of the India–Middle East–Europe Economic Corridor.

Sanjay Tugnait, CEO of Fairfax Digital Services

Sanjay Tugnait, CEO of Fairfax Digital Services – a subsidiary of the Canadian conglomerate Fairfax, which holds approximately 33% of Eurobank's shares – noted that Cyprus' ambition to evolve from a services-based economy into a knowledge economy aligns with India's digital prowess. India currently leads globally in digital payments volumes and real-time transactions, and ranks third in the number of fintech unicorns, following China and the US. Interestingly, Tugnait also highlighted potential collaborations in digital film-making, citing Bollywood's increasing digitalisation. He described this Council as an embodiment of "digital democracy in action".

Brij Bhushan Agarwal, Senior Vice President of the Indian Chamber of Commerce, echoed those thoughts. “With our knowledge, with our strength, we can do something miraculous,” he said.

Ideas in motion

A panel discussion, moderated by Chrysilios Pelekanos, Partner at PwC Cyprus and Chairman of the Cyprus–India Business Association, brought the bigger picture into focus. Speakers included: Kostas Koumis, Deputy Minister of Tourism, Republic of Cyprus; Demetris Skourides, Chief Scientist of Cyprus; Dr Rajeev Singh, Director General of the ICC and Chair of the IGC Council; Marios Tannousis, CEO, Invest Cyprus; Srinivas Rao, EVP & Chief Business Officer, LTIMindtree; and Indiver Rastogi, President & Group Head of Global Business Travel at Thomas Cook India. The panel exuded optimism and ambition, with a collective eagerness to translate intentions into tangible actions.