Cyprus' investment relations with India enter another dimension

The two-day visit that Indian Prime Minister Narendra Modi is making to Cyprus since Sunday lays solid and strong foundations for the redefinition and further strengthening of Cyprus-India business/economic cooperation.

The focus of this cooperation is the investment relations between the two countries in the light of Cyprus' will to transform and establish itself as a gateway to the European market for Indian businesses.

The enormous opportunities and prospects that exist, as well as the growing momentum in business relations and by extension in cooperation on various pillars of the economy, were confirmed by Sunday's high-level business forum held in Limassol, during which the President of the Republic, Nikos Christodoulides, and the Prime Minister of India, Narendra Modi, described their common vision and gave, with absolute clarity, the orientation that their governments seek and want to give regarding this specific vital parametre in the context of broader bilateral relations.

The business forum, organised by the Presidency of the Republic, the Cyprus Chamber of Commerce & Industry (CCCI) and Invest Cyprus, took place in the presence of the elite of our island's business community and a large delegation of businessmen from India.

What did Christodoulides and Modi say?

Speaking at the forum, the President of the Republic, Nikos Christodoulides, sent the message that Cyprus, as a member of the European Union, with access to key regional markets and an increasingly dynamic ecosystem of start-ups and technology, is a natural partner for Indian companies wishing to expand their footprint in Europe, a true gateway - as he characteristically stated - to the European Union.

In the same context, Nikos Christodoulides pointed out that initiatives such as the India-Middle East-Europe Economic Corridor (IMEC), of which Cyprus could be the first entry point into Europe, constitute a vision for smart infrastructure and networks that will be catalysts for prosperity and stability.

President Christodoulides indicated that the business communities of the two countries are interested in mutual investments in areas such as digital innovation and the hospitality sector, while, as he emphasised, there are many areas for further investment, such as defense technology, natural resource management, infrastructure, technology in the agricultural sector, the film industry and cybersecurity.

"Cyprus," the President of the Republic pointed out, "is the 8th largest source of foreign investment in India, while India is among the top ten foreign investors in Cyprus," which constitutes, as he noted, a solid basis for expansion.

At the same time, Nikos Christodoulides described as extremely important the Indian businesses that have already chosen Cyprus for their activities, and which, as he underlined, trust our country's economy.

He recalled in this regard that just last month, during the India-Greece-Cyprus (IGC) Business Investment Council meeting, "we witnessed the inauguration of offices of Indian companies in the sectors of digital innovation and hospitality."

Christodoulides assured that the Government will continue with the same determination to modernise institutions, invest in infrastructure and promote digital and green transformation.

At the heart of the Government's strategy, as conveyed by President Christodoulides, is the vision to position Cyprus as a hub, a knowledge-based economy and a place where entrepreneurs, technology people and investors from all over the world can thrive.

At the same time, he pointed out, India's global leadership in technology and innovation and its rapidly growing economy present excellent opportunities for joint ventures, talent mobility and partnerships.

On his part, Indian Prime Minister Narendra Modi stated that he listened very carefully to the opinions and suggestions of the participating businessmen, emphasising that he understands their commitment to further strengthening the bilateral economic relations between Cyprus and India.

Pointing out that there are unlimited possibilities to strengthen these relations and indicating that Cyprus has always been a long-standing, reliable partner of India, Modi indicated that significant investments have been made by Cypriots in India, while, at the same time, many Indian companies have chosen Cyprus as the gateway to Europe.

He went on to add that trade between the two countries reaches 150 million dollars, but the real potential is much greater.

Furthermore, he mentioned that Cyprus is a popular tourist destination in India, which also focuses on the development and management of tourist destinations, and, therefore, close cooperation between travel agencies can be beneficial for both countries.

Modi referred at length to the reforms in his country, which have resulted in it now being the fastest growing economy, while it is currently the fifth largest economy in the world and will soon, as he noted, become the third.

At the same time, the Indian Prime Minister welcomed the establishment of the India-Cyprus-Greece Business and Investment Council as an excellent initiative that can emerge as an important platform for economic cooperation.

Earlier, upon his arrival on our island, Prime Minister Modi wrote in a post on the "X" platform that his visit to our country will give a significant boost to India-Cyprus relations, especially in areas such as trade, investment and others.

Stavrou and Eugeniou's messages

Moreover, both the President of the CCCI, Stavros Stavrou, and the Chairman of Invest Cyprus, Evgenios Evgeniou, sent their own separate messages from the podium of yesterday's forum in Limassol.

Opening the forum's proceedings, Stavrou expressed confidence in finding many points of convergence and implementing practical steps that will strengthen the business footprint of cooperation between the two countries.

Noting the enormous prospects that exist in terms of expanding cooperation in business sectors to the mutual benefit of the two states, Stavrou underlined that the CCCI supports every effort aimed at further developing business relations between Cyprus and India.

He referred in this regard to specific sectors such as shipping, the fintech sector, digital transformation, the pharmaceutical industry, green energy, the agricultural and education sectors, to indicate how the Cypriot-Indian business community is developing and to express faith - through Modi's visit, but also in the light of developments around the IMEC economic corridor - to highlight this development in permanent strategic partnerships.

"We see enormous prospects in expanding our cooperation in business sectors to the mutual benefit of our countries. The dialogue for closer cooperation continues today with your (Indian Prime Minister's) visit to Cyprus and we are confident that we will find many points of convergence to move forward with practical steps that will enhance the business footprint of our cooperation," said Stavros Stavrou.

As the President of the CCCI further indicated, Cyprus, as a member state of the European Union and the Eurozone, can serve as a channel for the promotion of Euro-Indian relations and, on the other hand, India can assist Cyprus in many areas.

"The CCCI wants and can play a leading role in this effort," emphasised Stavros Stavrou, sending the message, both to Prime Minister Modi and to the business delegation from India, that despite the great challenges on the international stage, through close cooperation the two countries can achieve much.

"I would like to assure you," he said, "that the CCCI is at your disposal for any assistance and support you may need. We are confident that today's roundtable discussion will include many suggestions that will contribute to the expansion of cooperation between our two countries."

The fact that Cyprus, located on the eastern border of the European Union, is emerging as a gateway for investors seeking access to the European market and is becoming a business and investment hub that bridges Europe with the Middle East and Asia, was underlined by the Chairman of Invest Cyprus, Evgenios Evgeniou.

Moderating the roundtable discussion entitled 'Contribution by business leaders on their business module and plans for collaboration between Cyprus and India', Evgeniou referred to the organization’s role as the national investment authority with a mandate to promote Cyprus as a business hub and investment destination, indicating that Invest Cyprus functions as the main point of contact for foreign investors on the island.

As Evgenios Evgeniou underlined, Cyprus' role as a gateway for investors seeking access to the European market and as a business and investment hub bridging Europe with the Middle East and Asia is embraced by both Indian businesses expanding in Europe and Western investors investing in India.

In this context, he expressed his confidence that the roundtable discussion in the presence of the leaders of the two countries, the President of the Republic Nikos Christodoulides and the Prime Minister of India Narendra Modi, will serve to further strengthen the economic and investment ties between Cyprus and India.

"Leading to growth, which will lead to investment and create jobs for the benefit of our two countries," added the Chairman of Invest Cyprus.

Modi at the Presidential Palace today

It is noted that today, Monday, 16 June, the Prime Minister of India will receive an official welcome at the Presidential Palace and will subsequently have a private meeting with President Christodoulides.

Expanded talks between the delegations of the two countries will follow, focusing on ways to further strengthen relations between the two countries in the sectors of economy, trade, infrastructure and investment.

Issues concerning the India-Middle East-Europe Economic Corridor (IMEC) will also be discussed, with Cyprus wanting and seeking to become, by leveraging its geographical location, a key hub of the corridor, offering stability, connectivity and reliability.

Cyprus and India will sign a joint partnership declaration, which will define the overall strategic relationship between the two countries.

As a government source reported yesterday, this is a decisive step towards further deepening bilateral relations, which recognizes the strategic value attributed mutually by the two countries and creates the institutional foundation for a systematic, multi-level and medium-term cooperation.

(Source: InBusinessNews)