Viraj Kulkarni: I visualise at least six to eight times growth in the value of trade between Cyprus and India in the next few years

Viraj Kulkarni, the Honorary Consul of Cyprus in Mumbai, is confident that India’s Prime Minister Narendra Modi’s visit to Cyprus will further boost the already thriving relations between the two countries and reveals a growing number of Indian companies have shown an interest in establishing a presence in Cyprus.

In an exclusive interview with CBN, Kulkarni, among other things, also said, “ I expect an, at least, six to eight times growth in the next few years. You can hold me to this statement.”

How significant is Prime Minister Narendra Modi’s visit to Cyprus?

This is historic in every which way, as for the first time in the last few decades, there is a focused approach backed by actions on strengthening the already existing cordial relations between the Republic of India and the Republic of Cyprus.

The cordiality and warmth exuded by the President of Cyprus, Mr Nikos Christodoulides and Prime Minister of India Shri Narendra Modi, was apparent and set the tone for furthering the relations.

Besides Political relations, Trade, Tourism, Cultural, Capital Markets, and many other areas between the two countries will exponentially grow.

I visualise an, at least, six to eight times growth in the value of trade in the next few years.

This milestone moment validates the importance of Cyprus being a critical gateway to Europe and the rest of the Western nations, besides its own significance.

What does it mean for the bilateral ties of the two countries?

As I said above, I expect an, at least, six to eight times growth in the next few years. You can hold me to this statement.

In the last few months, at the Consulate of the Republic of Cyprus in Mumbai, we received 32 proposals to tie-up/ establish a presence in Cyprus. These have been compiled and provided to the respective bodies in Cyprus.

Included in this are four MOUs that aim to establish strategic alliances between the two countries. Three that have been signed are the one between NSE IX with the Cyprus Stock Exchange; The Bombay Chamber of Commerce and Cyprus Chamber of Commerce & Industry; the one between the Indian Merchants’ Chamber and the Cyprus Chamber of Commerce & Industry. The one on the verge of closure is that involving the South Gujarat Chamber of Commerce and the Cyprus Chamber of Commerce & Industry. These are strategically engaging over 6,000 members of the respective Chambers of Commerce. This does not include the IGC agreement involving ICC. The State of Maharashtra and State of Gujarat in India are on the forefront of Business and Trade with a combined GDP of $970 billion. Most of the proposals we have received are from these two states. I’m sure we will soon see more coming from Cyprus too.

Thomas Cook India has established a presence in Cyprus while LTIMindtree, together with Voicing.AI, in which it has invested, has established a digital innovation centre at the CYENS Center of Excellence. Eurobank has announced that it is bringing the Indian electronic payments system UPI to Cyprus amid its efforts to make Cyprus a gateway for businesses from India to the European Union. More companies from India are reported to follow. What does this mean for the two countries’ business relations?

Besides the ones I stated above and the above-named, it showcases the confidence and trust the two nations have in each other. We have witnessed an increase in the number of Visa Issuances to visit Cyprus by 33% in the last four months. After the above-mentioned historic meeting, I’m sure we will witness a quantum jump –I call it a Modi-Christodoulides effect.

I also visualise a significant growth in wealth creation in multiple formats in both countries. The increased possibility of Schengen affiliation will improve attractiveness. If Cyprus graduates from being a Moneyval-compliant country to becoming a Financial Action Task Force (FATF) compliant country, it will add more interest from India.

Areas where the interest has come from include- Financial markets, Agriculture, Manufacturing, Textile, Technology, Wellness, Education, Hospitality, Real Estate, Construction, Horticulture, Solar Energy, Pharma, Jewellery, Travel Aggregators, Airlines, Chambers of Commerce. This is in the list of 32 we provided.

Improved travel connectivity is what we have also focused on and discussed possibilities with airlines, including with those of a few friendly countries. This will see fruition soon. The Cyprus Ministry of Tourism provided quite a few videos on “Visit Cyprus” and we shared the same with over 1,000 influencers from the Entertainment, HNI, Corporate segment etc. They were stunned by the natural beauty that exists out here. Plus, now we have the historic meeting- this will add heft.

The LinkedIn page of the Consulate of the Republic of Cyprus in Mumbai has, in a very short time, garnered over 310 followers (including Industry bodies). This has added to the visibility.

You can possibly witness an increase in MICE events, Destination wedding requests, and maybe Bollywood film shooting. The Cyprus government offers subsidies to certain segments.

The initiatives of H.E Manish, High Commissioner of the Republic of India in Cyprus and those of (High Commissioner of the Republic of Cyprus to India) H.E Mr Evagoras Vryonides have contributed significantly to the ones begun well by their predecessors.

Do you know of any other companies that intend to come to Cyprus?

Yes. It's in the list we have compiled, besides the ones received by Their Excellencies, the High Commissioners of respective countries. I’m sure we will see a multiplier surge hereon.

The proposals include ones from Foxtrot Interactive, Remiges Technologies Pvt Ltd, Pivot, which has an existing presence in Cyprus, Nivedita Haute Couture & Pret, Cutting Edge and the Rotary Club of Mumbai Pier, as well as one from a corporate hospital in Mumbai, delegations from Bombay Chamber of Commerce, a delegation from the Indian Merchants’ Chamber, and a delegation from South Gujrat Chamber of Commerce & Industry. We will share more information when the processes reach a more advanced stage.