Stavros Stavrou: A number of companies from India are on their way to Cyprus

The President of the Cyprus Chamber of Commerce and Industry (CCCI), Stavros Stavrou, perceives the strengthening of business and economic cooperation between Cyprus and India, in the wake of the visit of Indian Prime Minister Narendra Modi to Cyprus, as a great opportunity and a new chapter in the investment relations between the two countries.

"A new chapter is opening and as Cyprus, we must write our own pages. The entire business world must work as a team to make this cooperation yield the maximum, as best as possible for our economy," Stavros Stavrou emphasised, speaking to InBusinessNews .

Explaining that, with specific actions by the Cypriot government and also against the backdrop of the upcoming EU Presidency, the entire effort has recently intensified, the President of the CCCI noted that "solid foundations were thus laid for development and progress in sectors such as shipping, technology, agriculture and education."

He went on to indicate that the sectors of the Cypriot economy in which great prospects are opening up in the context of cooperation with India, go beyond the traditional ones.

Modi's importance to economic matters and his plans

"From an economic perspective, it is very important that the Prime Minister of India, Narendra Modi - the leader of one of the world's largest economies - visited Cyprus and his first action was to attend a roundtable discussion with businessmen from the two countries", pointed out the President of the CCCI.

This is something that, as Stavrou pointed out, demonstrates the importance that Modi attaches to the economic dimension of cooperation between the two countries, and specifically to the utilisation of Cyprus in the context of the implementation of India's plans.

India's huge interest surfaces

"India's interest is very important for Cyprus and this is why we, as CCCI, organised the roundtable discussion together with Invest Cyprus and the Presidency of the Republic, so that we can exchange views and clearly clarify the intentions of both sides," Stavros Stavrou further noted.

"And so this is what happened," he continued, "as the entire discussion highlighted India's enormous interest in utilising Cyprus for its expansion into Europe and Africa, as well as its desire for the IMEC (India-Middle East-Europe Economic Corridor) to pass through Cyprus."

The opportunity arising from the EU Presidency

The assumption of the EU presidency by Cyprus in the first half of 2026 is another factor that acts constructively towards the two countries’ cooperation efforts.

"There are many things that we can do, as Cyprus, to have a much more active role in this planned corridor (ie. the IMEC). These are opportunities that we should not leave unexploited in any way," Stavrou indicated.

"In addition, we discovered that many Cypriot companies are active in India, but also many Indian companies are active in Cyprus, while others are also interested in coming to our island, with the aim of expanding into markets such as Europe and Africa," he added.

Indian companies on their way to Cyprus

According to Stavros Stavrou, a number of companies from India are on their way to Cyprus, while individuals who came with the Indian delegation remained in our country to conduct their own research for this purpose.

"You understand that these are great moves, which we welcome and we are trying to add our own little bit where needed to help in this effort, which will benefit Cyprus, India and Europe," noted the President of the CCCI.

The double taxation agreement

Stavrou also focused on the Double Taxation Avoidance Agreement between the Republic of Cyprus and the Indian Government, through which the two countries have the opportunity to benefit economically.

According to the President of the CCCI, the agreement allows Cypriot companies to operate in India and, as he noted, large foreign investment companies through Cypriot companies are channeling huge investments into India - in excess of €6 billion -, while it is predicted to rise to €10 billion in the coming years.

"During the meeting we had, we were told that they employ over 170,000 people in India," he added.

Eurobank's representative office in India

He also made a special reference to the ‘Eurobank factor,’ which plays an important role in strengthening economic and business relations between Cyprus and India.

Stavrou pointed out that, among other things, it is the first bank from Cyprus to open a representative office in India, which is expected to operate upon receipt of the required approvals by the end of the year.

"There is a major collaboration for some banking products of a technological nature, to be used through Eurobank in Europe. It is another major opening, concerning the banking sector and something that can evolve and grow," the President of the CCCI underlined.

(Source: InBusinessNews)