Shri Manish: Cyprus ranks among the top ten investors in India

India’s High Commissioner to Cyprus, Shri Manish, discusses his country’s 60+ years of relations with the island and examines ways of expanding them further as Cyprus and India seek to gain global traction for their burgeoning economies.

In a recent interview with GOLD magazine, His Excellency, among other things, also talks about Cyprus' significant role as an investor in India, the new India-Middle East-Europe Economic Corridor (IMEC), and his country's position on the Cyprus issue.

How would you describe diplomatic relations between Cyprus and India and how do you envisage them developing further?

The diplomatic relationship between India and Cyprus has evolved into a robust, multifaceted partnership built on shared democratic values, mutual respect and strategic interests and has expanded to encompass cooperation on defence, trade, investment, culture and global issues. Both nations have demonstrated an ongoing commitment to strengthening their bilateral relationship through high-level visits, formal agreements and cultural exchanges that reflect their shared values and complementary strategic objectives.

The future of India-Cyprus relations appears promising, with several factors suggesting continued growth, a deepening of ties and learning from each other. There is significant potential for expanding trade and investment relations between the two countries. While Cyprus already ranks among the top ten investors in India, there is a shared interest in finding ways and means to enhance trade in goods and services. The complementary nature of our economies – with India’s large market and growing technology sector and Cyprus’ strategic location and expertise in shipping and financial services – creates numerous opportunities for mutually beneficial economic cooperation.

What areas can you identify as the most significant for expanding relations? How will both countries benefit?

Skilled manpower, B2B linkages and technology are pivotal for expanding India-Cyprus relations. Based on our interactions with various stakeholders, including chambers and business houses, there is a significant shortage of skilled manpower across various sectors in Cyprus. In 2022, a Declaration of Intent on Migration and Mobility (MMPA) was signed and, until it is formalised, we are actively facilitating pathways to connect India’s trained professionals with Cypriot enterprises, addressing this gap while fostering economic synergy. Cyprus is currently experiencing a shortage of skilled manpower, and India stands ready to help fill this gap. Early finalisation of the MMPA would help Cyprus address these shortages and enhance productivity.

India’s globally recognised IT expertise complements Cyprus’ emergence as a technology hub, driving innovation, job creation and market growth, as underscored in recent bilateral business dialogues. For India, Cyprus’ strategic Mediterranean location serves as a gateway to European markets, enhancing our global outreach. Conversely, Cyprus gains access to India’s dynamic economy – projected to reach $5 trillion by 2025 – unlocking opportunities for trade and investment.

Expanding cooperation in pharmaceuticals and financial services further solidifies this partnership, boosting economic resilience for both nations. This multifaceted collaboration drives prosperity and also strengthens our shared global aspirations, building on six decades of diplomatic goodwill. By deepening ties in these areas, India and Cyprus can unlock new horizons of growth, innovation and strategic alignment, benefiting our people and economies alike.

India’s economy is one of the fastest-growing in the world. What lessons can Cyprus take from India to maintain the present upward trajectory of its own economy?

India has been the fastest growing economy in the world for last five years and the IMF has projected its economic growth at 6.7 % for 2025. Our country’s GDP has doubled in the last decade from US$2.1 trillion in 2010 to US$4.3 trillion in 2025 – a rise of 105% and the highest in the world. India’s growth story offers valuable insights for Cyprus as it sustains its impressive 3% growth within the EU.

Our “Make in India” initiative, which spurred significant foreign investment inflows, especially in industries like electronics, automobiles and renewable energy, highlights the power of creating an inviting investment climate, an area where Cyprus already excels with its business-friendly policies. India’s digital transformation, powered by innovations like UPI (unified payments interface), underscores the potential for Cyprus to further enhance its digital infrastructure, building on its strong foundations for even greater efficiency. Workforce skilling, a key driver of India’s progress, aligns with Cyprus’ focus on education, offering scope for collaboration to elevate human capital.

By sharing these experiences, India hopes to support Cyprus in maintaining its economic momentum, deepening our partnership, and fostering mutual prosperity for the long term.

In 2023, India, the EU, France, Germany, Italy, Saudi Arabia, UAE and the US signed an MoU committing to work together to develop a new India-Middle East-Europe Economic Corridor (IMEC). How would Cyprus benefit from the establishment of the IMEC?

The IMEC will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime routes. It intends to increase efficiency, reduce costs, secure regional supply chains, increase trade accessibility, enhance economic cooperation, generate jobs and lower greenhouse gas emissions, resulting in a transformative integration of Asia, Europe and the Middle East (West Asia).

The Corridor, which aims at integration of Asia, Europe and the Middle East, involves multiple stakeholders and is at an incipient stage. Cyprus can possibly wait for the outcome of the original stakeholders’ meeting, which is likely to take place later this year, and engage with them to offer its advantages as part of the IMEC initiative.

One of Cyprus’ key sectors is shipping. Apart from the IMEC initiative, is there any movement on expanding maritime relations between India and Cyprus?

Yes, there is significant movement. We have a bilateral Agreement on Merchant Shipping and the Indian Register of Shipping is included in the list of the 12 organisations recognised by the Republic of Cyprus. The internationally renowned company of Indian interests, Fleet Management Limited (FML), is based in Nicosia and several hundred Indian nationals are employed in the shipping sector in Cyprus. More than 14,500 Seaman’s books have been issued to Indian nationals from Cyprus. We also cooperate closely in the framework of International Maritime Organization (IMO).

Cyprus is a global ship management powerhouse, with one of the world’s largest registered fleets and a reputation for excellence in ship management. India, meanwhile, is advancing its maritime capabilities through initiatives like the Sagarmala project, which aims to modernise its ports and enhance coastal trade. This synergy was recognised during the 2022 visit to Cyprus by our Minister of External Affairs, where shipping emerged as a key area for collaboration.

For the first time, in 2023, the Minister of State for Shipping and Inland Waterways of India, Shantanu Thakur, headed an Indian delegation to Maritime Cyprus, the island’s flagship shipping event. During the visit, India-Cyprus cooperation in the maritime sector was discussed and possible areas of collaboration were highlighted. We see vast potential for growth. Cyprus’ strategic Mediterranean position offers India a gateway to European markets, while India’s expanding maritime infrastructure provides Cyprus access to Asia’s dynamic economies. Joint ventures in green shipping – aligning with both nations’ decarbonisation goals – hold particular promise, as does cooperation in maritime training and logistics.

As you have already noted, Cyprus is among the top ten economies investing in India through Foreign Direct Investment. Can you tell us about any further partnerships on the horizon?

Cyprus’ position among the top ten investors in India, with about US$14 billion in FDI since 2000, reflects the strength of our economic ties, further evidenced by recent developments like Eurobank’s planned representative office in India and one of India’s largest travel agencies eyeing Cyprus. These steps signal a vibrant trajectory for future partnerships.

In banking, Eurobank’s initiative to establish a presence in Mumbai, pending regulatory approval, paves the way for deeper financial collaboration. This will enhance investment flows and remittance channels, benefiting Cyprus with greater access to India’s financial markets and India with bolstered banking infrastructure. The travel agency’s interest hints at burgeoning tourism and hospitality linkages, leveraging Cyprus’ Mediterranean allure and India’s growing outbound tourism market. This move could boost visitor numbers, fostering cultural exchange and economic activity in both nations’ hospitality sectors.

Beyond these, partnerships in the education sector are also on the horizon, with India’s IT expertise complementing Cyprus’ tech hub ambitions. Renewable energy collaboration, building on the 2022 International Solar Alliance agreement, promises advancements in solar and green technologies. The India-Greece-Cyprus Business Council foreshadows trilateral trade initiatives, potentially doubling Greece-India trade to $5 billion by 2030, with Cyprus as a key node. These partnerships will amplify economic growth, enhance market access, and solidify our strategic alliance.

Last year, several business-oriented events were held in India for Cypriot stakeholders. How would you characterise the outcome of those events?

Recent business-oriented events in India with Cypriot stakeholders have not only delivered impactful outcomes but fortified our economic ties and paved the way for deeper collaboration. The CII India Mediterranean Business Conclave, held in New Delhi in September 2024, was attended by Nicodemos Damianou, the Cypriot Deputy Minister of Research, Innovation and Digital Policy.

This event sparked robust discussions on technology and trade, yielding commitments to joint innovation projects. The February 2025 inauguration of the Office of the Honorary Consul of Cyprus in Mumbai has further catalysed trade links. Another key milestone was the MoU signed between the Cyprus Chamber of Commerce and Industry (CCCI) and the Bombay Chamber of Commerce and Industry (BCCI), which was formalised prior to the Cyprus Business Forum Conclave in February 2025.

The conclave saw key Cypriot stakeholders participating, among them the Cyprus Securities & Exchange Commission (CySEC), Invest Cyprus, the Cyprus Stock Exchange, TechIsland and the Cyprus Investment Fund Association (CIFA). Ongoing negotiations, between the Cyprus Stock Exchange and India’s National Stock Exchange International at GIFT City, Gujarat for the opening of Indian investment opportunities to Cypriot enterprises, hold great promise for bringing the two financial ecosystems closer to each other.

The launch of the India-Greece-Cyprus Business & Investment Council in 2024 by Eurobank and the Indian Chamber of Commerce will also give fillip to our business and investment links. These initiatives will enhance cooperation in trade, investment and digital transformation and partnerships in fintech, shipping and pharmaceuticals.

Finally, what is India’s position on the Cyprus issue?

India has consistently maintained its support for the independence, sovereignty, territorial integrity and unity of the Republic of Cyprus and advocates for a bicommunal, bizonal federation based on UN Resolutions as the solution to the Cyprus Problem. This principled stance has been an unwavering aspect of India’s foreign policy toward Cyprus, cementing trust between the two nations.

(Photo by Taspho)

This interview first appeared in the May edition of GOLD magazine. Click here to view it.