A new chapter for India–Cyprus maritime ties

It was a real honor for me to be invited to the roundtable discussion during Prime Minister Narendra Modi’s historic visit to Cyprus. For someone who has spent over four decades in the maritime industry, it felt like a very special moment — not just to witness history, but to be part of it.

The meeting brought together business leaders and CEOs from various sectors, and I was proud to be among five people representing ship-owning and ship-management companies based in Cyprus. It was heartening to see shipping getting the attention it deserves.

President Nikos Christodoulides spoke warmly about the long-standing friendship between India and Cyprus, even reminding us of the time when soldiers from both countries fought together in the World Wars. That shared history has always been a strong foundation — but now, it’s time to take things forward in a more practical and strategic way.

Prime Minister Modi's message was clear and full of intent. He spoke about India’s push to expand shipbuilding, port development, and ship repair infrastructure. And he didn’t just stop at big ideas — he spoke about action. One thing that really stood out to me was his line, “It’s not just about the ease of doing business — it’s about the trust of doing business.”

That struck a chord. Trust is what truly drives long-term partnerships — and in the shipping world, trust means everything.

There’s already a strong link between India and Cyprus when it comes to seafaring. More than 40,000 Indian seafarers work on ships managed by Cyprus-based companies, many of which also have offices and training setups in India. But there’s so much more we can do.

Kapoor is pictured second from the left with other digintaries at the event

One exciting area we discussed was GIFT City in Gujarat — India’s emerging global financial hub. There's growing interest in setting up ship leasing and maritime finance businesses there, and rightly so. The financial benefits offered now make GIFT City competitive with hubs like Singapore and Dubai. For shipowners, this could open smart financing options in a well-regulated, India-backed ecosystem.

We also talked about how both countries can work together on crew training, digitalization, green shipping, and sustainability — all areas where we need new thinking and strong collaboration. With India’s scale and Cyprus’s strategic location, this partnership makes perfect sense.

The proposed India–Middle East–Europe Economic Corridor (IMEC) also came up — a big idea with even bigger potential. New routes, new opportunities, and a bigger role for Cyprus as a gateway to Europe.

As I said, "It’s not just about celebrating our ties — it’s time to act. There’s a real chance here to create a win-win model that’s based on trust, innovation, and long-term thinking."

There’s a lot of excitement in Cyprus’s maritime circles, and I genuinely believe we’re at the beginning of something important. With intent on both sides, and the right steps ahead, this could be a defining chapter for India–Cyprus shipping cooperation.

*Sunil Kapoor, COO & Partner, ÖL Shipping Group