The President of the Republic, Nicos Christodoulides, announced the establishment of a Cypriot Trade Center in Mumbai on Thursday morning.

Speaking at the Cyprus-India Business Forum, organized by CCCI and Invest Cyprus in collaboration with FICCI, the Federation of Indian Chambers of Commerce and Industry, in Mumbai, as part of his official visit, President Christodoulides announced that the Center is expected to begin operations on September 1 of this year.

As he noted, the Cyprus Trade Center has been designed to “serve as a hub for business networking, helping Indian companies explore opportunities in Cyprus and across Europe, encouraging partnerships with Cypriot businesses and facilitating access to the EU through a stable, transparent, and fully EU-compliant business environment.”

He went on to say that this decision will open new avenues for investment, trade, and innovation, while strengthening Cyprus’s position as a reliable gateway for Indian businesses into Europe and the wider region.

The President said that Mumbai is a reflection of the strong ambition and outward-looking spirit that characterize India.

Referring to Prime Minister Modi’s visit to Cyprus in June 2025, he said it was “a growing partnership that crystallized into a living document, the Joint Statement on the Implementation of Our Strategic Partnership, which we are enriching with the Action Plan and the Roadmap.”

He noted that at the heart of this strategic partnership lie the respective and particularly dynamic business communities of the two countries.

The President also referred to relations between the EU and India, noting that Cyprus currently holds the Presidency of the Council of the European Union, at a time of great challenges, but also great opportunities, so that “we can grow closer, build strong partnerships, and create new prospects.”

As he said, the Cypriot Presidency presents a unique opportunity to harness the momentum of EU–India relations as a springboard for stronger economic and business cooperation between Cyprus and India.

He also noted that EU–India relations are at an unprecedentedly high level, following the Free Trade Agreement that was finalized during the first month of the Cypriot Presidency, creating a market of two billion people, uniting two of the world’s largest economies, and opening up a wealth of untapped opportunities for citizens, workers, and businesses.

The President noted that the private sector has a central role to play. “We, as governments, can create the necessary framework, but this framework can only come to life when businesses, investors, and innovators give it substance. And that is ultimately what contributes to building lasting partnerships, creating jobs, and strengthening connectivity,” he said.

He emphasized that the ambition is “to transform an already strong political relationship into deeper economic cooperation, with a focus on investment, trade, and joint business opportunities.” He noted that the participation in the Forum of Cypriot companies from sectors such as financial services and fintech, professional services, technology, energy, real estate, transportation and the supply chain, as well as manufacturing, reflects a broad and outward-looking business ecosystem, ready to collaborate with Indian partners.

Highlighting Cyprus’s advantages as a gateway to the EU, he said that as a member state of the EU and the Eurozone, Cyprus offers full access to the Single Market, with more than 450 million consumers, through a transparent and predictable regulatory framework based on common law, a legal tradition familiar to both Indian businesses and international investors. At the same time, Cyprus’s size and flexibility allow for faster decision-making and an attractive business environment.

“Our message today is clear and simple: Cyprus is ready to serve as a reliable, efficient, and competitive platform—a springboard for Indian businesses seeking access not only to Europe but also to the broader markets of the Eastern Mediterranean, the Gulf, and North Africa, from a stable European base. For example, e-commerce, with Cyprus serving as a logistics hub, offers an extremely attractive proposition for Indian companies,” he emphasized.

The President also presented Cyprus’s economic fundamentals, noting that our economy continues to perform strongly, even amid a difficult and volatile global environment. “In the first quarter of 2026, Cyprus, with 3% GDP growth, recorded the highest growth rate in the European Union, confirming the strength and resilience of our economy,” he said.

He added that this performance is underpinned by exceptionally sound public finances. “We maintain consistent fiscal surpluses and a clear downward trajectory of public debt, which stood at approximately 52.2% of GDP in 2025. As a result, Cyprus is currently rated ‘A’ by all major international credit rating agencies.”

Furthermore, he added, Cyprus offers a corporate income tax rate of 15%, one of the lowest in the EU, as well as an extensive network of double taxation avoidance agreements covering more than 65 countries, including India.

At the core of the Government’s strategy, he continued, lies investment. According to President Christodoulides, in recent years, Cyprus has consistently attracted productive foreign direct investment across various sectors, with international companies increasingly choosing Cyprus as a base for regional headquarters and operations spanning Europe, the Middle East, and Africa.

“We are also particularly pleased to see growing interest from Indian companies that are already using Cyprus as a gateway to Europe, particularly in sectors such as technology, financial services, and digital innovation,” he added.

At the same time, he noted, for many businesses, Cyprus can also serve as a practical regulatory gateway to the European Union, providing access to approvals, compliance, and operational frameworks aligned with the EU, within an English-speaking and business-friendly environment.

Beyond our geographical location and regulatory framework, Cyprus offers practical advantages that support business growth, he noted, referring to the dedicated Business Support Center, with streamlined procedures for company formation and the relocation of executives and their families.

At the same time, the President said that Cyprus is investing in human capital, combining policies to attract international talent with targeted initiatives to reconnect skilled Cypriots living abroad.

According to President Christodoulides, Cyprus offers a unique environment for innovation and scaling up. “Companies can pilot products, services, and technologies in a manageable and accessible environment, within a recognized European regulatory framework, using, for example, the Cyprus Securities and Exchange Commission’s regulatory sandbox for fintech and regtech, and then expand more broadly into the European market.

Referring to the potential for Cyprus–India cooperation, he highlighted a number of high-value sectors, such as digital technologies and artificial intelligence, financial services and fintech, renewable energy, logistics and trade infrastructure, tourism, and maritime services. “Limassol is currently home to one of the most important maritime services clusters in the European Union, bringing together ship management, financing, insurance, and related professional services within a highly internationalized business environment,” he noted.

At the same time, he noted that connectivity is a central element of this effort. Referring to the India–Middle East–Europe Economic Corridor (IMEC), he said it creates new opportunities in trade, logistics, energy, and digital infrastructure.

“In this context, Cyprus can serve not only as a geographical hub but also as an operational and regulatory base within the European Union for organizing, managing, and expanding regional activities across multiple markets simultaneously,” he said.

At the same time, he noted, “we are working to strengthen direct links between our two countries, including the establishment of a direct air link, which will be a significant step forward for business and investment relations.”

The Forum was also addressed by the Chief Minister of the State of Maharashtra, Devendra Gangadharrao Fadnavis, who said that President Christodoulides’ presence in Mumbai marks the beginning of a new era in India-Cyprus relations.

He noted that Cyprus remains one of India’s most steadfast friends in Europe, while India has consistently stood by Cyprus on matters of principle and international law.

He noted that India today stands out as a hub of growth, stability, and opportunity and has emerged as the world’s fastest-growing major economy.

Referring to his state’s economic figures, he said that today it is a $660 billion economy, the largest in India, contributing nearly 30% of the country’s industrial output and attracting approximately 40% of all foreign direct investment flowing into India.

“Mumbai is increasingly emerging as one of the world’s most dynamic economic hubs. But our ambition goes beyond growth figures. We are building the infrastructure, institutions, and innovation ecosystems that will shape the next 50 years,” he emphasized, noting that it is emerging as a hub for fintech, artificial intelligence, data centers, electric mobility, semiconductors, the defense industry, and clean energy.

On the other hand, he noted that Cyprus holds a uniquely strategic position in the modern world. It serves as a gateway to Europe, the Eastern Mediterranean, and the Middle East. It has a strong presence in shipping, logistics, financial services, maritime ecosystems, and innovation.

“Maharashtra is the gateway to India’s economic future. This partnership between Cyprus and Maharashtra is, therefore, of profound strategic importance,” he said, noting that cooperation in shipping and maritime transport could serve as a key pillar of this partnership. “Cyprus is a globally recognized maritime power, and Maharashtra is rapidly expanding its ports, logistics, and maritime ecosystem,” he said.

He also noted that cooperation between India’s financial ecosystem and Cyprus’s European financial networks could open new horizons in cross-border financing and digital innovation.

Technology and innovation must also be at the heart of this relationship, he noted, pointing out that Maharashtra is building one of the strongest ecosystems for artificial intelligence and startups in India.

“We also see tremendous opportunities in advanced manufacturing, clean energy, education, research collaborations, and industrial innovation,” he said.

In closing, the Prime Minister said that “history often remembers the moments when nations choose to look beyond geography and toward their shared destiny. I believe this is such a moment for India and Cyprus.”

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