Cyprus pitches itself as base for Indian firms expanding in Europe, announces Mumbai trade hub
The guest official said that the ‘Mumbai trade centre’, which aims to deepen bilateral business and investment ties, will be operational from September 1, 2026.
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Addressing the Cyprus-India Business Forum here, the President of Cyprus said the Mediterranean country is ready to serve as a launchpad for Indian businesses seeking to access not only the European Union but also the broader Eastern Mediterranean, Gulf and North African markets from a stable European base.
“The Cyprus Trade Center… is designed to act as a hub for business connectivity, helping Indian companies explore opportunities in Cyprus and across Europe, promoting partnership with Cypriot companies and facilitating access to the European Union through a stable, transparent and fully European Union-compliant business environment.” he said.
The President said Cyprus sees strong potential for cooperation with India in sectors such as digital technologies and artificial intelligence, financial services and fintech, renewable energy, logistics and transport infrastructure, tourism and maritime services.
PTIMaharashtra Governor Jishnu Dev Varma and state CM Devendra Fadnavis received Cypriot President Christodoulides in Mumbai.
Citing Cyprus as a preferred destination for Indian businesses, he highlighted the country’s membership of the European Union and the Eurozone, access to the EU single market of over 450 million consumers, a common law-based legal framework and an English-speaking business environment.
He also highlighted Cyprus’ 15 percent corporate income tax rate as among the lowest in the European Union and an extensive network of double tax treaties covering more than 65 countries, including India.
The President noted that Indian companies are increasingly using Cyprus as an entry point to Europe, especially in the fields of technology, financial services and digital innovation, noting that the country offers regulatory support and expedited procedures for the relocation of company staff and managers.
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He also said Cyprus was working to strengthen connectivity between the two countries, including the establishment of direct air links, which he described as a meaningful step forward in terms of business and investment ties.
Referring to the recently strengthened India-Cyprus relations following Prime Minister Narendra Modi’s visit to Cyprus last year, he said that the partnership has evolved into a strategic relationship supported by a joint declaration and action plan.
During the event, Maharashtra Chief Minister Devendra Fadnavis invited Cypriot businesses to be a part of the state’s growth story and said that Maharashtra can serve as a strategic entry point for companies looking to expand into India.
Highlighting the strength of Cyprus as a global maritime hub and Maharashtra’s rapidly expanding ports, logistics and maritime ecosystem, Fadnavis said maritime and maritime cooperation could emerge as a decisive pillar of bilateral economic interaction.
Referring to the investment commitments of Cyprus-based shipping companies in India, Fadnavis said that these reflect increased confidence in India’s growth prospects and point to a significant untapped potential in the sector.
The Chief Minister also touted Maharashtra’s renewable energy transition as an area of partnership, saying the state’s electricity generation capacity is approaching 93 GW, of which 52 per cent is expected to come from renewable sources.
