Cyprus and India have traditionally enjoyed excellent relations, based on mutual respect and close cooperation, particularly in the context of international organisations such as the UN and the Commonwealth. In fact, the bilateral ties between the two countries, which in 2022 celebrated 60 years of diplomatic relations, have been growing stronger over the years, focusing mainly on trade, economic, scientific and tourist cooperation, including business-to-business contacts.

As an EU Member State since 2004 and a member of Eurozone since 2008, Cyprus has evolved into a modern and cosmopolitan business centre offering opportunities for investment across a wide range of sectors. As a result, Cyprus has been attracting a fast-growing number of international companies in recent years, operating in the areas of technology, shipping and financial services.

In this context, and through its 68 double taxation agreements, as well as the more than 40 EU trade agreements with third countries, our island can serve as an ideal business and trade hub for Indian companies. Moreover, it can be a welcoming destination for those entrepreneurs interested in expanding their regional operations or entering the European Market, whilst at the same time offering a safe and reliable gateway for investment in the EU, the Middle East and North Africa.

Cyprus is also fast becoming one of the top emerging investment fund centres in Europe, in part due to its continuous efforts to upgrade its legislative and regulatory framework, which is backed by an attractive tax regime and a strong network of financial and professional services providers. The country has developed into a key regional and cost-efficient domicile for investment funds, private equity firms and asset managers, with its many advantages beginning to attract notable interest from India.

We have confidence in our country’s existing dynamic investment portfolio, and we are positive that there is great potential in investing in even more sectors of strategic importance for the government, such as research and innovation, information and communication technology, hospitality and tourism, healthcare, education, and renewable energy. For instance, Cyprus’ commitment to the green transition, combined with the forthcoming liberalisation of the electricity market, creates new opportunities for Indian investment in infrastructure, especially for power generation from renewable energy sources and for energy storage.

Additionally, our growing technology, innovation, and research sector, serving as a bridge between Europe, the Middle East and North Africa, has transformed Cyprus into a promising location for high-technology businesses. Well-known global technology companies such as Amdocs, NCR, Wargaming, eToro and 3CX, have already established their presence on the island. A number of government initiatives have, in fact, paved the way for a vibrant technology ecosystem in Cyprus, in which tech companies have the opportunity to grow and expand in today’s ever changing global market.

The government has also introduced a strategy for attracting both high-skilled talent and international businesses that wish to set up, relocate or expand their activities in Cyprus, aiming to enhance the country’s position as an international, high-growth business centre. An important part of this new strategy is the Business Facilitation Unit, that operates under the auspices of the Ministry of Energy, Commerce and Industry, providing fast-track business setup to international companies.

Overall, Cyprus is trying to boost bilateral trade and facilitate more business with India by raising awareness on the benefits that our island has to offer. To this end, Cyprus has recently proceeded with the opening of a Trade Centre in India (15 November 2022), whereas Invest Cyprus signed an MoU with Invest India (25 January 2022). Moreover, even within the EU itself, Cyprus is contributing actively towards the further enhancement of India-EU relations, in the framework of the ongoing negotiations for an EU-India Free Trade Agreement.