India and Cyprus have a strong relationship and have been fostering closer economic and political ties in the last few years. In terms of investment, what kind of activity has Cyprus attracted from India and what type of Indian foreign direct investment would you like to see in the future?
In an era of dynamic global economic shifts, Cyprus and India stand poised at the threshold of a remarkable partnership, exemplifying the power of international collaboration and shared ambitions. As the CEO of Invest Cyprus, I am proud to articulate our strategic focus on India, a priority country in Cyprus’ economic diplomacy strategy. This focus is not merely aspirational; it's a committed effort towards nurturing and expanding our bilateral economic relations.
At the heart of this relationship is the recognition of Cyprus as a gateway to the European Union for Indian businesses and investors. This strategic positioning is pivotal, offering seamless access to the EU market and serving as a springboard for Indian enterprises to scale new heights.
The existing investment landscape between our nations speaks volumes about the potential for future collaboration. Indian investments in Cyprus are already thriving across diverse sectors such as shipping, technology, and hospitality. Moreover, the reciprocal flow of Foreign Direct Investments (FDIs) is robust, with over US$12 billion of investments made in India through Cyprus, since 2000. These investments span critical sectors like technology, ICT, pharmaceuticals, shipping, industry, and construction.
Our collaboration extends beyond investments. Invest Cyprus and Invest India have forged an active Memorandum of Understanding (MoU), laying a concrete foundation for mutual support and shared growth. This MoU is a testament to our dedication to work hand-in-hand, fostering an environment conducive to business expansion and innovation.
One of the most significant opportunities lies in the financial services sector. Indian asset managers can leverage Cyprus as a hub for registering investment funds, enabling them to invest across Europe and other high-growth markets. Recognising Cyprus as a qualified jurisdiction for Indian funds invested abroad, we offer a reliable and advantageous base for Indian investors.
Both Cyprus and India place special emphasis on sustainability, innovation, and technology. These shared values form the bedrock of our economic relations and open avenues for further cooperation. By focusing on these key areas, we can drive forward a partnership that is not only profitable, but also sustainable and forward-looking.
Looking ahead, India is a central component of Invest Cyprus' redesigned strategy for the period 2024-2026. This strategy underscores our commitment to deepening ties with India, exploring new sectors of cooperation, and ensuring that our partnership evolves in line with global economic trends and mutual interests.
The economic relationship between Cyprus and India is not just burgeoning, it is ripe with opportunities. Together we can transform this partnership into a beacon of economic cooperation, mutual growth, and shared prosperity. At Invest Cyprus, we are committed to this vision and are eager to embark on this journey alongside our Indian counterparts
