A series of memoranda of understanding between Cypriot and Indian business organisations were signed on Thursday morning in Mumbai, on the sidelines of the Cyprus-India Business Forum held in the presence of President Nikos Christodoulides. The forum, organised by the Cyprus Chamber of Commerce and Industry (KEBE) and Invest Cyprus in cooperation with the Federation of Indian Chambers of Commerce and Industry (FICCI), brought together representatives from both countries to explore avenues for deeper economic cooperation.
Among the agreements signed, KEBE concluded memoranda with both FICCI and the Confederation of Indian Industry (CII), while Invest Cyprus also signed a memorandum with FICCI. In a sign of growing interest in defence cooperation, the Indian Defence Manufacturers Association signed a memorandum with the Cyprus Defence and Space Industry Cluster. Further agreements were concluded between the companies Saptang Labs PVT Ltd and CHANNELIT Limited, and between the IGC Business and Investment Council and FICCI.
Invest Cyprus President Evgenios Evgeniou said Cyprus offers what is increasingly rare: a stable launchpad for both European and regional operations, underpinned by strong institutions and consistent policy. He pointed to the island's technology sector, which he said now comprises more than 800 companies and contributes approximately 14% of GDP, as evidence of a forward-looking economic model built on fiscal discipline and long-term foreign direct investment.
KEBE President Stavros Stavrou described Cyprus as an international business and investment hub sitting at the crossroads of Europe, the Middle East and Africa, and said what distinguishes the island is its combination of strategic location, institutional stability and a business-friendly environment supported by a mature ecosystem of legal, financial, shipping, technology and professional services. "We see India not only as a major economic partner, but as a country with which we can build long-term strategic business cooperation based on trust, shared values and mutual ambition," he said.
Representatives of FICCI and CII highlighted the India-Middle East-Europe Economic Corridor (IMEC) as a transformative opportunity for regional connectivity, pointing to Cyprus's geographic position at the junction of Europe, the Middle East and the Mediterranean as giving the island strategic relevance within that emerging corridor. They said cooperation between the two countries' industries could strengthen port connectivity, facilitate trade and investment flows, advance partnerships in shipping and logistics and build new technology-supported trade ecosystems.
The forum is part of President Christodoulides's four-day state visit to India, which runs from 20 to 23 May at the invitation of Prime Minister Narendra Modi. The visit comes less than a year after Modi's trip to Cyprus in June 2025, the first by an Indian prime minister to the island in more than two decades. Christodoulides is accompanied by a delegation of more than 45 Cypriot companies alongside Foreign Minister Constantinos Kombos and other senior officials. Following his engagements in Mumbai, the president will travel to New Delhi, where he is scheduled to meet Modi and Indian President Droupadi Murmu.
Source: CNA
