In a significant step towards enhancing Indo-Cypriot economic relations, the World Trade Center (WTC) Mumbai has signed Memorandums of Understanding (MoUs) with Invest Cyprus and WTC Cyprus. The agreements were formalized during the visit of a high-level Cyprus Government and Business Delegation to Mumbai, jointly organized by WTC Mumbai and the All India Association of Industries (AIAI).
The partnership aims to expand bilateral cooperation in technology, research, shipping, fintech, and innovation, reaffirming Cyprus’ position as a strategic trade gateway for Indian enterprises entering European markets. The event further reinforced the six-decade-long economic and cultural ties shared by India and Cyprus.
The session witnessed the presence of distinguished dignitaries, including H.E. Mr. Evagoras Vryonides, High Commissioner of Cyprus to India; Mr. Demetris Skourides, Chief Scientist for Research, Innovation, and Technology, Republic of Cyprus; Mr. Marios Tannousis, CEO, Invest Cyprus; Mr. Nicos Chimarides, PwC Partner, Tax & Legal; Mr. Panayiotis Chrysotomou, Manager, Banking Services & Representative Offices IBB of Eurobank; Mr. Antony Georgaki, Head of Operations, WTC Cyprus; and Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI.
Dr. Kalantri, in his remarks, highlighted Cyprus’ pivotal role in global trade. “Cyprus is the gateway to other European nations, and increasing collaborations in fintech and innovation will continue to benefit both India and Cyprus. We expect trade to surpass USD 1 billion in the near future,” he said.
H.E. Mr. Vryonides underlined the upcoming 14th round of India–EU Free Trade Agreement negotiations in October 2025, emphasizing that Cyprus offers Indian businesses the opportunity to manufacture, establish operations, and gain preferential access to European markets.
A keynote by Mr. Skourides positioned Cyprus as a hub for research and technology, ranking 25th in the Global Innovation Index. He stressed the potential for synergies by combining India’s strength in digital innovation with Cyprus’ expertise in research and advanced sectors such as defence and ship manufacturing.
Other speakers highlighted Cyprus’ investor-friendly environment, attractive tax framework, and recent trilateral cooperation initiatives, including the India-Greece-Cyprus Business & Investment Council and the IMEC corridor project.
In his closing note, Dr. Kalantri affirmed that the signing of the MoUs represents a shared commitment to expanding opportunities and creating long-term growth. The collaboration is set to deepen trade, investment, and innovation linkages, positioning Cyprus as a trusted partner for Indian enterprises seeking European market access.
