Cyprus pitches itself as base for Indian firms expanding in Europe, announces Mumbai trade hub

Mumbai: Cyprus President Nikos Christodoulides on Thursday said the island nation can act as a gateway for Indian companies seeking to expand into Europe and announced the setting up of a trade office in India's financial capital for facilitating cross-border partnerships.

Aimed at deepening bilateral business and investment ties, the 'Mumbai trade center' will become operational from September 1, 2026, the visiting dignitary said.

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Addressing the Cyprus-India Business Forum here, the Cyprus President said the Mediterranean nation is ready to act as a launchpad for Indian businesses looking to access not only the European Union but also the wider Eastern Mediterranean, Gulf and North African markets from a stable European base.

"The Cyprus Trade Center... is designed to function as a hub for business connectivity, helping Indian companies explore opportunities in Cyprus and across Europe, encouraging partnership with Cypriot enterprises, 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 across sectors such as digital technologies and artificial intelligence, financial services and fintech, renewable energy, logistics and freight infrastructure, tourism and maritime services.

Pitching 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 underlined Cyprus' 15 per cent corporate income tax rate, among the lowest in the European Union, and an extensive double taxation treaty network covering more than 65 countries, including India.

The President said Indian companies are increasingly using Cyprus as an entry point to Europe, particularly in technology, financial services and digital innovation, while noting that the country offers regulatory support and fast-track procedures for relocation of company staff and executives.

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He also said Cyprus is working to strengthen connectivity between the two countries, including through the establishment of direct air links, which he described as a meaningful step forward for business and investment ties.

Referring to the recently strengthened India-Cyprus relationship following Prime Minister Narendra Modi's visit to Cyprus last year, the President said the partnership has evolved into a strategic one, supported by a joint declaration and an action plan.

During the event, Maharashtra Chief Minister Devendra Fadnavis invited Cypriot businesses to partner in the state's growth story, saying Maharashtra could serve as a strategic entry point for firms looking to expand into India.

Fadnavis said maritime and shipping cooperation could emerge as a defining pillar of bilateral economic engagement, highlighting Cyprus' strength as a global maritime hub and Maharashtra's rapidly expanding ports, logistics and shipping ecosystem.

Referring to investment commitments by Cyprus-based shipping companies in India, Fadnavis said these reflected growing confidence in India's growth prospects and pointed to significant untapped potential in the sector.

The chief minister also pitched Maharashtra's renewable energy transition as an area for partnership, saying the state's power generation capacity is nearing 93 GW, of which 52 per cent is expected to come from renewable sources.