Cyprus to Establish Mumbai Trade Center to Strengthen EU–India Business Corridor and Position Island Nation as Gateway for Global Expansion

Addressing the Cyprus–India Business Forum, the visiting President stated that the proposed Cyprus Trade Center is designed to function as a central hub for business connectivity. It will support Indian enterprises in exploring opportunities within Cyprus and across Europe, foster partnerships with Cypriot companies, and facilitate access to the European Union through a stable, transparent, and fully EU-compliant business environment.

He emphasized that Cyprus is positioning itself as a launchpad for Indian businesses seeking access not only to the European Union but also to markets across the Eastern Mediterranean, the Gulf region, and North Africa, leveraging its geographic and economic stability as a European base.

The President highlighted strong cooperation potential between Cyprus and India in sectors including digital technologies and artificial intelligence, financial services and fintech, renewable energy, logistics and freight infrastructure, tourism, and maritime services.

He further underscored Cyprus’s advantages as a business destination, citing its European Union and Eurozone membership, access to a single market of over 450 million consumers, a common law-based legal system, and an English-speaking commercial environment.

Cyprus also offers a corporate income tax rate of 15 percent, among the lowest within the European Union, alongside an extensive double taxation treaty network covering more than 65 countries, including India. The President noted that Indian companies are increasingly using Cyprus as an entry point into Europe, particularly in technology, financial services, and digital innovation.

He added that Cyprus provides regulatory support and expedited procedures for the relocation of company executives and staff, and is actively working to enhance connectivity between the two nations, including plans to establish direct air links to further strengthen business and investment ties.

Referring to the recent strengthening of bilateral relations following Prime Minister Narendra Modi’s visit to Cyprus last year, he stated that the partnership has evolved into a strategic relationship supported by a joint declaration and an action plan.

During the forum, Maharashtra Chief Minister Devendra Fadnavis invited Cypriot businesses to participate in the state’s growth trajectory, positioning Maharashtra as a strategic entry point for companies seeking expansion into India.

He noted that maritime and shipping cooperation could emerge as a key pillar of bilateral economic engagement, highlighting Cyprus’s strength as a global maritime hub and Maharashtra’s rapidly expanding ports, logistics, and shipping ecosystem. He also referenced investment commitments by Cyprus-based shipping companies in India, describing them as evidence of growing confidence in India’s economic outlook and highlighting significant untapped potential in the sector.

Fadnavis further emphasized Maharashtra’s renewable energy transition as a promising area for collaboration, noting that the state’s total power generation capacity is nearing 93 gigawatts, of which 52 percent is expected to be derived from renewable sources.

The developments underscore a deepening economic partnership between Cyprus and India, with both sides actively expanding institutional frameworks, investment channels, and sectoral cooperation to build a long-term strategic business corridor between Europe and South Asia.