2023 Doing Business in Cyprus (India Edition)

DOING BUSINESS C YPRUS
59
INDIA EDITION
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 investment would you like to see in the future?
I
n 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. n