Sandeep Khosla on the partnership in progress strengthening India-Cyprus relations

For nearly two centuries, the Bombay Chamber of Commerce & Industry has stood at the crossroads of India’s growth ambitions and the world’s evolving economic landscape. Our engagement with Cyprus reflects this legacy—a partnership grounded in shared values and shaped by a clear, forward-looking agenda to align our strengths.

Our participation in Prime Minister Narendra Modi’s historic visit to Cyprus in June 2025 exemplified this commitment. As the only Indian Chamber of Commerce in the delegation, with active involvement at the Limassol roundtable, we contributed to shaping a pragmatic and mutually beneficial economic conversation between India and Cyprus.

The inauguration of the Honorary Consulate of the Republic of Cyprus in Mumbai on February 20, 2025, and the appointment of Viraj Kulkarni as Honorary Consul, have added momentum. Establishing a formal presence in India’s commercial capital brings Cyprus closer to Indian industry and has already enabled the signing of MoUs between the Bombay Chamber of Commerce & Industry and the Cyprus Chamber of Commerce & Industry to catalyze B2B engagement. This builds on a relationship dating back to 1962, underpinned by a shared commitment to democracy, peace, and sustainable development. Cyprus’s consistent support for India’s strategic priorities in global forums provides a strong platform for deepening cooperation.

Accelerating economic alignment

Cyprus ranks among the Top 10 sources of Foreign Direct Investment into India, with cumulative inflows exceeding US$14.65 billion between 2000 and 2025. Looking ahead, the complementarities are compelling. Cyprus offers India a vital maritime and logistics node within the India–Middle East–Europe Corridor (IMEC), improving access to European markets. The recent collaboration between the NSE International Exchange (NSE IX) and the Cyprus Stock Exchange (CSE) signals a pivot from traditional trade towards integration in financial markets, fintech innovation, and cross-border investment platforms. Combined with initiatives like UPI-enabled cross-border payments, both countries are moving toward a more seamless financial ecosystem.

New growth corridors

• Maritime and shipping: Recent Cypriot investments approaching INR 100 billion in India’s shipping sector highlight the island nation’s global maritime expertise. Opportunities include expanding port infrastructure, logistics hubs, ship management, and maritime services.
• Fintech and digital finance: Cyprus’s advanced regulatory environment and access to the EU complement India’s scale and innovation. Together, they can build efficient gateways for capital flows, digital payments, and compliant cross-border financial platforms.
• Renewables and green technology: India’s net-zero pathway invites co-investment, R&D partnerships, and technology exchange in solar, wind, energy storage, and grid modernization.
• Media, technology, and intellectual property: Cyprus’s attractive IP regime can support Indian entertainment and tech firms seeking regional footholds, diversifying collaboration beyond merchandise and traditional services.

Strategic positioning in Europe and the Mediterranean

Cyprus’s upcoming EU Council Presidency in 2026 adds strategic weight to the partnership. It can help accelerate India–EU trade discussions, including progress toward a modernized free trade framework, and anchor deeper maritime cooperation in the Mediterranean. Practical areas for co-creation include port development, green energy integration at ports, and shipping partnerships focused on efficiency and sustainability. Connectivity remains a challenge—direct air links are currently absent and should be prioritized to unlock business, tourism, and talent mobility.

People, skills, and connectivity

Enduring economic ties are strengthened by people-to-people connections. Initiatives to establish direct air connectivity, pilot mobility programs, and cultural exchanges will deepen trust and familiarity. Trilateral platforms such as an India–Cyprus–Greece business interface, along with collaboration in artificial intelligence, research, and digital infrastructure, can broaden the scope of engagement and foster innovation.

A structured roadmap for delivery

Chambers of commerce in both countries can serve as enablers of the India–Cyprus 2025–2029 Action Plan by translating intent into executable programs. Priorities include:

• India–Cyprus Business Facilitation Centre: A single window to guide companies on regulations, taxation, compliance, and market entry.
• Startup & Innovation Bridges: Joint accelerators, incubators, and venture platforms that connect founders, investors, and mentors across the two markets.
• Green shipping and maritime decarbonization: Leveraging Cyprus’s maritime leadership to collaborate with India’s ports and shipping ecosystem on clean fuels, efficiency, and ESG-aligned operations.
• Skills and mobility pathways: Sector-specific talent exchange programs in maritime engineering, fintech, renewable energy, and logistics.

What comes next

The forthcoming delegation to Cyprus in December 2025, facilitated by the Bombay Chamber, is designed to convert policy-level alignment into implementable partnerships across maritime logistics, renewable energy, and financial services. For India, Cyprus is evolving from a traditional goodwill partner into a strategic bridge—linking the dynamism of India’s private sector with European markets and amplifying India’s presence in the Mediterranean. For the Bombay Chamber, the goal is clear: steward a resilient, future-ready economic corridor that advances shared prosperity and strengthens a rules-based, multipolar order.