ICC Global Business Summit: Cyprus ideally positioned to serve as India's first point of entry into Europe, says Dr Nicodemos Damianou

Cyprus positioned itself as a strategic partner for Indian businesses at the ICC Global Business Summit in Mumbai, with deputy minister of research, innovation and digital policy, Dr Nicodemos Damianou, highlighting the country’s role as a stable economy, business-friendly hub, and gateway into Europe.Addressing the India-Cyprus Business and Investment Opportunities session, Dr Damianou said Cyprus is keen to deepen economic ties with India, particularly in technology, shipping, tourism, fintech, and digital services. "Cyprus is ideally positioned to serve as India’s first point of entry into Europe and as a reliable transshipment hub, strengthening supply chains and enhancing connectivity across regions," he said.He further stressed that Cyprus is not only a gateway to Europe but also a strategic partner for building resilient and scalable business operations.He pointed to recent developments such as LTIMindtree setting up its AI & Digital Center in Cyprus, the Fairfax investment in Eurobank, and the NPCI-Eurobank deal that enables UPI-based cross-border payments, making Cyprus only the second European nation to offer this service."Cyprus is the 8th largest source of Foreign Direct Investment in India, while India ranks among the top ten investors in Cyprus. This two-way flow reflects the trust and confidence that already exists between our economies, and points to enormous potential to grow even further together," Dr Damianou noted.With a bilateral MoU on Innovation and Emerging Technologies being finalised, and a trilateral Business and Investment Council with India and Greece launched, Dr Damianou said the partnership is set to expand further. He also stressed Cyprus’ readiness to play a key role in the India–Middle East–Europe Economic Corridor (IMEC) and support progress on the India–EU Free Trade Agreement during its upcoming EU Presidency.India–Middle East–Europe Corridor (IMEC) offers Indian companies unmatched access to global markets, modern infrastructure, and new growth opportunities, he added.