Press Releases

 CII India Mediterranean Business Conclave

Special Ministerial Plenary

It is an honour and a pleasure to be here today, at this extraordinary event, bringing together policymakers, industry leaders and entrepreneurs from India and the Mediterranean region, to discuss ways to advance multi-stakeholder collaboration and build stronger links between our respective business communities. First and foremost, I would like to express my sincerest congratulations to the organisers, the Confederation of Indian Industry and the Ministry of External Affairs of the Government of India, for the initiative. Acknowledging the political and economic significance of this forum, and its potential to create substantial business and technology opportunities, Cyprus is participating here today with an extended delegation of government officials and key business stakeholders. I am confident that the connections forged today will pave the way for new ventures, strengthen existing ties, and contribute to global sustainable growth and prosperity.

Cyprus and India share a long-standing relationship and a strategic partnership that continues to grow and evolve. Cyprus currently ranks among the top 10 foreign investors in India, with investments exceeding $12 billion over the last 20 years, primarily in sectors such as financial services, information technology, real estate, and pharmaceuticals. India’s decision to classify Cyprus as a Category 1 jurisdiction for Foreign Portfolio Investors (FPIs) has also significantly boosted the flow of investments from Cyprus into Indian markets. Bilateral trade has also increased steadily over the years, while the signing of the Memorandum of Cooperation between Invest Cyprus and Invest India creates a significant platform we should leverage further to facilitate increased investment activities and support business cooperation between Indian and Cypriot companies.

When it comes to choosing the right location to set up offices or establish international or regional headquarters, Cyprus offers Indian companies a solid entry-point to Europe, offering access to more than 800 million consumers and a large investor community. Due to its strategic location, which connects three continents and provides access to surrounding growth markets, its strong economy and pro-business environment, Cyprus can be a strategic hub for businesses across a variety of sectors.

Cyprus’ economy is outperforming EU average growth rates, while successive upgrades by credit rating agencies and relevant projections suggest that it will continue doing so in the coming years. Our Government will continue with the same determination to implement a targeted economic policy, which is based on three pillars: fiscal responsibility, financial stability and continuous reforms. Our target is clear: a thriving and resilient economy characterised by high competitiveness, ease of doing business, and sustainability. An economy that is adaptable to the continuous changes demanded by our very complex global system.

Setting up a business in Cyprus is underpinned by several compelling advantages, such as a robust legal framework, based on the English Common Law, a transparent and efficient corporate system, with one of the lowest tax rates in the EU, significant deductions and exemptions at corporate and individual level, and a strong IP protection regime, supported by a wide network of professional services and the right mix of financial incentives to drive growth and innovation. In addition to offering access to a skilled English-speaking workforce, Cyprus has recently implemented new immigration and employment policies to attract top talent from third countries, digitising, simplifying and accelerating all relevant processes. To further elevate its position as a resilient regional player, Cyprus has also put forward an ambitious digitalisation agenda, while operating a one-stop-shop government unit to facilitate the investor journey.

One of the most promising areas is the ICT sector. India is an emerging tech powerhouse, while the Cyprus ICT sector is rapidly advancing into a pivotal growth engine, contributing more than 10% to the country’s GDP. This development has been particularly significant in the last few years, fuelled by incentives encouraging ICT companies to relocate to Cyprus. Major tech multinationals already operate their regional or global headquarters on the island, while Cyprus is developing into a prime location for the fintech and regtech industry and hosting a dynamic community of over 400 startups and innovative businesses. Been ranked as 28th out of 132 economies in the Global Innovation Index and a Strong Innovator for the third consecutive year in the 2023 European Innovation Scoreboard bears testament to the progress achieved and the potential ahead. Our goal to turn Cyprus into a regional technology and innovation hub is becoming a reality, with the Government investing in our digital economy as a top priority.

My dear friends,

Cyprus is not just a remarkable tourist destination; it aspires to be one of the best places globally to live, work, and conduct business in, narrated by the Country’s Vision 2035. Further bolstering our country’s competitiveness and creating the conditions for mutually beneficial partnerships are amongst our Government’s top priorities.

To this end, I would like to invite all of you to join us later, at 15:45, at our special country event, to find out more about the Cyprus business environment and investment opportunities. I also urge you to reach out to our delegation throughout the day with whatever inquiries you may have.

In conclusion, let me reiterate that the Cyprus-India economic relationship is a shining example of how two nations, despite their geographical distance, can collaborate closely for their mutual benefit. By leveraging each other's strengths and exploring new areas of cooperation, we can create a partnership that not only boosts our economies and people-to-people contacts but also contributes to global stability, growth and prosperity. Initiatives like today’s Conclave can play a pivotal role to interconnecting our ecosystems and promoting synergies that truly benefit Indian-Mediterranean relations.

I wish you all productive deliberations ahead.

Thank you.

(NGian/AS)