Throughout its 189-year history, the Bombay Chamber of Commerce & Industry has positioned itself at the intersection of India’s economic aspirations and global partnerships. From this vantage point, our engagement with Cyprus represents not only the continuation of historic ties but also a forward-looking effort to align two economies around shared opportunities.
The Chamber’s participation in Prime Minister Narendra Modi’s historic June 2025 visit to Cyprus was emblematic of this role. As the only Indian Chamber of Commerce to join the Prime Minister’s delegation and actively participate in the Limassol roundtable, we were at the centre of shaping an India-Cyprus economic dialogue.
The Honorary Consulate of the Republic of Cyprus in Mumbai was inaugurated on February 20, 2025, with the official appointment of Viraj Kulkarni as the Honorary Consul. This gives Cyprus direct access to one of the most important hubs in India. The Honorary Consul in Mumbai has helped sign MoUs between the Bombay Chamber of Commerce & Industry and the Cyprus Chamber of Commerce & Industry to boost B2B opportunities. This engagement is far more than symbolic. It builds on over six decades of diplomatic relations – since 1962 – rooted in the shared values of democracy, peace and a commitment to sustainable development. Cyprus has been a consistent supporter of India’s strategic concerns in global forums, from backing India’s bid for a permanent UN Security Council seat to its stance on counterterrorism and membership of the Nuclear Suppliers Group. This provides a strong foundation for economic and strategic cooperation.
On the economic front, Cyprus stands out as a Top 10 source of Foreign Direct Investment into India, with inflows of over US$14.65 billion between 2000 and 2025. Yet, the real promise lies in the complementarities ahead. Cyprus offers India a critical maritime and logistical node in the India-Middle East-Europe Corridor (IMEC), enhancing connectivity to European markets. The recent MoU between the NSE International Exchange (NSE IX) and the Cyprus Stock Exchange (CSE) demonstrates how our partnership is moving from traditional trade flows to integration in financial markets, fintech innovation and cross-border investment platforms. Together with innovations such as UPI-based cross-border payment initiatives, it underscores how India and Cyprus are moving towards a more seamless financial ecosystem.
New Growth Corridors
Collaboration between the Indian and Cypriot Chambers of Commerce is strategic: Cyprus is a gateway to the EU, the Eastern Mediterranean and the Middle East, while India is a fast-growing global market. The modest bilateral trade between the countries, valued at US$136.96 million in 2023–24, points to significant untapped potential. India’s exports dominate, spanning pharmaceuticals, textiles, machinery and ceramics, while Cyprus’ exports to India are limited. Closing this asymmetry requires identifying and activating new growth corridors and, here, opportunities abound for Cypriot firms to partner with India’s rapidly growing industries. In maritime and shipping, recent Cypriot investments of nearly 100 billion rupees into the Indian shipping sector highlight how the island’s global expertise can help expand India’s port infrastructure, logistics hubs and ship management services. In fintech and digital finance, Cyprus’ advanced regulatory frameworks and EU access can complement India’s innovation and scale, creating gateways for capital flows and digital finance integration. In renewables and green technology, India’s net-zero ambitions open avenues for Cypriot companies to co-invest, share expertise and collaborate on R&D. In media and intellectual property, Cyprus’ attractive IP regime can encourage Indian entertainment and technology firms to establish regional footholds, diversifying collaboration beyond traditional sectors.
Strategically, Cyprus is poised to assume greater importance as it prepares for its EU Council Presidency in 2026. For India, this opens avenues to accelerate dialogue on the long-pending India-EU Free Trade Agreement while anchoring deeper maritime cooperation in the Mediterranean. Port development, renewable energy collaboration and shipping partnerships are tangible areas where both economies can co-create solutions. Further, connectivity between the two nations remains a challenge, with no direct flights and this is an area that should be looked into on priority basis.
A Structured Roadmap
At the same time, people-to-people links must not be overlooked. Through initiatives on direct air connectivity, pilot mobility programmes and cultural exchanges, India and Cyprus are fostering durable bonds beyond statecraft. Trilateral efforts such as the India-Cyprus-Greece Business Council, along with collaborations on artificial intelligence, research and digital infrastructure, add depth to this evolving partnership. Chambers of Commerce in India and Cyprus can play a pivotal role in furthering the agenda and realising the vision of the India-Cyprus 2025-2029 Action Plan, by drawing up a structured roadmap for bilateral and regional engagement, acting as enablers and facilitators. Actionable linkages include an India-Cyprus Business Facilitation Centre – to guide companies on regulations, taxation and compliance – and Startup & Innovation Bridges to encourage joint venture accelerators and incubation programmes. Furthermore, collaboration on sustainability such as Green Shipping – as Cyprus is a global leader in maritime services – and partnering with India’s ports and shipping sector on decarbonisation issues represent great future initiatives.
The forthcoming December 2025 delegation to Cyprus, facilitated by the Bombay Chamber, will be crucial in translating policy intent into actionable partnerships across sectors like maritime logistics, renewable energy and financial services. From India’s perspective, Cyprus is no longer just a political goodwill partner but a strategic bridge, linking India’s private sector dynamism to European markets, amplifying our presence in the Mediterranean and contributing to a multipolar, rules-based order. For the Bombay Chamber, this is not simply participation in history; it is active stewardship in shaping the trajectory of India-Cyprus relations towards greater regional and global significance.
*Sandeep Khosla, Director-General, Bombay Chamber of Commerce & Industry
This article first appeared in the October edition of GOLD magazine. Click here to view it.
