India-Cyprus Economic Partnership to Be Crucial in Next Decade: CM Devendra Fadnavis

Cyprus Trade Centre to Be Set Up in Mumbai to Boost India-Europe Trade Relations

Mumbai, May 2026 : Maharashtra Chief Minister Devendra Fadnavis on Wednesday invited Cypriot industries to invest in Maharashtra and build long-term partnerships in manufacturing, innovation, and trade, stating that the next decade would be crucial for strengthening India-Cyprus economic relations.

Addressing the Cyprus–India Business Forum held at the Taj Mahal Palace Hotel in Mumbai in the presence of Cyprus President Nikos Christodoulides, the Chief Minister said Maharashtra remains committed to stable governance, industry-friendly policies, and global economic partnerships.

Senior officials and industry representatives present at the forum included Joint Secretary in the Union Ministry of Commerce and Industry Jai Prakash Shivhare, FICCI Vice-President Vijay Sankar, CII President B. Thiagarajan, Cyprus Chamber of Commerce and Industry President Stavros Stavrou, and Invest Cyprus Chairman Evgenios Evgeniou.

Fadnavis said India and Cyprus share strong democratic values, sovereignty, and peaceful coexistence beyond geographical ties. He noted that Prime Minister Narendra Modi’s 2025 visit to Cyprus had given fresh momentum to bilateral relations and opened a new chapter of economic cooperation.

Highlighting Maharashtra’s economic strength, the Chief Minister said the state currently has a $660 billion economy and contributes nearly 30 per cent to India’s industrial production and 40 per cent to foreign direct investment inflows.

He added that Mumbai is rapidly emerging as a major global financial hub, supported by large infrastructure projects such as the Mumbai Trans Harbour Link, Samruddhi Expressway, Navi Mumbai International Airport, metro expansion, logistics parks, and smart cities.

Fadnavis also said Maharashtra is moving toward a power generation capacity of 93 gigawatts, with 52 per cent expected to come from renewable energy sources. He further highlighted upcoming global-standard projects including Edu City, Medi City, and GCC City.

Calling Cyprus an important gateway to Europe, the Eastern Mediterranean, and the Middle East, Fadnavis said collaboration between Cyprus and Maharashtra could unlock major opportunities in maritime transport, logistics, finance, and innovation.

He said India has emerged as a global model in fintech and digital transactions through its digital public infrastructure, enabling billions of secure transactions. Cooperation between Cyprus’ European financial networks and India’s digital economy could open new avenues for cross-border finance and innovation.

The Chief Minister also identified artificial intelligence, startups, defence manufacturing, clean energy, research, education, and advanced manufacturing as key sectors for future collaboration.

Cyprus Trade Centre to Open in Mumbai

Addressing the forum, Cyprus President Nikos Christodoulides announced that a dedicated “Cyprus Trade Centre” would be established in Mumbai from September 1 to strengthen trade and investment ties between India and Europe.

He said the centre would guide Indian businesses seeking opportunities in Cyprus and Europe and serve as an important platform for expanding partnerships between companies from both countries.

The President described Cyprus as a strategic gateway to the European Union and Eurozone markets, offering access to over 450 million consumers. He said Cyprus’ low corporate tax regime, transparent regulations, and English-based legal framework make it highly attractive for Indian businesses.

Christodoulides also highlighted opportunities for cooperation in digital technology, artificial intelligence, fintech, renewable energy, logistics, tourism, and maritime services.

He added that the India-Middle East-Europe Economic Corridor (IMEC) initiative would create significant new opportunities in trade, energy, and digital infrastructure.

The Cyprus President further expressed confidence that Indian companies could use Cyprus as a gateway to benefit from the India-Europe Free Trade Agreement opportunities. He also announced efforts to launch direct air connectivity between India and Cyprus.

During the forum, six Memoranda of Understanding (MoUs) were signed between Indian and Cypriot organisations in sectors including trade, investment, defence, banking, and technology.

Team Maverick.