Filenews 20 June 2025
Invest Cyprus has announced the establishment of the European subsidiary of the Indian company Drone Destination in Cyprus, in a strategic move that strengthens the investment and technology relations between Cyprus and India. The company is listed on NSE Emerge and specializes in drone technology and training.
Political support at a high level
The decision to establish the subsidiary followed the official visit of the Prime Minister of India Narendra Modi to Nicosia, at the invitation of the President of the Republic Nikos Christodoulides. The new subsidiary in Cyprus will cover services, development, education and drone sports, creating an innovative ecosystem for the European market.
Global Vision for Drones in the Region
Drone Destination's President, Alok Sharma, noted that Cyprus has the potential to act as a strategic gateway to Europe, the Middle East and Africa, leveraging its geopolitical position and support for copyright and innovation. "Drone Destination brings India's expertise to the region," he said.
Strengthening Cyprus-India relations through new investment structures
The development is part of the creation of the India-Greece-Cyprus Business and Investment Council, with Invest Cyprus participating as a founding member. The Council aims to strengthen cooperation in areas such as drones and artificial intelligence.
Statement by Marios Tannousis: Investment of high strategic importance
The CEO of Invest Cyprus, Marios Tannousis, welcomed the investment, underlining that drone technology is transforming key sectors: defence, agriculture, infrastructure inspection, logistics, environment, STEM education and entertainment. He also stressed that Cyprus is strengthening its position as a European innovation hub.
Institutional support from the Indian Embassy
The High Commissioner of India to Cyprus, Shri Manish, confirmed the growing interest of Indian companies to invest in Cyprus, as part of Prime Minister Modi's strategy to make India a global drone hub by 2030.
Development prospects and transfer of know-how
Drone Destination is already in contact with public and private entities in Cyprus for its smooth installation and operation. Its presence is expected to boost know-how transfer, employment and innovation.
The role of Invest Cyprus
Invest Cyprus, as a national investment promotion agency, remains in close contact with Drone Destination and other strategic partners, with the aim of supporting investment activity and establishing Cyprus as a frontline technology destination.
