The establishment of a Cyprus Shopping Center in Mumbai was announced on Thursday morning by the President of the Republic, Nikos Christodoulides.
Speaking at the Cyprus-India Business Forum, organized by the CCCI and Invest Cyprus, in collaboration with FICCI, the Federation of Indian Chambers of Commerce and Industry, in Mumbai, as part of his official visit, President Christodoulides announced that the Center is expected to operate from September 1 this year.
As he mentioned, the Cyprus Commercial Centre is designed to "act as a hub for business connections, helping Indian companies explore opportunities in Cyprus and across Europe, encouraging partnerships with Cypriot businesses and facilitating access to the EU, through a stable, transparent and fully EU-compliant business environment".
He went on to say that this decision will open up new avenues for investment, trade and innovation, while strengthening Cyprus' position as a reliable gateway for Indian businesses to Europe and the wider region.
The President said that Mumbai is a mirror of the strong ambition and outward-looking spirit that characterize India.
Referring to Prime Minister Monti's visit to Cyprus, in June 2025, he said that it was "a developing cooperation that was crystallized in a living document, the Joint Statement for the Implementation of our strategic cooperation, which we are enriching with the Action Plan and the Roadmap".
He noted that at the heart of this strategic cooperation are the respective and particularly dynamic business communities of the two countries.
The President also referred to the relations between the EU and India, noting that Cyprus is currently holding the Presidency of the Council of the European Union, at a time of great challenges, but also of great opportunities, so that "we can come closer, build strong partnerships and prospects".
As he said, the Cyprus Presidency presents a unique opportunity to use the dynamics of EU-India relations as a springboard for stronger economic and business cooperation between Cyprus and India.
He also noted that EU-India relations are at an unprecedentedly high level, following the Free Trade Agreement that was already concluded in the first month of the Cyprus Presidency, creating a market of two billion people, uniting two of the world's largest economies and creating an area of untapped opportunities for citizens, workers, and businesses.
The President noted that the private sector has a central role to play. "We, as Governments, can create the necessary framework, but this framework can only come to life when businesses, investors and innovators give it content. And that's ultimately what helps build lasting partnerships, create jobs, and enhance connectivity," he said.
He underlined that the ambition is "to transform an already strong political relationship into deeper economic cooperation, with an emphasis on investment, trade and joint business opportunities". He mentioned that the participation in the Forum of Cypriot companies from sectors such as financial services and fintech, professional services, technology, energy, real estate, transport and supply chain, as well as manufacturing, reflects a broad and outward-looking business ecosystem, ready to collaborate with Indian partners.
Citing the advantages of Cyprus, as a gateway to the EU, he said that as a member state of the EU and the Eurozone, Cyprus offers full access to the Single Market, with more than 450 million consumers, through a transparent and predictable regulatory framework based on common law, a legal tradition familiar to both Indian businesses and international investors. At the same time, the size and flexibility of Cyprus allow for faster decision-making and an attractive business environment.
"Our message today is clear and simple: Cyprus is ready to act as a reliable, efficient and competitive platform-springboard for Indian businesses seeking access not only to Europe, but also to the wider markets of the Eastern Mediterranean, the Gulf and North Africa, from a solid European base. For example, e-commerce, with Cyprus acting as a logistics hub, offers an extremely attractive proposition for Indian companies," he underlined.
The President also presented the economic fundamentals of Cyprus, noting that our economy is consistently performing strongly, even in a difficult and unstable global environment. "During the first quarter of 2026, Cyprus, with a growth of 3% of GDP, recorded the highest growth rate in the European Union, confirming the strength and resilience of our economy," he said.
He added that this performance is based on extremely healthy public finances. "We maintain stable fiscal surpluses and a clear downward path in public debt, which stood at around 52.2% of GDP in 2025. As a result, Cyprus is currently ranked "A" by all major international credit rating agencies."
In addition, he added, Cyprus offers a corporate income tax rate of 15%, one of the lowest in the EU, as well as an extensive network of double taxation treaties covering more than 65 countries, including India.
At the core of the Government's strategy, he continued, is investment. According to President Christodoulides, in recent years, Cyprus has consistently attracted productive foreign direct investment in a variety of sectors, with international companies increasingly choosing Cyprus as a base for regional headquarters and activities spanning Europe, the Middle East, and Africa.
"We are also very pleased to see growing interest from Indian companies already using Cyprus as an entry point to Europe, particularly in sectors such as technology, financial services and digital innovation," he added.
At the same time, he said, for many businesses, Cyprus can also act as a practical regulatory gateway to the European Union, providing access to approvals, compliance, and EU-aligned operational frameworks, within an English-speaking and business-friendly environment.
Beyond our geographical location and regulatory framework, Cyprus offers practical advantages that support business growth, he noted, referring to the dedicated Business Support Center, with fast-track procedures for the establishment of companies and the relocation of executives and their families.
At the same time, the President said that Cyprus is investing in human resources, combining policies to attract international talent with targeted initiatives for the reconnection of specialized Cypriots abroad.
According to President Christodoulides, Cyprus offers a unique environment for innovation and scale growth. "Companies can pilot products, services and technologies in a manageable and accessible environment, within a recognised European regulatory framework, using, for example, the SEC's regulatory sandbox for fintech and regtech, and then expand wider into the European market.
Referring to the potential of Cyprus-India cooperation, he referred to a number of high-value sectors, such as digital technologies and artificial intelligence, financial services and fintech, renewable energy, logistics and trade infrastructure, tourism and maritime services. "Limassol is currently home to one of the most important maritime services clusters in the European Union, bringing together ship management, finance, insurance and related professional services in a highly internationalized business environment," he noted.
At the same time, he mentioned that connectivity is a central element of this effort. Referring to the India-Middle East-Europe Economic Corridor (IMEC), he said it creates new opportunities in trade, logistics, energy and digital infrastructure.
"In this context, Cyprus can act not only as a geographical hub, but also as an operational and regulatory base within the European Union for the organization, management and expansion of regional activities in multiple markets simultaneously," he said.
At the same time, he said "we are working to strengthen direct connections between our two countries, including the establishment of a direct air connection, which will be a substantial step forward for business and investment relations".
The Forum was also welcomed by the Chief Minister of the State of Maharashtra, Devendra Gangadharrao Fadnavis, who said that President Christodoulides' presence in Mumbai represents the beginning of a new era in India-Cyprus relations.
He noted that Cyprus remains one of India's most stable friends in Europe, while India has always stood by Cyprus in matters of principles and international law.
He noted that today India stands out today as a point of growth, stability and opportunity and has emerged as the fastest growing major economy in the world.
Referring to the economic figures of his state, he said that today it is an economy of US$660 billion, the largest in India, contributing almost 30% of the country's industrial production and attracting about 40% of all foreign direct investment flowing into India.
"Mumbai is increasingly becoming one of the world's most dynamic financial centers. But our ambition goes beyond growth numbers. We are building the infrastructure, institutions and innovation ecosystems that will define the next 50 years," he underlined, noting that it is emerging as a center for fintech, artificial intelligence, data centers, electric mobility, semiconductors, defense industry and clean energy.
On the other hand, he noted that Cyprus holds a uniquely strategic position in the modern world. It is a gateway to Europe, the Eastern Mediterranean and the Middle East. You have a strong presence in shipping, logistics, financial services, maritime ecosystems, and innovation.
"Maharashtra is the gateway to India's economic future. This cooperation between Cyprus and Maharashtra is, therefore, of deep strategic importance," he said, noting that cooperation in shipping and maritime transport can be a key pillar of this cooperation. "Cyprus is a globally recognized maritime powerhouse, and Maharashtra is rapidly expanding its ports, logistics, and maritime ecosystem," he said.
He also said that the cooperation between India's financial ecosystem and Cyprus' European financial networks can open new horizons in cross-border finance and digital innovation.
Technology and innovation must also be at the heart of this relationship, he noted, noting that Maharashtra is creating one of the strongest AI and startup ecosystems in India.
"We also see huge opportunities in advanced manufacturing, clean energy, education, research collaborations and industrial innovation," he said.
In conclusion, the Prime Minister said that "history often remembers the moments when nations choose to look beyond geography and towards their common destiny. I believe this is such a moment for India and Cyprus."
Roussounides: Strong momentum in Cyprus-India relations at the Mumbai Business Forum
The Secretary General of the Cyprus Chamber of Commerce and Industry, Philokypros Roussounides, opened the work of the Cyprus-India Business Forum in Mumbai on Wednesday, emphasizing the strengthening of bilateral relations and the growing momentum between the two countries.
In his speech, Mr. Roussounides referred to the historic visit of Indian Prime Minister Narendra Modi to Cyprus in June 2025, which marked the beginning of a new chapter of cooperation. He stressed that cooperation extends to areas such as trade, investment, technology, defence and innovation, within a strategic and structured framework.
The Secretary-General underlined the importance of involving the business communities of both countries, noting that the real driving force of growth comes from the private sector and the B2B connections created through the forum. He also mentioned that Cyprus, as a gateway to the European Union, and India, as the fastest growing major economy, have a complementary cooperation with long-term growth potential.
Mr. Roussounidis pointed out that the Memoranda of Understanding signed and the business meetings of the forum offer opportunities to transform political will into substantial business results and sustainable partnerships. He concluded by stressing that Cyprus-India relations are entering a new phase, of strategic cooperation and economic opportunities, with an emphasis on the participation of businessmen in the common vision.
