Mumbai, 21st: Chief Minister Devendra Fadnavis, speaking at the Cyprus–India Business Forum, urged business groups from Cyprus to come and invest in Maharashtra. He called for the establishment of long-term partnerships across the sectors of manufacturing, innovation, and trade. Chief Minister Fadnavis emphasized that the Government of Maharashtra is stable, decisive, and industry-friendly, and remains fully committed to fostering global partnerships.
Chief Minister Fadnavis was addressing the forum, which was organized at the Taj Mahal Palace Hotel in Mumbai, in the presence of Mr. Nikos Christodoulides, the President of the Republic of Cyprus. Also present on the dais on this occasion were Mr. Jay Prakash Shivahare, Joint Secretary at the Union Ministry of Commerce and Industry; Mr. Vijay Sankar, Vice President of FICCI (Federation of Indian Chambers of Commerce and Industry); Mr. B. Thiagarajan, President of CII (Confederation of Indian Industry); Mr. Stavros Stavrou, President of the Cyprus Chamber of Commerce and Industry; and Mr. Evgenios Evgeniou, Chairman of Invest Cyprus, among others.
Chief Minister Fadnavis stated that the relationship between India and Cyprus is not merely based on geographical proximity, but is founded upon shared values such as democracy, sovereignty, and peaceful coexistence. He noted that the visit to Cyprus by Prime Minister Narendra Modi in 2025 gave fresh impetus to bilateral relations and marked the beginning of a new chapter in economic cooperation.
The Chief Minister highlighted that Maharashtra currently boasts an economy valued at $660 billion, contributing approximately 30 percent to the nation's industrial output and accounting for 40 percent of its foreign direct investment. He added that Mumbai is rapidly emerging as one of the world's fastest-growing financial hubs, and that the state is currently undertaking ambitious infrastructure projects such as the Mumbai Trans Harbour Link, the Samruddhi Expressway, the Navi Mumbai International Airport, an extensive Metro network, logistics parks, and Smart Cities. Furthermore, the Chief Minister mentioned that in the energy sector, Maharashtra is on track to achieve a generation capacity of 93 gigawatts, with 52 percent of this energy projected to be generated from renewable sources. Mr. Fadnavis also informed that world-class projects—such as the International Edu-City, Medi-City, and GCC City—are currently being established.
Noting that Cyprus serves as a crucial gateway to Europe, the Eastern Mediterranean, and the Middle East, Chief Minister Fadnavis stated that, given Cyprus's strengths in maritime transport, logistics, financial services, and innovation, it acts as a gateway to the economic future of both Maharashtra and India. Consequently, the partnership between the two nations is poised to be of immense significance. India has set a global benchmark in the fields of Fintech and digital transactions; indeed, thanks to India's robust digital public infrastructure, billions of transactions are being executed securely. The Chief Minister further observed that collaboration between Cyprus's European financial network and India's digital economy would pave new avenues for cross-border financial transactions and digital innovation.
Chief Minister Fadnavis added that substantial opportunities for cooperation exist between the two countries across various sectors, including Artificial Intelligence, startups, defense manufacturing, clean energy, research, education, and advanced manufacturing. Global investors choosing to invest in Maharashtra are, in essence, investing in the future of the world's fastest-growing economy. Chief Minister Fadnavis concluded by stating that the relationship between India and Cyprus is promising, and that the Mediterranean Sea and the Indian Ocean are being drawn closer together through trade, technology, and strategic cooperation.
**‘Cyprus Trade Centre’ to be Established in Mumbai**
— President Nikos Christodoulides
To further strengthen economic ties between India and Cyprus, a ‘Cyprus Trade Centre’ is being established in Mumbai. Speaking at this forum, Nikos Christodoulides, President of the Republic of Cyprus, announced that this center is set to become operational on September 1st and will serve as a pivotal platform for facilitating Indian companies' access to the European market. President Christodoulides stated that relations between India and Cyprus have evolved into a "Strategic Partnership," and that these ties have gained fresh momentum following Prime Minister Narendra Modi's visit to Cyprus last year.
The Trade Center in Mumbai will guide Indian industries regarding investment and trade opportunities within both Cyprus and Europe. Furthermore, it will facilitate access to the European Union market by fostering partnerships between Indian and Cypriot companies. As a member state of the European Union and the Eurozone, Cyprus serves as a strategic hub offering access to a European market comprising 450 million consumers. Low corporate tax rates, transparent regulatory frameworks, and an English-based legal system make Cyprus an attractive destination for Indian companies. Significant opportunities for collaboration exist between India and Cyprus in sectors such as digital technology, artificial intelligence, fintech, renewable energy, logistics, tourism, and maritime services. The President of Cyprus noted that the "India-Middle East-Europe Economic Corridor" initiative is creating new opportunities across trade, energy, and digital infrastructure.
Expressing confidence that Cyprus could serve as an effective "gateway" for Indian companies to capitalize on the opportunities arising from the India-Europe Free Trade Agreement, President Christodoulides also announced that efforts are currently underway to establish direct air connectivity between India and Cyprus.
During this business forum, six Memorandums of Understanding (MoUs) were signed between India and Cyprus to enhance cooperation across the sectors of trade, investment, defense, banking, and technology. These included an agreement on industrial and trade cooperation between the Cyprus Chamber of Commerce and Industry and FICCI, while an MoU for investment promotion was signed between Invest Cyprus and FICCI. Additionally, an agreement to foster industrial cooperation was concluded between the Cyprus Chamber of Commerce and Industry and the CII. An agreement on cooperation in the banking sector was signed between Eurobank and FICCI, while a consensus was reached between the Society of Indian Defence Manufacturers and the Cyprus Defence and Space Industry Cluster to boost cooperation in the defense and space industries. Furthermore, an MoU in the technology sector was signed between Saptang Lab Pvt. Ltd. and Channel IT Ltd.