Mumbai: Ahead of his meeting with Prime Minister Narendra Modi, visiting Cyprus President Nikos Christodoulides on Thursday pitched the Mediterranean Sea island-nation as a gateway for Indian companies looking to expand into Europe.
"Cyprus, a member state of the European Union and the Eurozone, offers full access to the EU Single Market of over 450 million consumers, through a transparent and predictable regulatory framework based on common law, a legal tradition familiar to Indian businesses and international investors alike. At the same time, our size and agility allow for faster decision-making and an attractive business environment," Christodoulides said addressing Cyprus-India Business Forum in the financial capital of Mumbai.
"Cyprus is ready to act as a reliable, efficient and competitive platform-launchpad for Indian businesses looking to access not just Europe, but the wider Eastern Mediterranean, Gulf and North African markets from a stable European base. For example, e-commerce, using Cyprus as a logistics hub, offers a really attractive value proposition for Indian companies," he said.
To take the vision ahead, he announced the setting up of a Cyprus Trade Centre in Mumbai from September 1 this year. "The facility would function as a business connectivity hub to help Indian companies explore opportunities in Cyprus and Europe and facilitate partnerships with Cypriot enterprises,' he said.
Adani Ports & SEZ sign MoU with Port of Marseille Fos for strengthening IMECChristodoulides pointed out that Cyprus is currently proudly holding the Presidency of the Council of the EU, representing all 27 EU member states, at a juncture of great challenge. "A great challenge, but above all, as is the view of Cyprus, a great opportunity. An opportunity to come together, build strong partnerships and prospect," he said and pointed out that the Cyprus Presidency presents a unique opportunity to use the momentum in EU-India relations as a pedestal for stronger Cyprus-India economic and business cooperation.
"In fact, EU-India relations are at an unprecedented high. This, culminated when the landmark Free Trade Agreement was finalised in the very first month of the Cyprus Presidency, creating a market of two billion people, uniting two of the world's largest economies and creating a space of untapped opportunity for our people, our workers, our businesses and innovators," he noted.
Cyprus offers a 15% corporate income tax rate, one of the lowest in the EU, and an extensive double-taxation treaty network covering more than 65 countries, including India. "Cyprus can also function as a practical regulatory gateway into the EU, providing access to EU-aligned approvals, compliance and operational frameworks within an English-speaking and business-friendly environment," the visiting President asserted.
Speaking about connectivity, Christodoulides said the India-Middle East-Europe Economic Corridor (IMEC) initiative creates new opportunities in trade, logistics, energy and digital infrastructure. "In this context, Cyprus can function not only as a geographic hub, but also as an operational and regulatory base within the European Union for organising, managing and scaling regional activities across multiple markets simultaneously," he added.