WTC Mumbai, Cyprus MoUs to Boost India-Europe Trade
A high-level government and business delegation from Cyprus visited Mumbai to deepen bilateral economic, trade, and investment relations with India. The event, organized jointly by the World Trade Center (WTC) Mumbai and All India Association of Industries (AIAI), celebrated over six decades of partnership between the two countries. On this occasion, WTC Mumbai signed Memorandums of Understanding (MoUs) with Invest Cyprus and WTC Cyprus, reaffirming Cyprus’ strategic role as a trade gateway for Indian enterprises into Europe. The MoUs aim to create opportunities in technology, research, fintech, shipping, and innovation.
The session was attended by H.E. Mr. Evagoras Vryonides, High Commissioner of Cyprus to India; Mr. Demetris Skourides, Chief Scientist for Research, Innovation and Technology, Republic of Cyprus; Mr. Marios Tannousis, CEO, Invest Cyprus; Mr. Nicos Chimarides, IGC Representative and PwC Partner – Tax & Legal; Mr. Panayiotis Chrysotomou, IGC Representative and Manager, Banking Services & Representative Offices IBB of Eurobank; Mr. Antony Georgaki, Head of Operations, WTC Cyprus; and Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI.
In his opening remarks, Dr. Vijay Kalantri emphasized Cyprus’ pivotal role in global trade:
“Cyprus is the gateway to other European Nations and increasing collaborations in fintech and innovation will lead to continued benefit for both India and Cyprus, with hopeful expectations of trade surpassing USD 1 billion in the future.”
H.E. Mr. Evagoras Vryonides highlighted ongoing trade discussions:
“The 14th round of the India–EU FTA negotiations is scheduled for October 2025, which will further strengthen the bond between India and Cyprus. Indian business entities can set up businesses in Cyprus, manufacture or produce there, and receive preferential access in European markets.”
Keynote speaker Mr. Demetris Skourides showcased Cyprus as an emerging research and technology hub, stating:
“Cyprus today ranks 25th in the Global Innovation Index, supported by strong research institutions and projects in advanced sectors such as defence and ship manufacturing. By combining India’s global leadership in digital technology learning with Cyprus’ research expertise and professional services, both nations can build powerful synergies that drive innovation and competitiveness.”
From Left to Right: Mr.Marios Tannousis, Mr.Evagoras Vryonides Dr. Vijay Kalantri, Mr.Antony Georgaki
Other speakers reinforced Cyprus’ position as a global business hub. Mr. Marios Tannousis outlined the country’s investor-friendly policies, while Mr. Nicos Chimarides highlighted its attractive tax regime. Mr. Panayiotis Chrysotomou underlined trilateral cooperation via the India-Greece-Cyprus Business & Investment Council, linking technology, infrastructure, and finance through the IMEC trade corridor. Mr. Antony Georgaki reiterated WTC Cyprus’ mission to connect Cypriot businesses globally.
In conclusion, Dr. Kalantri stressed that the MoUs mark a strong commitment to expanding opportunities and fostering sustainable growth, making Cyprus a trusted partner for Indian exporters and investors.