Mumbai, May 21 (IANS) Maharashtra Chief Minister Devendra Fadnavis on Thursday invited business conglomerates from Cyprus to invest in the state and build long-term partnerships in manufacturing, innovation, and trade.
Speaking at the Cyprus–India Business Forum, the Chief Minister emphasised that the Maharashtra government is stable, decisive, and pro-industry, and remains fully committed to global partnerships.
Chief Minister Fadnavis addressed the forum in the presence of the Cyprus President, Nikos Christodoulides.
To bolster cooperation across trade, investment, defence, banking, and technology, six Memorandums of Understanding (MoUs) were signed during the business forum.
CM Fadnavis said that the relationship between India and Cyprus transcends geographical boundaries, rooted in shared values of democracy, sovereignty, and peaceful coexistence.
He added that Prime Minister Narendra Modi’s visit to Cyprus in 2025 gave a renewed impetus to bilateral relations, marking the beginning of a new chapter in economic cooperation.
Highlighting the state’s economic prowess, the Chief Minister noted that Maharashtra is now a $660 billion economy, contributing around 30 per cent to the country’s industrial output and attracting 40 per cent of India’s Foreign Direct Investment (FDI).
“Mumbai is rapidly emerging as one of the fastest-growing financial hubs in the world. The state is executing ambitious infrastructure projects, including the Mumbai Trans Harbour Link (MTHL), Samruddhi Mahamarg, Navi Mumbai International Airport, an expansive metro network, logistics parks, and smart cities. Maharashtra is also transitioning toward a 93 GW energy generation capacity, with 52 per cent of it coming from renewable energy sources. World-class projects like International Edu City, Medi City, and Global Capability Centre City are also being developed,” he said.
Describing Cyprus as a vital gateway to Europe, the Eastern Mediterranean, and the Middle East, the Chief Minister highlighted its core strengths in maritime transport, logistics, financial services, and innovation, calling it a gateway to the economic future of both Maharashtra and India.
The collaboration between Cyprus’s European financial network and India’s digital economy will pave new avenues for cross-border financial transactions and digital innovation.
The ties between India and Cyprus are promising, effectively bringing the Mediterranean Sea and the Indian Ocean closer through trade, technology, and strategic cooperation.
To further fortify economic ties between India and Cyprus, a ‘Cyprus Trade Center’ is being established in Mumbai.
Announcing this at the forum, the Cyprus President Christodoulides said that the centre will become operational on September 1 and will serve as a crucial platform for Indian companies looking to access the European market.
President Christodoulides noted that the relationship between India and Cyprus has elevated to a “Strategic Partnership,” gaining massive momentum following Prime Minister Narendra Modi’s visit to Cyprus last year.
The Trade Centre in Mumbai will guide Indian industries regarding investment and trade opportunities in Cyprus and broader Europe. It will foster partnerships between Indian and Cypriot companies, easing entry into the European Union market.
“As a member of the European Union and the Eurozone, Cyprus serves as an efficient hub granting access to a European market of 450 million consumers. A low corporate tax rate, transparent regulatory frameworks, and an English-based legal system make Cyprus highly attractive for Indian enterprises. Substantial opportunities for cooperation exist in digital technology, AI, fintech, renewable energy, logistics, tourism, and maritime services,” the Cyprus President said.
He also highlighted that the “India-Middle East-Europe Economic Corridor” (IMEC) initiative is generating fresh prospects in trade, energy, and digital infrastructure.
Expressing confidence that Cyprus can act as an effective gateway for Indian companies looking to capitalise on the India-Europe Free Trade Agreement, President Christodoulides also announced that active efforts are underway to launch direct flights between India and Cyprus.
–IANS
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