Launch of India-Greece-Cyprus Business and Investment Council Marks New Era of Cooperation

Strategic Insights -

The launch of the India-Greece-Cyprus Business and Investment Council (IGC) in Limassol marked a significant step towards strengthening economic ties between the three nations. The event, held under the auspices of Eurobank and attended by senior government officials, diplomats, and business leaders, aimed to create opportunities for collaboration that drives sustainable growth and mutual success. Panayiotis Chrysostomou, manager of banking services and representative offices at Eurobank, welcomed the gathering and underscored the aim of institutionalising collaboration between the three countries. He noted that the memorandum of understanding signed in 2024 formalised a vision to strengthen business and economic ties.

Key Takeaways:

  • The India-Greece-Cyprus Business and Investment Council (IGC) was launched in Limassol, marking a new era of cooperation between the three nations.
  • The council aims to create opportunities for collaboration that drives sustainable growth and mutual success, with a focus on institutionalising cooperation between the three countries.
  • The launch of the council is a significant step towards strengthening economic ties between India, Greece, and Cyprus.
  • Cyprus has undergone significant economic and structural transformation, with a GDP growth of 3% in the first quarter and declining unemployment.
  • The country's upgraded credit rating and primary fiscal surplus demonstrate its economic resilience.
  • Cyprus is a preferred jurisdiction for accessing the EU market, offering single market access, operating under English law, and benefiting from a favourable double tax treaty with India.
  • The Hellenic Bank CEO, Michalis Louis, praised Cyprus' stable financial environment, multilingual skilled workforce, and professional services sector, complemented by attractive government incentives.
  • The Eurobank Group is in the process of seeking regulatory approval to establish a representative office in India, which will reinforce the bank's commitment to India-Cyprus ties.
  • LTIMindtree, a global digital transformation and technology services company, has launched a major digital transformation project with Eurobank Cyprus to develop a new digital banking platform.

Statistics:

  • €200 million was invested in India through Cyprus-based entities in 2023 and 2024.
  • India's GDP growth has been rapid, with a young population and increasing economic power.
  • The Unified Payments Interface (UPI) facilitates nearly 49% of transactions in India.
  • Cyprus has gained international recognition for its digital and technological sectors.
  • The country is ranked 40th in the StartupBlink global rankings.
  • The Indian government's "brain gain" campaign has encouraged Cypriots abroad to return and contribute to the local ecosystem.
  • India has become the world's third-largest startup ecosystem, with over 160,000 startups.

Sources:

  • Eurobank
  • Hellenic Bank
  • Cyprus Mail
  • LTIMindtree
  • Fairfax Digital
  • Invest Cyprus
  • Thomas Cook India
  • Indian Chamber of Commerce
  • Cyprus-India Business Association