The Confederation of Indian Industry (CII) has taken a significant step towards enhancing economic ties with Cyprus by signing a strategic memorandum of understanding (MoU) with the Cyprus Chamber of Commerce and Industry (CCCI) on May 21, 2026. This pivotal agreement was signed in the presence of notable figures such as Nikos Christodoulides, the President of Cyprus, and Devendra Fadnavis, the Chief Minister of Maharashtra, during the Cyprus–India Business Forum. The primary objective of the CII–CCCI MoU is to strengthen collaboration between Indian and Cypriot industries through initiatives like investment promotion, joint ventures, and trade fairs.
Accompanying this significant MoU, the Society of Indian Defence Manufacturers (SIDM) also formalized an agreement with the Cyprus Defence & Space Industry Cluster (CyDSIC). This partnership aims to bolster cooperation in defence manufacturing, aerospace innovation, and dual-use technologies. Both agreements reflect a commitment to enhancing business linkages while creating new opportunities in strategic sectors.
- Investment promotion initiatives — aimed at fostering bilateral trade and investment.
- Focus on technology partnerships — enhancing collaboration in tech and innovation.
- Strengthened defence cooperation — aimed at advancing aerospace and dual-use technologies.
During the signing event, Jai Prakash Shivahare, India’s Joint Secretary for Europe, emphasized the growing momentum in bilateral engagements, asserting the commitment to strengthening Cyprus–India economic relations. B. Thiagarajan, the Chairman of the CII National Committee on Skill and Livelihood Centres, expressed optimism that this partnership will open new avenues for trade and investment, particularly in sectors such as technology and logistics.
This visit by President Nikos Christodoulides marks a significant moment as it is his first official trip to India since taking office. His discussions with Prime Minister Narendra Modi are expected to cover various areas, including education, culture, and security, further solidifying the diplomatic relations between the two nations. Both countries are set to celebrate the 65th anniversary of their diplomatic relations on February 10, 2027, which adds further significance to these ongoing discussions.
