Maharashtra Chief Minister Devendra Fadnavis extended an invitation to Cypriot business leaders to invest in the state, emphasizing the importance of long-term partnerships in sectors like manufacturing, innovation, and trade. Speaking at the Cyprus–India Business Forum, he articulated Maharashtra's commitment to being a stable and pro-industry state, fostering global collaborations that will benefit both regions. His remarks were made in the presence of Cyprus President Nikos Christodoulides, highlighting the significance of this bilateral engagement.
During the forum, six Memorandums of Understanding (MoUs) were signed to enhance cooperation across multiple sectors such as trade, investment, defence, banking, and technology. Fadnavis noted that the historical relationship between India and Cyprus reflects shared values of democracy and peaceful coexistence. He referenced Prime Minister Narendra Modi's visit to Cyprus in 2025, which he credited with revitalizing bilateral relations and marking a new chapter in economic cooperation.
- Maharashtra's economic strength — The state boasts a $660 billion economy, crucial to India’s industrial output.
- Infrastructure projects underway — Major projects include Mumbai Trans Harbour Link and Navi Mumbai International Airport.
- Cyprus as a strategic gateway — Cyprus connects India to Europe and the Middle East, enhancing trade opportunities.
Fadnavis highlighted Maharashtra’s significant contributions to India’s economy, noting that it accounts for around 30% of the country’s industrial output and attracts 40% of Foreign Direct Investment (FDI). He described Mumbai as an emerging global financial hub, executing ambitious infrastructure initiatives aimed at boosting economic growth.
The Chief Minister also pointed out that the establishment of a 'Cyprus Trade Center' in Mumbai will serve as a vital platform for Indian businesses seeking access to European markets. President Christodoulides announced that this center is set to become operational on September 1, facilitating trade and investment opportunities between the two regions. This initiative aims to ease entry for Indian companies into the European Union, leveraging Cyprus’s membership in the EU and Eurozone to enhance economic partnerships.
