Modi visit unlocks new investment ties with Cyprus

Eurobank on Thursday released a detailed report outlining its role as a catalyst in the evolving economic, commercial and business relations between India, Cyprus and Greece.

The announcement came in the wake of the historic visit of Indian Prime Minister Narendra Modi to Cyprus, his first in 23 years.

The visit, which took place less than a year after Modi’s trip to Athens, underscored the growing strategic importance of Greece and Cyprus in India’s vision for the India-Middle East-Europe Economic Corridor (IMEC).

This global corridor aims to facilitate trade between India and Europe by enhancing connectivity across regions.

During his visit to Nicosia, Modi, alongside the President of the Republic of Cyprus Nikos Christodoulides, attended a high-level meeting on June 15 with the business delegation accompanying the Indian leader.

They met with prominent figures from the Cypriot business community. Eurobank was represented at the meeting by its Chief Executive Officer Fokion Karavias and Hellenic Bank CEO Michalis Louis, whose bank operates as part of the Eurobank Group.

In this context, Eurobank has launched a series of initiatives to deepen cross-border cooperation with India.

Through institutional partnerships, technological synergies and targeted business actions, the bank is investing in infrastructure and innovative collaboration platforms, aiming to promote sustainable development models and position Greece and Cyprus as key gateways for India into the European market.

During Modi’s visit, it was announced that India’s Unified Payments Interface (UPI) system, which Eurobank had already facilitated in Greece, will soon operate in Cyprus as well.

Furthermore, the first agentic AI voice platform in Europe, developed with Indian technology and based in Cyprus, was officially inaugurated.

Eurobank played a central role, in collaboration with the Indian Chamber of Commerce, Enterprise Greece and Invest Cyprus, in the establishment of the India-Greece-Cyprus Business and Investment Council (IGC), which recently commenced operations with events in Athens and Nicosia.

“We took a series of initiatives in less than twelve months that substantially broaden the foundation of business cooperation between India, Cyprus and Greece,” said Karavias.

“The global momentum of the Indian economy creates new realities and its interconnection with Europe presents limitless opportunities and business prospects,” he added.

He also said that “supporting the businesses that will take the lead is our strategic commitment”.

“Through this”, he continued, “we aspire to serve as the financial arm of this rapprochement, thereby contributing not only to the implementation of business plans but also to highlighting Greece and Cyprus as key entry points to Europe for India.”

Louis also emphasised the significance of Cyprus’ role. “Cyprus can play a decisive role as a bridge between India and Europe,” he said.

“Focusing on technological innovation, enhancing extroversion and fostering strategic partnerships, we actively contribute to shaping a new development model for the region,” he added.

He further explained that “the IMEC corridor further strengthens Cyprus’ potential as a financial and business hub and, through Eurobank, we are leveraging the arising opportunities to promote investments, support businesses and create long-term value for the economy and society.”

As part of its strategic initiatives, Eurobank is actively involved in the IMEC corridor, which is supported by the European Union and the United States.

The corridor aims to establish a secure and technologically advanced route for the transfer of goods, capital and data from India to the West, enhancing the geostrategic importance of Greece and Cyprus in global supply chains, investments and technology.

Eurobank has also been instrumental in founding the Indian-Greece-Cyprus Business Council (IGC), a platform for dialogue and cooperation among business communities in the three countries, focusing on strategic sectors such as infrastructure, shipping, technology and financial services.

In a landmark development, Eurobank signed a memorandum of understanding with NPCI International, the entity behind India’s UPI system, making Greece and Cyprus pioneers in Europe for cross-border payments and strengthening economic ties with the Indian diaspora.

The inauguration of Europe’s first agentic AI voice platform, headquartered in Cyprus, further solidifies the island’s role as a regional innovation hub and enhances strategic cooperation between India and Cyprus in the field of artificial intelligence.

Agentic AI refers to advanced artificial intelligence systems capable of operating autonomously without constant human intervention, encompassing areas such as autonomous driving, intelligent assistants and robotic systems.

Business forums were organised in Athens and Limassol to highlight investment opportunities, strengthen business-to-business collaborations and practically promote the IMEC corridor through business synergies.

In terms of digital innovation, Eurobank has established a Global Delivery Center (GDC) in India, in collaboration with Fairfax Digital Services and LTIMindtree.

The GDC serves as a vital centre for Eurobank’s technological transformation.

The creation of an Agentic AI and Digital Tech Hub in Cyprus further bolsters the island’s status as a European technology hub by applying cutting-edge artificial intelligence solutions.

Additionally, Eurobank is developing digital hubs for small and medium-sized enterprises (SMEs) through cooperation with Eurolife FFH and the IGC.

These hubs aim to enhance SMEs’ export capabilities through technological upgrades, networking and knowledge exchange.

The bank is also supporting Thomas Cook India’s entry into the Cypriot market, promoting a tourism corridor between India and the Mediterranean.

This partnership includes innovative voice AI applications and leverages Thomas Cook India’s position as a leading player in India’s tourism sector.

What is more, Eurobank will open a representative office in Mumbai, becoming the first Greek and Cypriot bank with a physical presence in India.

The office, expected to be operational within 2025, will facilitate investment access and business partnerships.