Invest Cyprus on Friday issued a statement welcoming the decision by India’s Drone Destination to establish its European subsidiary in Cyprus.

The agency, tasked with driving investment to the island, described the move as a significant step in strengthening economic ties between Cyprus and India.

The Indian company, which specialises in drone technology and training and is listed on NSE Emerge, announced its investment following the official visit of Indian Prime Minister Narendra Modi to Cyprus at the invitation of Cypriot president Nikos Christodoulides.

The decision signals growing alignment between the two nations and positions Cyprus as a hub for innovation and advanced technology.

The new entity will focus on drone development, services, training and drone sports, laying the groundwork for a comprehensive and forward-looking drone ecosystem across Europe.

“India, under Prime Minister Modi, has embraced the drone revolution with bold policies and industry incentives, emerging as a global leader in the drone ecosystem,” said Alok Sharma, chairman of Drone Destination.

He added that “Cyprus has the opportunity to join this momentum“.

“With vision and commitment, Cyprus can become a strategic gateway for unmanned systems in Europe, the Middle East and Africa,” he explained.

“Drone Destination is proud to bring India’s proven experience in drone services and pilot training to this initiative in the region,” Sharma continued.

“Together, we can build a global centre that combines India’s scale and innovation with Cyprus’ strategic location, IP protection and policy clarity”.

The development follows the recent formation of the India-Greece-Cyprus Business and Investment Council, in which Invest Cyprus is a founding member.

The council seeks to promote cross-border collaboration and investment in sectors such as drone technology and artificial intelligence.

Marios Tannousis, CEO of Invest Cyprus, said “we are pleased to welcome Drone Destination to Cyprus and fully support its vision to advance drone infrastructure in the region”.

He added that “this decision highlights growing confidence in Cyprus as an attractive destination for investment and a hub for high-tech industries”.

“Drone technology is transforming defence, infrastructure monitoring, agriculture, logistics, environmental monitoring, STEM education and entertainment,” Tannousis stated.

“With this investment, Cyprus aims to play a meaningful role in this important sector, not only for itself but also for Europe and trusted partners worldwide,” he added.

Invest Cyprus also acknowledged the comments of Shri Manish, High Commissioner of India to Cyprus, who stressed the growing interest of Indian companies such as Drone Destination to invest in Cyprus, particularly in emerging sectors like drone technology and artificial intelligence.

Shri Manish said this development supports “Prime Minister Narendra Modi’s vision to position India as a global drone hub by 2030, with Cyprus serving as a key gateway for these innovations in Europe”.

The agency also stated that “Drone Destination’s presence in Cyprus is expected to attract further investment, foster technological exchange, and contribute to workforce development in the region”.

It added that “the company is already engaging with public and private stakeholders to ensure the successful establishment of its operations and long-term impact”.

“Invest Cyprus”, the agency continued, “as the national agency for investment promotion, is committed to supporting investors and businesses throughout their journey”.

“Our organisation is already in ongoing communication with Drone Destination and other strategic partners to ensure a successful investment experience in Cyprus,” the statement concluded.