Christodoulides praises Mumbai’s ‘remarkable energy’

President Nikos Christodoulides on Thursday praised the “remarkable energy” of Mumbai as he opened the Cyprus-India business forum in the city on the second day of his state visit to India. 

“In this city of remarkable energy, that encapsulates the genius of Indian growth, Mumbai is in fact a mirror reflection of the strong ambition and outward-looking spirit that defines this incredible country,” he said.

He said that the energy of Mumbai is being incorporated into the “strategic partnership” between India and Cyprus, and that it was “brought almost a year ago during the historic visit” Indian Prime Minister Narendra Modi paid to the island.

That visit, he said, “has taken a longstanding close relationship and transformed it into a strategic partnership”.

“At the heart of this strategic partnership are our respective, and very vibrant, business communities – the ones which drive or economies forward, he said, adding that as such, “it is particularly fitting that we begin this visit here”.

The forum, he said, has “a very strong determination on achieving business synergies, partnerships, and achieving tangible, mutually beneficial outcomes together”.

He then added that the word “together” is key in such discussions, as it “encompasses not only the path of Cyprus-India business relations, but also the relations between the European Union and India”.

“Cyprus is currently proudly holding the presidency of the Council of the EU, representing all 27 EU member states, at what is a juncture of great challenge, but above all, as is the view of Cyprus, a great opportunity,” he said, adding that the current state of global affairs constitutes “an opportunity to come together, build strong partnerships, and prospect”.

“In this respect, today’s forum serves as a platform for tangible outcomes. The presence of leading business organisations from both countries, alongside Cypriot and Indian companies, gives this forum a clear purpose: to build connections, to create partnerships, to quickly move to action,” he said.

He added that “this drive is amplified in the context of Cyprus’ current capacity” as the holder of the Council of the EU’s rotating presidency, and that Cyprus’ ongoing term “presents a unique opportunity to use the momentum in EU-India relations as a pedestal for stronger Cyprus-India economic and business cooperation”.

“In fact, EU-India relations are at an unprecedented high. This culminated when the landmark free trade agreement was finalised in the very first month of the Cyprus presidency, creating a market of two billion people, uniting two of the world’s largest economies and creating a space of untapped opportunity for our people, our workers, our businesses and innovators,” he said.

He added that both Cyprus and the EU “recognise that deeper and more expansive trade, business, and investment relations cement ties and make them more resilient”.

“Tangible business cooperation strengthens the economic bridge between India and Europe, and in this effort, the private sector has a central role to play. We, as governments, can create the necessary framework, but this framework can only come to life when businesses, investors, and innovators give it content,” he said.

To this end, he said that “this, ultimately, is what contributes to building lasting partnerships, creates jobs, and drives connectivity”.

“Our ambition is to translate an already strong political relationship into deeper economic cooperation, focusing on investment, trade, and joint business opportunities,” he said.

He pointed out that the participation of Cypriot companies in financial technology, financial services, and an array of other sectors in the forum “reflects a broad and outward-looking business ecosystem ready to engage with Indian partners”.

“Our country, a member state of the European Union and the Eurozone, offers full access to the EU single market of over 450 million consumers, through a transparent and predictable regulatory framework based on common law,” he said, pointing out that common law is “a legal tradition familiar to Indian businesses and international investors alike”.

He then pointed out that Cyprus’ small size “and agility” allow for “faster decision-making and an attractive business environment”.

“Our message today is straight and simple: Cyprus s ready to act as a reliable, efficient, and competitive platform and launchpad for Indian businesses looking to access not just Europe, but the wider eastern Mediterranean, Gulf, and north African markets from a stable European base,” he said.

He later added that recent economic growth in Cyprus “reflects a responsible and credible policy framework that reinforces stability, strengthens investor confidence, and allows the state to act with consistency, even in periods of global uncertainty”.

To this end, he said that in recent years, Cyprus has “consistently attracted productive foreign direct investment across diverse sectors with international companies increasingly choosing Cyprus as a base for regional headquarters and operations spanning Europe, the Middle East, and Africa”

“We are also seeing, with great satisfaction, a growing interest from Indian companies that are currently using Cyprus as an entry point to Europe, particularly in areas such as technology, financial services, and digital innovation,” he said.

He then added that the reduced tariffs which are set to be implemented when the trade agreement between the EU and India is implemented are “not enough”, and that “Indian companies still need a fast, professional, and EU-compliant entry point that converts paper preference into real market presence”.

Cyprus, he said “is the right place for this”.

On the matter of the India-Middle East-Europe Economic Corridor (Imec), he said that the initiative “creates new opportunities in trade, logistics, energy, and digital infrastructure”.

“In this context, Cyprus can function not only as a geographic hub, but also as an operational and regulatory base within the European Union for organising, managing, and scaling regional activities across multiple markets simultaneously,” he said.