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Cyprus is emerging as a promising bridge between India and the broader regions of Europe and the Middle East, with business ties between the two countries gaining serious momentum, according to Kathimerini's Dorita Yiannakou.
Two Indian corporate heavyweights, Thomas Cook India and LTIMindtree, have already set up shop on the island, marking the first wave of what looks to be a wider movement. Their presence is laying the groundwork for closer economic cooperation, with Cyprus positioned as a launchpad for Indian companies looking westward.
According to exclusive information shared with Kathimerini, more than 20 large Indian companies are currently exploring the possibility of setting up operations in Cyprus. Discussions with local authorities are already at an advanced stage, suggesting a significant influx of Indian investment could be on the horizon.
Why Cyprus?
The Indian High Commission in Cyprus confirms this growing interest, highlighting sectors such as fintech, drone technology, and artificial intelligence as key areas where Indian companies see strong potential. Indian High Commissioner Sri Manis pointed to Cyprus' stable financial system, skilled workforce, and attractive business incentives as the main draws for Indian firms.
These qualities, he said, are not only appealing but essential for Indian companies wanting to expand into Europe and the wider Mediterranean region.
Strategic timing and policy alignment
The shift isn’t random. It ties in with India's broader economic strategy, specifically its India-Middle East-Europe Economic Corridor initiative, which aims to strengthen trade routes and investment channels across regions. As part of this, India-based businesses are actively looking for regional partners and stepping stones, roles that Cyprus is well-positioned to fill.
One major development in this direction is the creation of the India-Greece-Cyprus Business Council (IGC). The council was launched following a Memorandum of Understanding signed between Eurobank and the Indian Chamber of Commerce (ICC) in September 2024. The IGC aims to accelerate business and investment collaboration across key sectors, including infrastructure, technology, shipping, and financial services.
The council was inaugurated in Mumbai in February and officially launched in Cyprus shortly after. Events were held to mark the arrival of Thomas Cook India and LTIMindtree, underscoring their commitment to doing long-term business on the island.
Meet the companies
Thomas Cook India, a well-known tourism and travel company, has opened its first Cypriot office in Nicosia. Through its local arm, TCI EURO (Travel Circle International Cyprus Ltd.), the company will offer services such as foreign exchange, corporate and leisure travel, and MICE (Meetings, Incentives, Conferences, and Exhibitions). Notably, TCI EURO is backed by Fairfax Financial Holdings, the global investment firm that also holds a major stake in Eurobank.
Meanwhile, LTIMindtree—a major player in IT and digital services—will be setting up a new Artificial Intelligence and Digital Innovation Centre at CYENS Centre of Excellence in Nicosia. The center will develop advanced tech solutions for Eurobank, Fairfax, and other European clients. LTIMindtree was formed in 2022 through the merger of Larsen & Toubro Infotech and Mindtree, two IT powerhouses.
More to come
According to Chrysilios Pelekanos, chairman of the IGC Business Council, Indian companies aren’t just passing through, they’re here to stay. In a recent interview, he described this development as a "golden opportunity" for Cyprus to become part of India's broader economic corridor. He added that beyond tourism and tech, Indian firms in renewable energy, pharmaceuticals, shipping, research, and innovation are also eyeing Cyprus as a key base.
As India looks to extend its economic footprint, Cyprus seems ready to open the door. If current trends continue, the small island nation could soon play a big role in linking Indian enterprise with Europe and beyond.
