Press Release
Strategic opportunities for investment and commercial partnerships along the India-Greece-Cyprus economic corridor were the focus of the 1st Business Forum, co-organized by Eurobank and the Indian Chamber of Commerce (ICC), at the Amathus hotel in Limassol on Friday, 16 May 2025.
The event brought together more than 100 representatives of Cypriot and Indian companies, all sharing a strong extrovert orientation, as well as top executives of major Indian businesses that are either already active in Greece and Cyprus or are considering establishing a presence in these countries. The Forum aimed to further strengthen cooperation and enhance powerful strategic ties between the three countries in a context that highlights common economic prospects and promotes business growth.
The Business Forum held in Limassol is an initiative held in the context of the newly established India-Greece-Cyprus (IGC) Business Investment Council and marks a new era of enhanced trade and investment ties with India, a global economic power. Similar events were also held in Mumbai last February and in Athens on Wednesday, 14 May, under the auspices of Greece’s Ministry of Foreign Affairs.
The event, which was held in Cyprus in the presence of Eurobank CEO Mr. Fokionas Karavias, was also attended, on behalf of the government, by the Deputy Minister to the President, Ms. Irene Piki; the Deputy Minister of Tourism, Mr. Kostas Koumis; and the Chief Scientist, Mr. Demetris Skourides.
The CEO of Hellenic Bank (a member of Eurobank Group), Mr. Michalis Louis, delivered the opening address of the event. Welcoming the guests, Mr. Louis pointed out, “We aim to establish both Cyprus and Greece as a strategic point of entry for Indian businesses—not only to the EU, but also to the wider region of Europe and the West, taking advantage of new initiatives such as the India-Middle East-Europe Economic Corridor (IMEC).”
“Our vision is for Cyprus and Greece to act as key hubs along this economic corridor, allowing Indian businesses to have seamless access to markets, to undertake infrastructure projects, as well as to take advantage of commercial opportunities,” he stressed.
During her brief address, the Deputy Minister to the President, Ms. Irene Piki, pointed out, “The 1st India-Greece-Cyprus Business Forum highlights our shared ambition to turn regional collaboration into global opportunity. Cyprus, with its strategic location and strong economic foundations, offers a natural bridge between continents and a dynamic platform for innovation, trade, and sustainable development.
Together with Greece and India, we are shaping a future driven by knowledge, talent, and investment - fostering deep ties that extend beyond diplomacy into meaningful, long-term partnerships across various sectors such as technology, energy, and entrepreneurship."
President & CEO of Fairfax Digital and member of the Cyprus-India Business Association, Mr. Sanjay Tugnait, who was the keynote speaker of the event, praised Cyprus’ enduring role as a crossroads of cultures and its modern evolution into a hub of trade, sustainability, and innovation, stressing among other things, “In a world shaped by the forces of deglobalization, decarbonization, and digitization, Cyprus emerges as a strategic beacon of opportunity, seamlessly bridging past legacy with future potential.”
The High Commissioner of India to Cyprus, Mr. Manish Manish, and the Ambassador of Greece to Cyprus, Mr. Ioannis Papameletiou, also addressed the event.
A roundtable discussion followed, titled “Catalyzing Growth: Uniting Cyprus, India and Greece for a Future of Innovation and Opportunity.” The discussion was moderated by the president of the Cyprus-India Association, partner at PwC, Mr. Chrysilios Pelekanos, and featured the participation of the deputy minister of tourism, Mr. Costas Koumis; the chief scientist, Mr. Demetris Skourides; the heads of the Indian Chamber of Commerce (ICC) and Invest Cyprus; and executives of major Indian companies such as LTIMindtree and Thomas Cook India.
Eurobank, with a strategic vision and innovative approach, actively promotes market connectivity through the India-Middle East-Europe Economic Corridor (IMEC) and plays a leading role in strengthening the extroversion of Greek and Cypriot businesses to India and Indian businesses to Europe as a regional banking group with a strong presence in Greece and Cyprus. These initiatives aim to expand and boost trade, investment, and strategic cooperation in the infrastructure, tourism, start-up, food and beverages, shipping, technology, financial services, and SME sectors, creating an integrated platform for trilateral business development.
The India-Greece-Cyprus (IGC) Business Investment Council, inaugurated in February in Mumbai in the presence of the CEO of Eurobank, Mr. Fokion Karavias, marks a new chapter in the economic cooperation among the three countries. The Memorandum of Understanding (MoU) signed between the Indian Chamber of Commerce (ICC) and Eurobank in September 2024 laid the foundation for this strategic partnership.
Plans for establishing a representative office in Mumbai are among the initiatives already undertaken by the bank, provided that the necessary regulatory approvals are obtained, while the bank has also entered into strategic agreements, such as the Agreement of Cooperation with NPCI International for utilizing the pioneering UPI technology in remittances from Greece to India.
The initiative to establish the IGC Business Investment Council has been significantly strengthened by the active participation of leading organizations from the three countries, specifically Eurobank Group, the Indian Chamber of Commerce (ICC), Invest Cyprus, the Cyprus India Business Association, Enterprise Greece S.A., the Hellenic Federation of Enterprises and Industries (SEV), and Export Credit Greece, which appointed the founding members of the IGC Council. These organizations, with their experience and commitment to business cooperation, are pillars of the initiative. Their collective action functions as a driving force for promoting international cooperation and strengthening economic growth.
