Maharashtra Chief Minister Devendra Fadnavis on Thursday, 21 May invited Cypriot business conglomerates to invest in Maharashtra and forge long-term partnerships in manufacturing, innovation, and trade, addressing the Cyprus–India Business Forum in Mumbai alongside Cyprus President Nikos Christodoulides. The forum marked a significant step in bilateral economic engagement, with six Memorandums of Understanding (MoUs) signed to bolster cooperation across trade, investment, defence, banking, and technology.

Maharashtra's Investment Case

Chief Minister Fadnavis positioned Maharashtra as India's premier investment destination, noting that the state now constitutes a $660 billion economy, contributes approximately 30 per cent of the country's industrial output, and attracts 40 per cent of India's total Foreign Direct Investment (FDI). He described the Maharashtra government as 'stable, decisive, and pro-industry,' fully committed to global partnerships.

Fadnavis outlined a pipeline of infrastructure projects underpinning the state's growth ambitions, including the Mumbai Trans Harbour Link (MTHL), the Samruddhi Mahamarg, Navi Mumbai International Airport, an expanding metro network, logistics parks, and smart cities. He also highlighted Maharashtra's transition toward a 93 GW energy generation capacity, with 52 per cent sourced from renewables, alongside marquee developments such as International Edu City, Medi City, and Global Capability Centre City.

Cyprus as Gateway to Europe and the Mediterranean

The Chief Minister described Cyprus as a vital gateway to Europe, the Eastern Mediterranean, and the Middle East, highlighting its strengths in maritime transport, logistics, financial services, and innovation. He argued that collaboration between Cyprus's European financial network and India's digital economy would open new avenues for cross-border financial transactions and digital innovation.

This comes amid growing momentum in the India–Cyprus bilateral relationship, which was elevated to a 'Strategic Partnership' following Prime Minister Narendra Modi's visit to Cyprus in 2025 — a visit Fadnavis credited with giving 'renewed impetus' to economic cooperation between the two nations.

Cyprus Trade Centre in Mumbai

In a concrete outcome from the forum, President Christodoulides announced the establishment of a Cyprus Trade Centre in Mumbai, set to become operational on 1 September. The centre will serve as a platform for Indian companies seeking access to the European market, guiding them on investment and trade opportunities in Cyprus and the broader European Union.

President Christodoulides underscored Cyprus's appeal for Indian enterprises: as a member of both the EU and the Eurozone, Cyprus offers access to a market of 450 million consumers, a low corporate tax rate, transparent regulatory frameworks, and an English-based legal system. He identified digital technology, AI, fintech, renewable energy, logistics, tourism, and maritime services as priority sectors for bilateral cooperation.

IMEC and Direct Flights on the Horizon

President Christodoulides also pointed to the India-Middle East-Europe Economic Corridor (IMEC) as generating fresh prospects in trade, energy, and digital infrastructure. He expressed confidence that Cyprus could serve as an effective gateway for Indian companies seeking to capitalise on a prospective India-Europe Free Trade Agreement. Separately, he announced that active efforts are underway to launch direct flights between India and Cyprus, a development that would further ease business and people-to-people ties.

With six MoUs signed, a trade centre set to open, and direct air connectivity in the pipeline, the India–Cyprus economic relationship appears poised for a significant step-up over the coming decade.