CII signs MoU with Cyprus Chamber at India-Cyprus Business Forum
Synopsis
Two MoUs signed at Mumbai's Cyprus–India Business Forum — one between CII and CCCI on trade and investment, another between SIDM and CyDSIC on defence and aerospace — signal a structural upgrade in India–Cyprus ties. With Cyprus holding the EU Council Presidency and 65 years of diplomatic relations approaching, the timing is far from coincidental.
Key Takeaways
CII signed a strategic MoU with the Cyprus Chamber of Commerce and Industry (CCCI) on 21 May 2026 in Mumbai.
The Society of Indian Defence Manufacturers (SIDM) simultaneously signed an MoU with the Cyprus Defence and Space Industry Cluster (CyDSIC) covering defence manufacturing, aerospace, and dual-use technologies.
Cyprus President Nikos Christodoulides is on a four-day state visit to India ( 20–23 May 2026 ), his first as President.
The visit follows PM Modi's trip to Cyprus on 15–16 June 2025 — the first by an Indian PM in over two decades.
Cyprus currently holds the Presidency of the Council of the European Union , adding diplomatic significance to the bilateral engagements.
India and Cyprus will mark 65 years of diplomatic relations on 10 February 2027 .
The Confederation of Indian Industry (CII) on Thursday, 21 May 2026 signed a strategic memorandum of understanding (MoU) with the Cyprus Chamber of Commerce and Industry (CCCI) in Mumbai, in the presence of Cyprus President Nikos Christodoulides and Maharashtra Chief Minister Devendra Fadnavis. The agreement, formalised at the Cyprus–India Business Forum, marks a significant step in deepening bilateral trade and investment ties between the two countries.
What the CII–CCCI Agreement Covers
The MoU establishes a framework for collaboration across investment promotion, joint ventures, business delegations, trade fairs, and sector-focused engagements. B. Thiagarajan, Chairman of the CII National Committee on Skill and Livelihood Centres, said the partnership would 'open new avenues for trade, investment and technology collaboration while deepening economic engagement between India and Cyprus.' He identified technology, manufacturing, logistics, defence, digital innovation, and services as priority growth sectors.
Also present at the forum were Alexis Vafeades, Minister of Transport and Communications of the Republic of Cyprus, and Nicodemos Damianou, Deputy Minister of Research, Innovation and Digital Policy.
Defence and Space Sector MoU
In a parallel development at the same forum, the Society of Indian Defence Manufacturers (SIDM) signed a separate MoU with the Cyprus Defence and Space Industry Cluster (CyDSIC). The agreement is aimed at fostering cooperation in defence manufacturing, aerospace innovation, dual-use technologies, and industrial collaboration — sectors of growing strategic importance for both nations. Jai Prakash Shivahare, India's Joint Secretary (Europe), highlighted the growing momentum in bilateral economic engagement and reaffirmed both sides' commitment to strengthening Cyprus–India economic relations.
Christodoulides Visit: Context and Significance
President Christodoulides arrived in India on 20 May 2026 for a four-day state visit running through 23 May — his first visit to India as President. The visit builds on the momentum of Prime Minister Narendra Modi's historic trip to Cyprus on 15–16 June 2025, which was the first visit by an Indian Prime Minister to Cyprus in over two decades. Notably, Cyprus currently holds the Presidency of the Council of the European Union, lending the visit added diplomatic weight in the context of India–EU relations.
During the visit, Christodoulides and Modi are scheduled to hold bilateral discussions covering trade, investment, technology, education, culture, mobility, defence and security, artificial intelligence, FinTech, and research collaboration. The two leaders are also expected to exchange views on regional and global issues, including cooperation in multilateral forums.
High-Level Engagements Planned
Beyond the business forum, President Droupadi Murmu is set to host an official banquet in Christodoulides' honour. External Affairs Minister Dr. S. Jaishankar will also call on the Cypriot President. The two countries are set to mark 65 years of diplomatic relations on 10 February 2027, and this visit is being seen as a precursor to that milestone. The agreements signed on Thursday reflect a shared intent to elevate the partnership beyond traditional ties and into high-value strategic and technology sectors.
Point of View
One on defence — are not routine paperwork. They arrive while Cyprus chairs the EU Council, giving India a timely channel to signal goodwill toward Brussels at a moment when India–EU free trade negotiations remain stalled. The SIDM–CyDSIC defence MoU is the more consequential agreement: Cyprus is a NATO-adjacent node with access to European defence supply chains, and India's defence export ambitions need exactly these kinds of bridgehead partnerships. Whether these frameworks translate into actual joint ventures or remain aspirational depends on follow-through — something past India bilateral MoUs have not always delivered.
NationPress
23 Jul 2026
Frequently Asked Questions
What did CII and CCCI sign at the Cyprus–India Business Forum?
The Confederation of Indian Industry (CII) and the Cyprus Chamber of Commerce and Industry (CCCI) signed a strategic MoU on 21 May 2026 in Mumbai, aimed at strengthening bilateral trade through investment promotion, joint ventures, business delegations, and sector-focused engagements. The signing took place at the Cyprus–India Business Forum in the presence of Cyprus President Nikos Christodoulides and Maharashtra Chief Minister Devendra Fadnavis.
What is the SIDM–CyDSIC MoU about?
The Society of Indian Defence Manufacturers (SIDM) signed an MoU with the Cyprus Defence and Space Industry Cluster (CyDSIC) to deepen cooperation in defence manufacturing, aerospace innovation, dual-use technologies, and industrial collaboration between India and Cyprus. It was signed at the same forum on 21 May 2026.
Why is President Christodoulides visiting India?
Cyprus President Nikos Christodoulides is on a four-day state visit to India from 20 to 23 May 2026 — his first as President. The visit aims to advance bilateral cooperation in trade, investment, technology, defence, AI, FinTech, and education, and builds on PM Modi's visit to Cyprus in June 2025.
Why does Cyprus's EU Council Presidency matter for India?
Cyprus currently holds the Presidency of the Council of the European Union, making high-level engagement with Nicosia a de facto channel to the broader EU. For India, whose free trade negotiations with the EU are ongoing, deepening ties with a current EU Council President carries added diplomatic value.
When do India and Cyprus mark their diplomatic anniversary?
India and Cyprus will mark 65 years of diplomatic relations on 10 February 2027. The ongoing high-level visits and MoUs signed in 2026 are seen as part of the build-up to that milestone.
