India and Cyprus maintain a deep historical relationship, which is gradually transforming into a strategic partnership with cultural, economic and geopolitical depth. The High Commissioner of India to the Republic of Cyprus, Mr. Manish Manish, in a comprehensive interview with "Simerini" , analyzes the potential of bilateral relations, the investment perspective, the role of the IMEC International Corridor and how Indian cinema unites cultures.
The interview follows in its entirety.
Mr. Manish, India and Cyprus share common historical roots. How do you assess the current state of diplomatic and cultural relations between the two countries?
India and Cyprus share a rich historical bond, strengthened by six decades of diplomatic relations since 1962. This legacy of resilience and mutual respect has developed into a dynamic partnership, which I find extremely strong and vibrant. Diplomatically, our relations are at an all-time high, underpinned by India’s steadfast support for a bizonal, bicommunal solution to the Cyprus problem within the UN and Cyprus’ support for India’s global ambitions. The 2022 MoUs in defence, migration and renewable energy, as well as the 2025 Bilateral Defence Cooperation Programme, signed in January, confirm the deepening trust and strategic convergence.
Cyprus is known for its strong financial sector and business-friendly environment. How can Indian businesses capitalize on these opportunities?
Cyprus's strong financial sector and favorable business environment offer significant opportunities for Indian businesses looking to expand their trade and investment. Its strategic location at the Mediterranean crossroads, competitive tax regime and well-regulated financial system make Cyprus an ideal gateway to the European market. Indian companies can benefit by establishing regional offices or subsidiaries in Cyprus, taking advantage of the double taxation agreement with India.
Cyprus’ financial sector, supported by highly regulated banking structures, offers access to sophisticated banking, investment and fintech solutions. This facilitates capital flows, as evidenced by the $14 billion inward investment to India via Cyprus since 2000. There are opportunities in pharmaceuticals, IT and shipping – sectors in which India excels.
Cyprus also offers developed port infrastructure, such as the port of Limassol, high-quality public infrastructure and an excellent standard of living. Recent business events, such as the 2024 Business Conclave and the Memorandum of Understanding between the Cyprus and Mumbai Chambers of Commerce, have strengthened B2B relations, encouraging joint ventures and market entry.
Indian businesses can also leverage Cyprus' emerging technology ecosystem for innovative partnerships, backed by skilled human resources and access to the European market. This synergy promises economic growth, increased trade and a consolidated presence of Indian businesses in Europe.
What is the role of Indian investors in the future of the Cypriot economy?
Indian investors have the potential to play a key role in the economic development of Cyprus. India is a global economic hub, and its businesses have significant expertise, capital and flexibility. Sectors such as technology, pharmaceuticals, defence, renewable energy and tourism offer strategic points of cooperation.
Cyprus’ technological advancement, coupled with a focus on innovation, aligns with India’s commitment to digital transformation. Indian investors can contribute to establishing Cyprus as a regional hub for technology and digital services. The pharmaceutical industry, in the wake of the pandemic, presents opportunities for collaboration, with India as the “pharmacist of the world”. In the defense sector, the recent Bilateral Defense Cooperation Program paves the way for joint investments.
Renewable energy and sustainable development are shared priorities, and Indian investors can bring technologies and investments in the solar energy and green hydrogen sectors. Tourism is also ripe for investment, with Cyprus an attractive destination for Indian travelers and the potential for developing specialized tourism products.
This multidimensional investment participation not only strengthens the economy of Cyprus, but also enhances India's presence in the region, promoting geo-economic cooperation.
What is the role of Cyprus in the India - Middle East - Europe International Economic Corridor (IMEC)?
Cyprus, due to its strategic geographical location, can play a crucial role in IMEC – an initiative unveiled at the G20 Summit in 2023 to enhance global connectivity. IMEC is designed as a multi-modal network, connecting India with the Middle East and Europe through rail, port and digital infrastructure.
Cyprus can act as a logistics hub, hosting warehousing, transit and digital support facilities. Its port infrastructure, particularly in Limassol, can be expanded to meet the requirements of IMEC. The integration of green technologies, such as green hydrogen and renewable energy, can align Cyprus’ role with the sustainability goals of the corridor.
Cyprus' participation in IMEC not only strengthens infrastructure and trade, but also consolidates its position as a strategic partner in Eurasian economic networking. India appreciates Cyprus' contribution and looks forward to closer cooperation in the implementation of this visionary initiative.
Is there a prospect for India-Cyprus energy cooperation in the Eastern Mediterranean?
Yes, there is a significant prospect. The Eastern Mediterranean is an energy-rich region and India is actively interested in diversifying energy sources. Cyprus, with discoveries such as the "Kronos" field and other exploration activities, offers possibilities for cooperation in the supply of natural gas.
India is seeking stable and secure energy sources, and Cyprus can emerge as one of these partners. Moreover, the shared interest in renewable energy sources, especially solar energy, strengthens the ground for cooperation. India has pioneered the use of solar energy and its participation in the International Solar Alliance (ISA) offers platforms for joint projects with Cyprus.
Energy cooperation can also extend to technological solutions, research programs and exchanges of know-how, with mutual benefit.
How does Indian cinema (Bollywood) strengthen cultural ties between the two countries?
Indian cinema, with its global appeal, acts as a cultural ambassador, fostering understanding and friendship between peoples. In Cyprus, Indian film festivals in Nicosia and Limassol attracted a warm reception, while also highlighting a shared love for the arts and music.
Bollywood has even influenced 20th century Greek music, highlighting the deeper cultural ties. Cyprus, with its landscapes and modern infrastructure, can host Indian film productions – an opportunity with tourist and economic benefits.
The media and entertainment industry in India is growing rapidly and offers opportunities for partnerships, cultural exchanges and the creation of new channels of outreach between our peoples.
