(Commonwealth_Europe) A significant development in trilateral economic cooperation occurred with the formal launch of the India-Greece-Cyprus Business and Investment Council (IGC) in Limassol. Supported by Eurobank, the event brought together senior officials, diplomats, and business leaders from all three countries, signaling a concerted effort to advance trade, investment, and innovation. At the center of these discussions was the bilateral relationship between India and Cyprus—two members of the Commonwealth of Nations—whose shared legal traditions, democratic governance structures, and commitment to multilateralism provide a strong and historically rooted framework for expanding economic engagement.
Panayiotis Chrysostomou, Eurobank’s manager of banking services and representative offices and secretary of the IGC, formally opened the event. He recollected the introduction of the council’s counterpart in Mumbai  and defined the initiative as a step toward institutionalizing cross-border partnership. Acknowledging the efforts of Eurobank Group CEO Fokion Karavias and Indian stakeholders, he underlined the importance of the memorandum of understanding signed in 2024, which set the foundation for structured and strategic cooperation among the three nations.
Michalis Louis, CEO of Hellenic Bank, defined the IGC’s establishment as a landmark in trilateral relationships and emphasized the growing economic connection between India and Cyprus. He noted that around €200 million had been invested through Cyprus-based entities in the past two years, underscoring Cyprus’ attractiveness as a strategic entry point into the European Union for Indian businesses. This appeal is reinforced by Cyprus’ adherence to English common law, its favorable double taxation agreement with India, and a robust legal and financial framework. As Commonwealth partners, India and Cyprus benefit from a common legal language and policy familiarity that facilitates smoother regulatory alignment and commercial interaction. Louis also highlighted Cyprus’ financial stability, multilingual and highly skilled workforce, and increasingly vibrant digital sector, which collectively enhance its value as a European business hub.
Louis further described India as a rapidly expanding economic powerhouse with a young demographic profile and strong innovation credentials. He confirmed Eurobank’s intention to establish a representative office in India, subject to regulatory approval, as part of the bank’s long-term vision to strengthen its engagement with both India and the broader region.
Speaking on behalf of President Nikos Christodoulides, Deputy Minister to the President Irene Piki outlined Cyprus’ progress in achieving macroeconomic stability and structural reforms. Noting a 3% GDP growth in the first quarter and continued declines in unemployment, she highlighted the country’s improved international credit ratings and commitment to transparency through ongoing tax reforms. Cyprus, she said, had emerged as a center of innovation and talent, citing recent efforts to reverse the brain drain through targeted policies encouraging the return of Cypriot professionals abroad. These efforts are complemented by Cyprus’ rising position in global innovation and startup indices, further reinforcing its value as a technology and investment destination.
India’s High Commissioner to Cyprus, Manish Manish, described the trilateral initiative as a timely and meaningful collaboration among three democratic and economically ambitious nations. He pointed to the long-standing Commonwealth connection between India and Cyprus as a vital enabler of mutual trust and policy coherence. He highlighted India’s achievements in electronics manufacturing, defense exports, clean energy, and digital innovation. With over 160,000 startups, India is now home to the third-largest startup ecosystem in the world. The High Commissioner of the IGC to support talent exchange, drive sectoral cooperation, and serve as a bridge between regions.
Greek Ambassador Ioannis Papameletiou received the initiative as a new stage in regional integration and reiterated Greece’s strategic role in enabling connectivity through projects like the India-Middle East-Europe Economic Corridor (IMEC), launched at the 2023 G20 Summit. Greece’s logistical infrastructure, he said, positions it as a key partner in fostering economic linkages across Asia, the Middle East, and Europe.
Brij Bhushan Agarwal, Senior Vice President of the Indian Chamber of Commerce, reflected on India’s economic transformation and praised Cyprus for its openness and shared democratic ethos. He expressed optimism about the potential for long-term, sustainable outcomes through this trilateral partnership.
Sanjay Tugnait, president and CEO of Fairfax Digital and a principal member of the Cyprus-India Business Association, informed us that the inventiveness epitomizes a union of four critical global forces: democracy, deglobalization, decarbonization, and digitalization. He cited the success of India’s Unified Payments Interface (UPI), which now handles nearly half of the country’s digital transactions, as an example of scalable innovation. He encouraged Cyprus to adopt similarly bold strategies and spoke about the role of Indian unicorns like Pixxel in redefining high-tech frontiers. Tugnait also highlighted Fairfax’s support for establishing Thomas Cook’s first EU office in Cyprus as a sign of strategic commitment and confidence in the local ecosystem.
During the panel discussion, Cyprus’ Deputy Minister of Tourism, Kostas Koumis, described India as a largely untapped tourism market and discussed opportunities for collaboration in niche segments such as film tourism. He confirmed that Cyprus is prepared to resume connectivity discussions with Air India and other carriers to improve travel access. Cyprus, he said, is well positioned to become a destination for Indian travelers, particularly through partnerships that leverage media and cultural influence, including Bollywood productions.
Chief Scientist Demetris Skourides emphasized India’s global leadership in artificial intelligence and digital innovation. Reflecting on his personal and academic ties with India, he advocated for Cyprus to serve as a testing ground for Indian technologies seeking access to the EU market. He encouraged deeper cooperation in data governance, AI policy, and digital sovereignty, noting that shared Commonwealth legal principles could offer a common platform for such dialogue.
Marios Tannousis, CEO of Invest Cyprus, restated the importance of consolidating ties with India, identifying it as Cyprus’ significance in Asia. He pointed to the cultural and institutional affinity between the two countries as a unique asset. Tannousis described the IGC as a long-overdue mechanism to unlock new investment flows and deepen bilateral engagement in emerging sectors such as fintech, MedTech, and clean technology.
Srinivas Rao, Executive Vice President of LTIMindtree, highlighted Cyprus’ emerging role as a digital transformation hub and expressed confidence in the country’s business climate and regulatory framework. Indiver Rastogi, President of Global Business Travel at Thomas Cook India, shared similar sentiments, commending the efficiency of setting up operations in Cyprus and the professionalism of its financial services sector. He noted that India’s expanding middle class is driving outbound travel demand and that Cyprus has an opportunity to capture this momentum by enhancing visibility and accessibility.
Ahead of the IGC’s launch, LTIMindtree and Fairfax Digital, in partnership with Eurobank Cyprus, announced a major digital transformation initiative. The project will focus on developing a next-generation digital banking platform to streamline internal operations, enhance customer engagement, and expand digital capabilities. The announcement was made at a separate event hosted by Eurobank and Invest Cyprus, attended by government officials and industry leaders.
Eurobank Cyprus CEO Michalis Louis described the initiative as a strategic leap forward, closely aligned with the IGC’s broader goals of innovation, investment, and regional integration. Sanjay Tugnait echoed this sentiment, calling the collaboration a tangible example of inclusive, tech-driven economic development. Chief Scientist Demetris Skourides received the project as another opening for Cyprus to solidify its role as a regional sandbox for digital research. Srinivas Rao reaffirmed LTIMindtree’s long-term commitment to Cyprus and its belief in the future of the Eurobank ecosystem.
This multifaceted cooperation illustrates the increasing depth of the relationship between India and Cyprus—two Commonwealth nations whose shared values, legal systems, and forward-looking economic policies create a natural foundation for strategic partnership. The IGC serves not only as a platform for trilateral dialogue but also as a testament to the relevance and potential of Commonwealth ties in addressing contemporary global economic challenges and opportunities.
