Digital push and tourism key in India-Cyprus-Greece collaboration
A new chapter in trilateral economic relations between India, Greece, and Cyprus was officially opened on Friday with the launch of the India-Greece-Cyprus Business and Investment Council (IGC) in Limassol.
The event, held under the auspices of Eurobank and attended by senior government officials, diplomats, and business leaders from all three countries, was hailed as a gateway for enhanced trade, investment, and innovation among the nations.
Panayiotis Chrysostomou, manager of banking services and representative offices at Eurobank, and secretary of the newly formed IGC council, began the proceedings with a warm welcome and a call for cooperation.
He recalled the launch of the council’s Indian counterpart in Mumbai and underscored the aim of institutionalising collaboration between the three countries.
“Our goal is to create opportunities for collaboration that drives sustainable growth and mutual success,” he said, offering particular praise for Fokion Karavias, Eurobank Group CEO, and the council’s Indian partners.
He noted that the memorandum of understanding signed in 2024 formalised a vision to strengthen business and economic ties.
Michalis Louis, CEO of Hellenic Bank, called the launch a significant milestone in deepening relations between Greece, India, and Cyprus.
Louis pointed out that the bilateral relationship between India and Cyprus has flourished in recent years, with approximately €200 million invested through Cyprus-based entities in 2023 and 2024.
Indian companies, he noted, are increasingly recognising Cyprus as a strategic gateway to the European Union.
“Cyprus is a preferred jurisdiction for accessing the EU market, offering single market access, operating under English law, and benefitting from a favourable double tax treaty with India,” Louis said.
He emphasised Cyprus’ stable financial environment, multilingual skilled workforce, and professional services sector, complemented by attractive government incentives such as the headquartering scheme.
He also noted the country’s momentum in the digital and technological sectors.
Describing India as an “economic powerhouse,” Louis highlighted India’s young population and rapid growth, saying that Eurobank is fully committed to supporting new opportunities.
He confirmed that the Eurobank Group is in the process of seeking regulatory approval to establish a representative office in India, a move expected to reinforce the bank’s commitment to India-Cyprus ties.
Irene Piki, Deputy Minister to the President of Cyprus, addressed the gathering on behalf of President Nikos Christodoulides.
She stated that Cyprus has undergone significant economic and structural transformation, becoming one of the fastest-growing EU economies.
“Cyprus is a pillar of stability and a hub of talent,” she said, citing recent figures that include a 3 per cent GDP growth in the first quarter and declining unemployment.
She also pointed to Cyprus’ upgraded credit rating and primary fiscal surplus as evidence of the country’s economic resilience.
She highlighted the government’s push for tax reform aimed at enhancing transparency and business friendliness and praised the collaboration between the public and private sectors.
Piki also referenced Cyprus’ rise in the StartupBlink global rankings, now occupying the 40th spot, and spoke about the “brain gain” campaign, encouraging Cypriots abroad to return and contribute to the local ecosystem.
On his part, Manish Manish, the High Commissioner of India to Cyprus, welcomed the initiative, calling it a meaningful partnership among three democratic and friendly nations.
He said that India’s surging economic progress, with growth in electronics manufacturing and defence exports, as well as achievements in clean energy and innovation.
India, he mentioned, now boasts more than 160,000 startups and has become the world’s third-largest startup ecosystem.
Additionally, he said that the IGC could support talent mobility and foster sector-specific cooperation.
He also expressed satisfaction that the council’s Cyprus launch coincided with the ongoing PCI Europe and LTiE conferences, reflecting growing synergies in the broader region.
Greek Ambassador to Cyprus Ioannis Papameletiou emphasised that the launch marked not only the formal establishment of the IGC but also a new era of dynamic cooperation.
He highlighted the strategic role of Greece as a logistics centre and expressed Greece’s readiness to contribute to the India-Middle East-Europe Economic Corridor (IMEC), an ambitious connectivity initiative launched at the 2023 G20 summit.
Senior Vice President of the Indian Chamber of Commerce Brij Bhushan Agarwal said Cyprus had offered him a sense of home and praised the country’s warmth and openness.
He shared his experiences of India’s economic transformation under Prime Minister Narendra Modi and said, “Through this collaboration, we can achieve something miraculous and extremely sustainable.”
Sanjay Tugnait, president and CEO of Fairfax Digital and a member of the Cyprus-India Business Association, thanked Fokion Karavias for his “nation-building” role and spoke about the power of “digital democracy in action.”
He said Cyprus, Greece, and India were ideal partners in shaping the world through “democracy, deglobalisation, decarbonisation, and digitalisation.”
He stressed the transformative power of India’s digital economy, citing the Unified Payments Interface (UPI), which facilitates nearly 49 per cent of transactions in India.
“Even Bollywood is going digital,” he quipped.
He also refereenced Indian unicorns, including Pixxel, an Indian space technology startup that specialises in hyperspectral earth-imaging satellites.
He suggested Cyprus should embrace its first unicorn startup as a “poster child”, saying that more would then follow.
He also pointed out that Fairfax, a major investor in Eurobank, is behind the recent opening of Thomas Cook’s first EU office in Cyprus, indicating long-term interest in the country.
Innovation, travel, and investment dominate panel discussion
The second part of the launch featured a high-level panel discussion titled Catalysing Growth: Uniting Cyprus, Greece, and India for a Future of Innovation and Opportunity.
Deputy Minister of Tourism Kostas Koumis said that Cyprus views India as an untapped market, both for inbound tourism and for special interest segments such as Bollywood film production.
He said Cyprus was prepared to resume talks with Air India and other carriers to explore direct connectivity and welcomed Thomas Cook’s decision to establish a presence in Cyprus.
Chief Scientist Demetris Skourides shared his long-standing links with India and described it as a hub of human capital and digital innovation.
He emphasised India’s leadership in artificial intelligence and urged Cyprus to collaborate more closely, particularly around AI sovereignty, data policy, and emerging technologies.
“Cyprus can serve as a sandbox for Indian companies testing products before their EU-wide launch,” he said, noting India’s strength in deep tech, defence, and medical technology.
Invest Cyprus CEO Marios Tannousis expressed optimism about the council, saying Cyprus and India shared many values and cultural affinities.
“India is our priority in Asia, and this council offers us the missing platform we needed to expand our ties,” he said.
Srinivas Rao, Executive Vice President and Chief Business Officer of LTIMindtree, said his company believes in the region’s potential as a digital transformation hub.
He expressed satisfaction with the ecosystem in Cyprus and said he saw signs of healthy growth and collaboration.
Indiver Rastogi, President and Group Head of Global Business Travel at Thomas Cook India, said the seriousness of stakeholders in Cyprus was evident from the ease of setting up operations and opening bank accounts.
He highlighted India’s growing middle class and rising outbound travel demand, saying Cyprus could capture this momentum by improving accessibility and visibility.
“Bollywood could put Cyprus in front of millions of viewers,” he said, calling for swift action to leverage these opportunities.
LTIMindtree and Fairfax launch Eurobank’s digital transformation project
Preceding the IGC event, LTIMindtree and Fairfax Digital, in partnership with Eurobank Cyprus, formally announced the launch of a major digital transformation project aimed at reshaping Eurobank’s operating model and customer experience.
The announcement was made during a separate gathering hosted by Eurobank and Invest Cyprus, attended by government officials and business leaders.
The project, spearheaded by LTIMindtree—a global digital transformation and technology services company—will involve the development of a new digital banking platform for Eurobank Cyprus.
It is expected to enhance customer service, streamline internal processes, and unlock new digital capabilities for the bank’s clientele.
Eurobank Cyprus CEO Michalis Louis said the collaboration with LTIMindtree is a “strategic and transformational step” for the bank.
Sanjay Tugnait of Fairfax called the partnership an example of “digital democracy in action,” while expressing pride in Fairfax’s role in Eurobank’s evolution.
Chief Scientist Demetris Skourides also welcomed the move, saying that Cyprus should support such initiatives to become a regional sandbox for digital experimentation.
LTIMindtree’s Srinivas Rao said the project is a strong testament to the confidence his company has in Cyprus and the wider Eurobank ecosystem.
The initiative aligns with the broader objectives of the IGC to strengthen innovation, attract investment, and integrate the economies of Cyprus, Greece, and India through technology.
