CII signs MoU with Cyprus Chamber to boost trade, investment ties
New Delhi, May 21
The Confederation of Indian Industry on Thursday signed a strategic Memorandum of Understanding with the Cyprus Chamber of Commerce and Industry during the Cyprus-India Business Forum, aimed at strengthening trade, investment and technology partnerships between the two countries.
The agreement was signed in the presence of Cyprus President Nikos Christodoulides and Maharashtra Chief Minister Devendra Fadnavis, along with senior officials from both countries.
The MoU seeks to expand cooperation between Indian and Cypriot industries through investment promotion, joint ventures, business delegations, trade fairs and sector-focused engagements across areas such as technology, manufacturing, logistics, defence, digital innovation and services.
B Thiagarajan, Chairman, CII National Committee on Skill and Livelihood Centres, said the partnership would create new opportunities for trade and economic cooperation between the two countries.
"The CII-CCCI partnership would open new avenues for trade, investment and technology collaboration while deepening economic engagement between India and Cyprus," Thiagarajan said.
He further added that "stronger industry partnerships would accelerate growth across key sectors including technology, manufacturing, logistics, defence, digital innovation and services."
In a parallel development, the Society of Indian Defence Manufacturers (SIDM) also signed an MoU with the Cyprus Defence & Space Industry Cluster (CyDSIC) to strengthen collaboration in defence manufacturing, aerospace innovation, dual-use technologies and industrial partnerships.
According to the statement, the agreements aimed to improve business linkages, technology partnerships and industry exchanges while creating fresh opportunities for cooperation in strategic and defence sectors.
The business forum highlighted growing economic engagement between India and Cyprus amid efforts by both sides to deepen commercial and industrial cooperation.
— ANI
Reader Comments
Interesting partnership. Cyprus being an EU member makes this strategically important for India. Hope the focus isn't just on big corporates but also helps SMEs connect. The defence MoU with SIDM is a big plus 🇮🇳🇨🇾
Finally some concrete steps! Indian companies are already strong in IT and pharma – Cyprus could be a good base for EU market access. But why is the Chief Minister of Maharashtra involved? Is there a specific state-level angle? 🤔
This looks promising on paper. Cyprus has historically been a hub for Russian and Middle Eastern investments, but India can leverage its tech talent and manufacturing scale. However, let's not forget – we've signed many MoUs before, execution is key. Hope they set clear milestones.
Good to see India expanding its European footprint beyond the usual suspects like Germany or France. Cyprus is small but strategically located. The defence collaboration part caught my attention – dual-use technologies could be a game-changer. Hope it includes cybersecurity cooperation too.
I'm cautiously optimistic. Cyprus has a strong shipping registry and financial services sector – could complement Indian logistics and fintech. But why does every trade deal have to involve the Defence Secretary? A bit overhyped. Let's focus on basics first – trade facilitation and visa processes for business travellers.
S We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.