India-Cyprus Strategic Partnership
India and Cyprus have elevated their bilateral relations to a strategic partnership, focusing on expanding cooperation in various sectors, particularly defense and trade.
Defense Cooperation
- Both nations announced a five-year roadmap for defense cooperation.
- Indian defense industry is set to use Cyprus as a strategic entry point into the European market.
- Agreement signed between Cyprus Defence & Space Industries Cluster (CyDSIC) and the Society of Indian Defence Manufacturers (SIDM).
Economic and Trade Relations
- Commitment to double bilateral trade by 2029.
- Plan to establish a Cyprus Trade Centre in Mumbai.
- Cyprus is positioning itself as a gateway for Indian fintech, digital services, and investment funds into the EU.
- Investments from Cyprus in India have nearly doubled in the past decade, with a target to double again in the next five years.
Collaborations and Agreements
- Agreements signed between Cyprus’ chamber of commerce and industry and Indian entities like Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (Ficci).
- A potential role for Cyprus as a European maritime gateway for Indian shipping interests was acknowledged.
Investment Statistics
Cyprus ranks among the top nine investors in India, with cumulative investments totaling $15.76 billion from April 2000 to June 2025.
