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The India Cyprus Trade Conference was strategically crafted to ignite trade promotion and strengthen relations between Cyprus and the Indian state of Kerala. The conference brought together around 100 business leaders from various small and medium-scale industries across different regions of Kerala and India. High Commissioner of Cyprus to India, H.E. Mr. Evagoras Vryonides, delivered the keynote address, underscoring the significance of the event. This collaborative endeavour between EICBI and IETO was aimed at enhancing trade promotion initiatives and nurturing robust bilateral relations between Cyprus and India.
Cyprus, as a European Union (EU) member state, offers excellent opportunities for companies seeking to expand into the European market. With its low tax rates, favourable climate and access to the large EU market, Cyprus presents a compelling destination for business growth.
During HE H.E. Mr. Evagoras Vryonides keynote address, he provided a quick historical overview, political relations between India and Cyprus, and business opportunities in Cyprus. He covered key historical events, such as the establishment of the Republic of Cyprus, the Turkish invasion, and Cyprus's entry into the European Union and the Eurozone. He also discussed the political relations between India and Cyprus, including high-level visits and agreements. Furthermore, he outlined various business opportunities in Cyprus, such as information technology, science and technology, financial services, shipping, pharmaceutical industry, tourism, renewable energy, and the energy sector, including the discovery of natural gas and potential oil deposits in Cyprus' Exclusive Economic Zone. He also mentioned the involvement of international companies in the energy sector and the authorization of crypto-asset service providers in Cyprus. Additionally, he highlighted the presence of leading hotel chains, foreign direct investment, and the upcoming future prospects, including direct air links from India and Cyprus, cooperation between businesses, and the establishment of a trade office.
EICBI Chairman, Sujit Nair, also spoke during the conference and mentioned how Cyprus can provide a gateway for companies to enter the European Market. He mentioned about the EU-India trade partnership is experiencing significant growth, with total trade reaching €120.2 billion in the first three quarters of 2023, compared to €89.1 billion during the same period in 2022. This marks a notable increase of 72.4%. India now stands as the EU's tenth largest trading partner, underscoring the strengthening economic ties between the two regions. IETO Chairman, Mr Asif Iqbal also spoke during the conference and underscored the relationship between India and Cyprus.
Photos from the conference can be viewed here - https://bit.ly/IndiaCyprusKochi2024