Bollywood, bots, and big bucks as Cyprus becomes India’s new business and movie hub, KNEWS

In a major boost to Cyprus’s economy and international standing, two Indian companies have officially announced their expansion into the country, with more than 20 others reportedly exploring similar moves. The announcements came during a high-level business roundtable in Limassol, held in the presence of Indian Prime Minister Narendra Modi and Cyprus President Nikos Christodoulides.

According to Kathimerini’s Dorita Yiannakou, the event marked a key milestone in the growing economic ties between Cyprus and India. The involvement of Invest Cyprus, the national investment promotion agency, proved critical in accelerating talks, facilitating meetings, and opening doors for Indian investors. The agency has been in continuous contact with Indian business leaders, the Indian High Commission in Nicosia, and its counterpart in India to fast-track procedures.

Two confirmed investments

Among the headline announcements was the expansion of BCentriqe AI, a Silicon Valley-based artificial intelligence company led by founder and CEO Alakh Verma. The firm is setting up a subsidiary in Nicosia to develop advanced AI and IT solutions, deepening business links between the two countries.

The second big move came from NPCI International Payments Limited (NIPL), a subsidiary of India’s National Payments Corporation. NIPL has signed a Memorandum of Understanding (MoU) with Eurobank Cyprus to roll out India’s Unified Payments Interface (UPI) system on the island. This will make Cyprus the second European country, after Greece, to offer UPI remittance services, significantly easing money transfers for the Indian community in Cyprus.

The partnership will enable fast, secure, and affordable cross-border payments to India, with both NIPL and Eurobank handling fund settlements, reconciliations, and dispute resolutions. Eurobank Cyprus CEO Andreas Petsas highlighted the importance of this deal for Indian residents and businesses using Cyprus as a hub into the EU.

A bigger investment picture

According to sources quoted by the Greek-language daily Kathimerini, more than 20 prominent Indian companies are actively considering expanding into Cyprus. Invest Cyprus is already scheduling further meetings with another Indian firm, indicating that more deals could be announced soon.

Sectors showing strong interest include fintech, artificial intelligence, and drone technology, as Indian firms look to use Cyprus as a springboard into the Mediterranean and Europe. The Indian High Commissioner to Cyprus, Sri Manish, confirmed the growing interest, noting that Cyprus’s strategic location and EU membership make it an attractive destination.

Familiar names setting up shop

The momentum isn’t entirely new. Thomas Cook India recently opened its first office in Nicosia under its local partner TCI EURO, offering a range of travel services from currency exchange to business conferences. The move was backed by Fairfax Financial Holdings, which is also a key investor in Eurobank.

Meanwhile, Indian IT giant LTIMindtree is launching a new digital technology and AI hub at CYENS Center of Excellence in Nicosia. The company, formed by the 2022 merger of Larsen & Toubro Infotech and Mindtree, will provide cutting-edge tech solutions for Eurobank, Fairfax, and other EU-based clients.

Bollywood on the horizon?

The ties may soon extend beyond business and tech. “K” reports that major Bollywood production houses are eyeing Cyprus as a destination for hosting events and possibly even shooting films. These interests are said to be linked to broader discussions around the India-Middle East-Europe Economic Corridor (IMEC), which seeks to boost connectivity and collaboration across regions.

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