This article sets out the trade and investment relationship between India and the Republic of Cyprus (RoC): trade figures, the main goods traded, investment, tax and financial arrangements, and the business bodies that link the two countries. It draws on the MEA bilateral brief of May 2026, and all figures are as of that date.

Bilateral trade

According to the MEA brief of May 2026, bilateral trade between India and RoC was USD 140.47 Million for April 2024-March 2025. The brief says that trade has remained steady amidst fluctuations over recent years.

The brief gives the following figures for the last five years, in USD million, from the Department of Commerce, India:

  • 2020-21: imports by RoC from India 90.11, exports from RoC to India 23.98, total trade 114.09, India-Cyprus balance of trade 66.13
  • 2021-22: imports by RoC from India 139.85, exports from RoC to India 74.32, total trade 214.17, balance of trade 65.53
  • 2022-23: imports by RoC from India 81.88, exports from RoC to India 116.17, total trade 198.05, balance of trade (-)34.29
  • 2023-24: imports by RoC from India 94.92, exports from RoC to India 42.04, total trade 136.96, balance of trade 52.88
  • 2024-25: imports by RoC from India 89.92, exports from RoC to India 50.55, total trade 140.47, balance of trade 39.37

Main items traded

The brief lists the major items of export from India as organic chemicals; pharmaceutical products; fish and crustaceans, molluscs and other aquatic invertebrates; iron and steel; ceramic products; and electrical machinery and equipment and parts thereof, sound recorders and reproducers, television image and parts and accessories of such articles.

The major items of export from RoC are ferrous and non-ferrous metals; aluminium and articles thereof; pulp of wood or of other fibrous cellulosic material and recovered (waste and scrap) paper or paperboard; copper and articles thereof; iron and steel; and boilers, machinery and mechanical appliances.

Investment

RoC is among the top 9 investors in India, with cumulative investments of US$ 15.76 Billion during April 2000 to June 2025, according to DPIIT estimates cited in the brief. These FDI equity inflows went to sectors including services, computer and software, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and pharmaceuticals.

In December 2021, Invest India and Invest Cyprus signed an MoU with the intention of enhancing their mutual investment activities and promoting business cooperation between Indian and Cypriot companies.

Tax and financial regulation

The revised India-Cyprus Double Taxation Avoidance Agreement (DTAA) was signed on 18 November 2016 in Nicosia. India retrospectively rescinded the classification of RoC as a "Notified Jurisdictional Area" from 01 November 2013.

RoC was notified as an eligible country for obtaining category-I Foreign Portfolio Investor (FPI) status under the SEBI (FPI) regulations, 2019. The brief states that RoC is one of the three countries outside the Financial Action Task Force (FATF) countries to obtain such an approval from India.

Capital markets

During the Prime Minister's visit to Cyprus in June 2025, NSE International Exchange (NSE IX) signed a strategic MoU with the Cyprus Stock Exchange (CSE) to enable cross and dual listings and to enhance bilateral capital market collaboration.

The Cypriot Deputy Minister of Research, Innovation and Digital Policy, Dr. Nicodemos Damianou, met the Managing Director and CEO of the National Stock Exchange, Shri Ashish Chauhan, in Mumbai in September 2025. They discussed cooperation in the development of new financial products and the parallel listing of companies on the stock exchanges of the two countries.

Joint Economic Committee

In April 1989, India and RoC signed an agreement on Economic, Trade, Scientific and Industrial Cooperation, which led to the establishment of the Joint Economic Committee (JEC). The 9th and most recent meeting of the JEC was held virtually on 21 October 2021. The Cypriot side was led by the Permanent Secretary of the Directorate General for European Programmes, Coordination and Development, and the Indian delegation by a Joint Secretary of the Department of Commerce.

India-Greece-Cyprus Business and Investment Council

The India-Greece-Cyprus (IGC) Business and Investment Council was launched in Mumbai on 13 February 2025. The brief states that it has been meeting regularly since its official launch.

Business events

Prime Minister Modi and President Nikos Christodoulides took part in a business roundtable in Limassol on 15 June 2025. During EAM's visit to Cyprus in December 2022, EAM and the President of the House of Representatives addressed an Economic and Business Forum in Limassol.

Dr. Damianou led a delegation from Cyprus to the ICC Global Business Summit 2025 in Mumbai from 18-20 September 2025. The delegation included the Chief Scientist of RoC and the CEO of Invest Cyprus, and Dr. Damianou addressed the roundtable "India-Cyprus Business and Investment Opportunities: Economic Collaboration and Shared Growth".

Dr. Damianou also led a delegation to the "CII India Mediterranean Business Conclave" in New Delhi from 5-6 September 2024. He joined a ministerial session on trade and investment with India's Commerce Minister Piyush Goyal, and delivered a closing speech on "India-Middle East: shaping cooperation for the future", which EAM Dr. S. Jaishankar also attended.