The initiative to expand into the Indian market remains one of the most ambitious plans of Cyprus’ services sector, an effort that is also supported by India’s own interest in establishing a presence on European ground. This interest was evident at the event titled “Driving Innovation and Growth”, co organised on Wednesday in Nicosia by PwC Cyprus and the High Commission of India as part of the Cyprus–India AI Impact Pre Summit. Technology and particularly Artificial Intelligence (AI) offer a clear field for cooperation.
During the thematic panel discussions, representatives of banks, businesses and academic institutions exchanged views on the practical applications of AI and the challenges involved in adopting it. Within this context, an additional dimension emerged: Cyprus’s potential to serve as a testbed for the pilot deployment and trial of Artificial Intelligence products and solutions. As highlighted, the small size of the market, the flexible regulatory environment and the close proximity between academic and business stakeholders create the conditions for the country to function as a testing ground for innovative applications before they scale internationally.
In the opening remarks, the CEO and chairman of the board of PwC Cyprus, Philippos Soseilos, stressed that AI is a transformative force for key sectors such as financial services, shipping, retail and industry, while also emphasising the importance of ethical use and compliance with regulatory frameworks. For his part, the High Commissioner of India in Nicosia, Mr Manish, referred to the ways in which India is leveraging AI to strengthen innovation and governance, extending an invitation to deepen collaborations with Cypriot organisations and businesses.
Special reference was made to the “AI First” strategy of the Republic of Cyprus, presented by the Chief Scientist for Research, Innovation and Technology, Dimitris Skourides, who set the goal of boosting the efficiency and competitiveness of the economy through AI.