Cyprus And India Forge Strategic Alliance In Professional Accounting

The Institute of Certified Public Accountants of Cyprus (Selk) and the Institute of Chartered Accountants of India (ICAI) have formalized a new chapter in international collaboration with the signing of a Memorandum of Understanding. This strategic initiative, endorsed during President Nikos Christodoulides’ official visit to India, underscores a shared commitment to enhancing professional standards and business services across borders.

Enhancing Transnational Professional Standards

The agreement, executed by Chrysilios Pelekanos on behalf of the Cyprus-India Business Association and authorized by the Selk president Odysseas Christodoulou, establishes a comprehensive framework for cooperation. Both organizations will work together to exchange expertise in accounting, auditing, professional education, and various business services, thereby strengthening the overall quality and recognition of the profession.

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Expanding Global Networks Through Strategic Partnerships

ICAI, renowned as one of the world’s most influential professional accounting bodies, brings its extensive network and expertise to the collaboration. With this alliance, Selk not only reinforces its commitment to international standards but also bolsters Cyprus’ reputation as a competitive hub for professional services.

Driving Innovation Through Knowledge Exchange

In addition to fostering the exchange of best practices, the MoU paves the way for joint educational initiatives, professional training, and the hosting of conferences. These efforts are anticipated to further elevate the international stature of accounting and auditing professionals in both regions.

Strengthening Bilateral Relations

During the visit, high-level discussions with India’s High Commissioner, Manish Manish, further affirmed the robust bilateral ties between Cyprus and India. The meeting highlighted the potential for expanded cooperation not only in the professional services sector but also in broader business collaborations, positioning both countries for mutual growth.

This landmark partnership reflects a forward-thinking strategy by Selk to extend its international influence while fortifying Cyprus’ role as a trusted center for professional services in the global arena.

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Keve Welcomes New Cyprus Business Development Organisation

by THEFUTURE.TEAM

July 17, 2026

The Cyprus Chamber of Commerce and Industry (Keve) has welcomed Parliament’s unanimous approval of legislation establishing the Cyprus Business Development Organisation, describing it as a major step toward improving access to finance for small and medium-sized enterprises, startups and self-employed professionals.

Expanding Access To Finance

The legislation creates a new public body aimed at addressing financing gaps by supporting businesses that struggle to secure funding through traditional channels.

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According to Keve, the initiative could strengthen entrepreneurship, boost competitiveness and support Cyprus’ green and digital transition. The chamber has long argued that SMEs rely too heavily on bank financing, limiting investment, expansion and innovation.

Keve Calls For Swift Implementation

Keve said it helped shape the legislation through the consultation process and called for the organisation to become operational as quickly as possible. It also pledged to continue working with the Finance Ministry and the organisation’s management to support implementation.

How The Organisation Will Operate

Approved by Parliament on Tuesday, the legislation establishes Cyprus’ national business development body under the supervision of the Finance Minister, while the Central Bank of Cyprus will oversee anti-money laundering compliance.

The organisation will design financing programmes, provide loans and conduct studies to identify weaknesses in the financing market.

Cyprus will provide €60 million in initial capital. Over time, the body will also be able to raise funding from European and international institutions and benefit from state guarantees linked to approved strategic priorities.

Recovery Plan Milestone

Creation of the organisation is one of the final milestones under Cyprus’ Recovery and Resilience Plan and is required for the country to receive the plan’s ninth and final payment. Appointment of the board of directors remains the last outstanding step.

Before approving the bill, the Finance Ministry revised the draft following consultations with MPs and stakeholders. The changes removed provisions allowing the organisation to establish companies and narrowed the list of eligible beneficiaries by excluding small mid-cap companies.

Lawmakers also strengthened governance rules by introducing stricter board suitability requirements, conflict-of-interest safeguards, enhanced reporting obligations and borrowing limits. A seven-member board appointed by the Cabinet will oversee the organisation, while a transitional board will serve for two years until it becomes fully operational.

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