India-Greece-Cyprus Business Council (IGC) Officially Launched

by THEFUTURE.TEAM

February 13, 2025

The India-Greece-Cyprus Business Council (IGC) was officially launched at the prestigious Taj Mahal Palace in Mumbai, marking a significant milestone in enhancing economic relations among the three countries. This initiative follows the Memorandum of Understanding (MoU) signed in September 2024 between Eurobank and the Indian Chamber of Commerce (ICC).

Launch Ceremony And Key Attendees

The ceremony was attended by representatives from the Greek and Cypriot embassies in India, as well as prominent business leaders. Notable attendees included Mr. Abhyuday Jindal, President of the ICC and CEO of Jindal Stainless Ltd., and Mr. Fokion Karavias, CEO of Eurobank.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

New Opportunities In Trade And Investment

The IGC aims to establish a robust business platform to foster strategic cooperation in sectors such as infrastructure, shipping, technology, financial services, and small and medium-sized enterprises (SMEs). With India’s growing economic influence and Greece and Cyprus serving as key gateways to Europe, the council seeks to enhance cross-border trade, investment, and political ties.

Mr. Abhyuday Jindal emphasized the importance of this collaboration, stating:
“This partnership reflects the shared vision of India, Greece, and Cyprus for economic growth. The IGC will be a catalyst for new business opportunities, especially in infrastructure, technology, renewable energy, and shipping.”

The Role Of The Banking Sector

Eurobank’s CEO, Mr. Fokion Karavias, highlighted the importance of the banking sector in facilitating trade, noting:
“Eurobank aims to serve as a key partner for Indian businesses seeking to expand into the European Union. The IGC will be a bridge for investors looking for new opportunities.”

Sustainable Development And Future Initiatives

The IGC focuses on modern global economic priorities, including digital transformation, green investments, and the creation of resilient trade ecosystems. It will also focus on supporting SMEs and start-ups, ensuring that companies of all sizes benefit from this collaboration.

The IGC’s initial strategic actions include trade missions, business forums, and knowledge exchange platforms designed to maximize opportunities for cooperation between India, Greece, and Cyprus.

The Future Forbes Realty Global Properties

Cyprus To Add 125MW Of Battery Storage Before Summer 2027

by THEFUTURE.TEAM

July 27, 2026

Electricity storage batteries are expected to arrive in Cyprus in January 2027, with installation scheduled to be completed before next summer’s peak demand season, Energy Minister Michael Damianos said on Sunday.

Storage Capacity Set To Expand Grid Flexibility

Damianos said contracts have already been signed with the supplier and the Transmission System Operator (TSO) for the battery storage project.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Once operational, the facilities will add 125 megawatts (MW) of storage capacity to the national grid, allowing more renewable electricity to be stored instead of being curtailed during periods of excess generation. The minister said the system is expected to be operational before the summer of 2027.

Addressing Evening Demand

Cyprus currently has just over 1,000MW of conventional electricity generation, which Damianos said is generally sufficient during daytime hours. Demand becomes more challenging after sunset, when solar generation falls while electricity consumption, driven largely by air-conditioning, remains high.

He said battery storage will allow electricity generated during the day to be used during the evening peak.

Additional Projects Under Development

Damianos said approvals have also been granted for 150MW of privately owned battery storage projects, which are expected to become operational during 2027.

The Electricity Authority of Cyprus (EAC) is developing an additional 180MW of storage capacity. Two projects, with capacities of 80MW and 100MW, are expected to be completed before next summer.

According to the minister, several hundred megawatts of battery storage capacity are expected to be connected to the national grid by the end of 2027.

Power Supply Before The Batteries Arrive

Asked how electricity demand would be managed before the storage projects are completed, Damianos said the Transmission System Operator considers the system capable of meeting demand under normal operating conditions.

He said last week’s power supply disruptions were caused by a fault at one of the EAC’s generators and that both the utility and the TSO are working to maintain system reliability with the existing generation capacity.

Damianos added that, provided there are no unexpected outages, the electricity system is expected to remain stable, with the period immediately after sunset continuing to pose the greatest challenge.

Breaking news