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EU Competitiveness And Strategic Autonomy: Cyprus Sets The Agenda

Introduction

At the recent BusinessEurope Council of Presidents summit in Nicosia, President Nikos Christodoulides delivered a resolute address, stressing that a stronger, more competitive European Union is essential to achieving strategic autonomy.

Leadership And A Decisive Path Forward

With the Cyprus Presidency of the Council of the EU scheduled to begin in January 2026, the president outlined a clear mandate: transition from prolonged debate to decisive action. He noted that over 70 percent of the upcoming agenda will focus on enhancing the union’s competitiveness—an area that has lagged on the global stage.

Forging Partnership With The Business Community

In a series of high-level discussions, including a key exchange at the Presidential Palace, President Christodoulides underscored the indispensable role of Europe’s business community. He asserted that robust partnership frameworks are critical as the presidency assumes the mantle of leading the union through transformative periods.

Competitiveness And Strategic Autonomy In Tandem

Emphasizing the close nexus between economic competitiveness and strategic autonomy, the president warned that without a competitive edge, the EU cannot assert its position as a global strategic actor. He pointed to the lessons of recent geopolitical turbulence, including the Russian invasion of Ukraine, which has starkly illustrated the risks of economic dependency.

Economic Resilience And Fiscal Discipline

Highlighting Cyprus’s own economic success, President Christodoulides cited impressive growth figures, low unemployment rates, and a restored ‘A’ investment-grade status as examples of resilient fiscal management. These benchmarks not only strengthen Cyprus’s position but also serve as a blueprint for driving the Union’s broader economic revival.

A Strategic Roadmap For Europe

Looking ahead, the Cyprus Presidency will prioritize regulatory simplification, enhance the Single Market, and advance key strategic trade agreements with global partners. With initiatives such as the forthcoming Commission’s Single Market Roadmap to 2028 and extensive Omnibus Simplification Packages, the path forward is both clear and ambitious.

President Christodoulides concluded with a call to unity, reminding all member states that the true value of the European project lies not in geographic size, but in sustained commitment and the relentless pursuit of excellence on the global stage.

Eurobank Launches First UPI Cross-Border Payment From Greece To India

Eurobank has launched its first cross-border payment from Greece to India through the Unified Payments Interface (UPI), marking a new step in the bank’s international expansion and its strategy to strengthen financial ties between Europe and India.

The transaction, completed in cooperation with NPCI International, follows the launch of Eurobank’s new payment service. The inaugural payment was made in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank Chief Executive Fokion Karavias and senior executives from NPCI International.

A Strategic Bet On India’s Digital Payments Ecosystem

According to Eleftherios Vlachogiannis, Eurobank’s head of transaction banking, the service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, representing the first phase of a broader collaboration with NPCI International.

UPI is operated by NPCI International. By integrating the system into its e-banking platform and mobile app, Eurobank enables customers to make real-time transfers.

“The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience.”

He added: “Innovation creates value when it delivers a genuine benefit for the customer.”

Building A Financial Bridge Between Europe And India

The UPI launch follows Eurobank’s opening of a representative office in Mumbai, making it the first Greek and Cypriot bank with a physical presence in India. The bank has also expanded its presence through the India-Greece-Cyprus Business and Investment Council, a technology centre in Pune and partnerships with Indian institutions.

Vlachogiannis said India’s economic growth and closer ties with the European Union support the bank’s long-term strategy. He also pointed to progress in negotiations on the EU-India Free Trade Agreement.

Mumbai Office Serves As A Regional Business Hub

Eurobank’s Mumbai office supports businesses seeking to establish operations between India, Greece, Cyprus and the wider European market. It provides access to banking services, business networks and market support.

For Greek companies expanding into India, the bank offers international payments, foreign exchange management, trade finance and supply chain finance. Indian businesses investing in Greece, Cyprus or elsewhere in the European Union can also access financing and corporate banking services through Eurobank.

Aiming To Strengthen The India-Europe Corridor

Looking ahead, Eurobank said it will continue investing in technology, international payments, trade finance and partnerships with Indian organisations.

“Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” Vlachogiannis said.

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