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India-Cyprus Business Forum Conclave strengthens Bilateral Trade and Investment Opportunities

February 20, 2025: Following the Memorandum of Understanding (MoU) between the Bombay Chamber of Commerce and Industry and the Cyprus Chamber of Commerce and Industry, the Honorary Consul of the Republic of Cyprus in Mumbai organised the Cyprus Business Forum Conclave. The event aimed to strengthen bilateral trade and investment between India and the Republic of Cyprus.

Sandeep Khosla, Director General of the Bombay Chamber of Commerce & Industry, welcomed the gathering and highlighted the Chamber’s role in enhancing trade and commerce between India and Cyprus. He also spoke about the vast history of the Bombay Chamber, the oldest chamber in India.

Delivering the keynote address, H.E. Evagoras Vryonides, High Commissioner of the Republic of Cyprus in India, emphasised the long-standing relationship between Cyprus and India, dating back to the 1950s with the formation of the Non-Aligned Movement (NAM). Now a member of the European Union, Cyprus serves as a gateway to the EU. He highlighted several advantages of doing business in Cyprus, including a low corporate tax rate of 12.5%, ease of doing business, an equitable climate, and strong infrastructure. He also identified key areas for potential cooperation between India and Cyprus, such as tourism, education, IT, sports, and weddings as a growing sector.

Viraj Kulkarni, Honorary Consul of the Republic of Cyprus in Mumbai, spoke about India-Cyprus trade relations and outlined plans to expand Cyprus’s presence in Maharashtra over the next six months. He also mentioned ongoing discussions with Air India to increase flight connectivity to Cyprus, which would further facilitate trade and tourism.

In a video message, H.E Manish, the High Commissioner of India to the Republic of Cyprus highlighted the historical ties between India and Cyprus and their strategic positions at the crossroads of Asia and Europe. He noted that India is the fastest-growing economy in the world, while Cyprus is the second-fastest growing economy in the EU. He emphasised strengthening collaboration through the “4 Ts” framework – Trade, Technology, Talent, and Tourism.

The event also featured presentations from key stakeholders, including:

Cyprus Securities and Exchange Commission
Invest Cyprus on Doing Business in Cyprus.
Cyprus Stock Exchange on Opportunities & New Developments.
Techisland
Cyprus Investment Fund Association, on Cyprus Alternative Investment Fund Industry

US tariff hike on steel may push surplus to India

Bombay Chamber, Mumbai: The direct impact of the US tariffs on India’s steel sector sales volumes is expected to be minimal as India’s direct steel exports to the US accounted for only about 4% of its total steel exports in calendar year 2024 (CY24). However, there could be an indirect impact on realisations if major steel exporters to the US divert their supplies to India.

“The tariff hike by the US may lead to a substantial amount of surplus production being redirected to other countries, notably the Indian market, which is among the fastest-growing globally,” said Hitesh Avachat, associate director, CareEdge Ratings.

Global steel consumption is predicted to decline for the second year in a row in CY24, primarily due to decreased consumption from major developed nations such as the USA, Japan, and European regions. China, which represents nearly half of global steel production and demand, also saw a continued decline in domestic consumption. Despite this, the Chinese steel industry’s capacity utilisation rate remains robust at 80-85%, leading to significant surplus production, estimated at around 90-95 million tonnes (MnT) in CY24 – an increase from approximately 65 MnT previously in CY22, being exported.

India, on the other hand, has experienced strong steel demand growth, averaging around 10-13% over the past three fiscal years (FY22 to FY24). However, the global decline in demand has created an over-supply situation, pressuring steel realisations. Global steel prices have averaged around US$ 535 per tonne in CY24, down from US$ 788 per tonne in CY22, and have further declined in CY25 hovering around US$ 481 per tonne in January 2025.

“Over the past 3-4 quarters, the domestic steel industry has faced margin pressure owing to a significant decline in realisations, influenced by cheaper imports of steel products,” said Avachat adding that this trend may persist due to an increased steel surplus resulting from the recently imposed tariffs by the US.

CareEdge Ratings stated in its report that the US tariffs could result in the diversion of surplus steel production from major Asian steel manufacturers to the Indian market, likely affecting realisations.

During the first 10 months of FY25, the realisations of the domestic steel industry have already moderated with growing imports, making India a net importer of steel compared to a net exporter up to FY24. While overall volume of steel import into India is low compared to total domestic consumption, the realisations tend to mirror the landed cost parity with international prices.

Amid a subdued global environment, Avachat said, growth in Indian steel demand is expected to continue at a compound annual growth rate (CAGR) of around 8% over the next 2-3 years. The growth will be primarily driven by sustained momentum in end-user sectors such as infrastructure and construction.

While the direct impact of US tariffs on India’s steel industry might appear limited, the broader market dynamics suggest a complex scenario. The potential redirection of surplus steel to India could exert downward pressure on domestic prices, challenging Indian manufacturers. Accordingly, strategic planning and market diversification will be crucial for India to navigate these global shifts and sustain its growth trajectory.

(Write to us at legalipr@bombaychamber.com)

 Invitation for Bids

Please see enclosed notices for invitation for bids from organizations in Mauritius.

Prospective bidders may be requested to regularly visit the website to take cognizance of any addendum and/or clarification(s) issued.

The Consulate would highly appreciate if you could kindly circulate the Notices among the members of your Organization.

Thank you for your understanding and cooperation.

Yours sincerely,

D. K. Bucktowar
Consul and Head of Mission
Consulate of the Republic of Mauritius
1107, Regent Chambers

11th Floor, Jamnalal Bajaj Marg

208, Nariman Point

Mumbai – 400 021

Tel. : 022 22825421 /22

Fax No. 022 22845468

Procurement Notice–State Pharmaceuticals Corporation of Sri Lanka

I wish to inform you that, the Chairman, Departmental Procurement Committee of the State Pharmaceuticals Corporation of Sri Lanka has invited sealed bids for supply of following items to the Ministry of Health.

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Registration of Suppliers to Supply Coal for Lakvijaya Power Plant (900MW) under Spot and Term Tenders

I wish to inform you that, the Chairman, Special Standing Cabinet Appointed Procurement Committee (SSCAPC) of the Ministry of Energy on behalf of Lanka Coal Company (Private) Ltd. (LCC) invites sealed applications for Registration of Coal Suppliers from principals, who wish to register themselves with LCC to supply coal for Lakvijay Power Plant – Puttalam, Sri Lanka under spot and term tenders

There is no deadline for submission of applications. Applications will be opened every Monday at 10.00 am (Sri Lanka Standard Time).

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Procurement Notice–State Pharmaceuticals Corporation of Sri Lanka

We wish to inform you that, the Chairman, Departmental Procurement Committee of the State Pharmaceuticals Corporation of Sri Lanka has invited sealed bids for supply of following items to the Ministry of Health.

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General, Minister (Commercial)

Consulate General of Sri Lanka, 34, Homi Mody Street, Fort

Mumbai 400001.

Tel: (+ 91 22 )22045861/22048303; Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Prime Minister addresses the 14th India-France CEOs Forum

Prime Minister Shri Narendra Modi and the President of France, H.E. Mr. Emmanuel Macron jointly addressed the 14th India-France CEOs Forum today in Paris. The forum brought together CEOs from a diverse group of companies from both sides, focusing on sectors such as defence, aerospace, critical and emerging technologies, infrastructure, advanced manufacturing, artificial intelligence, life-sciences, wellness and lifestyle, and food and hospitality.

Prime Minister in his address noted the expanding India-France business and economic collaboration and the impetus it has provided to the strategic partnership between the two countries. He highlighted India’s attractiveness as a favored global investment destination, based on its stable polity and predictable policy ecosystem. Talking of the reforms announced in the recent budget, PM noted that the insurance sector was now open for 100% FDI and civil nuclear energy sector for private participation with focus on SMR and AMR technologies; customs rate structure was rationalized; and simplified income tax code was being brought in to enhance Ease of Living. Referring to the government’s commitment to continue ushering in reforms, he noted that a high-level committee for regulatory reforms had been constituted to establish trust based economic governance. In the same spirit, more than 40,000 compliances had been rationalized in the last few years.

Prime Minister invited French companies to look at the immense opportunities offered by the India growth story, in the defense, energy, highway, civil aviation, space, healthcare, fintech and sustainable development sectors. Underlining global appreciation and interest in India’s skills, talent and innovation and in its newly launched AI, Semiconductor, Quantum, Critical Minerals and Hydrogen missions, he called upon French enterprises to partner India for mutual growth and prosperity. He outlined the importance of active engagement in these sectors, reaffirming the commitment of both nations to fostering innovation, investment, and technology-driven partnerships. Full remarks of Prime Minister may be seen here

External Affairs Minister Dr. S. Jaishankar, alongside the Minister for Europe and Foreign Affairs of France, H.E. Jean-Noël Barrot, and the Minister of the Economy, Finance, and Industrial and Digital Sovereignty of France, H.E. Eric Lombard also addressed the Forum.

Procurement Notice – Ministry of Industry and Entrepreneurship Development calling Bids for the Sale of Heavy Mineral Sands Lanka Mineral Sands Ltd.

Tender Ref No. LMS/MKT/TDR/25/01

I wish to inform you that, the Chairman of Specific Sales Committee, on behalf of Lanka Mineral Sands Limited has invited international bids online from the parties interested in buying the heavy mineral sands produced in Sri Lanka by processing beach mineral sands. The sales process has advanced to receive the bids online on customized order quantity and award the sales orders on a spot basis.

Closing date for the above procurement is on or before 24th February 2025 at 10:00 a.m. (Sri Lanka local time GMT+5:30).

Please find attached herewith a copy of the procurement notice of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

Procurement Notice–State Pharmaceuticals Corporation of Sri Lanka

I wish to inform you that, the Chairman, Departmental Procurement Committee of the State Pharmaceuticals Corporation of Sri Lanka has invited sealed bids for supply of following items to the Ministry of Health.

Please find attached herewith a copy of the procurement notices of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Thank you.

With warm regards,

Shirani Ariyarathne

Actg. Consul General

Minister (Commercial)

Consulate General of Sri Lanka

34, Homi Mody Street, Fort

Mumbai 400001

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk