Prime Minister Narendra Modi’s visit to Cyprus has marked a significant milestone in the economic relationship between the two countries. During his interaction with leading CEOs from both nations, PM Modi emphasized the immense potential for cooperation in sectors such as innovation, energy, and technology.
This visit, the first by an Indian Prime Minister to Cyprus in over 20 years, has paved the way for a new era of dynamic and mutually beneficial economic cooperation.
The roundtable discussion, attended by business leaders from diverse sectors, including banking, financial institutions, manufacturing, defense, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism, and mobility, highlighted the potential for growth and collaboration.
PM Modi noted that sectors like innovation, energy, and technology offer immense potential for cooperation between India and Cyprus. He also emphasized India’s rapid economic transformation in the last 11 years, driven by next-generation reforms, policy predictability, stable polity, and Ease of Doing Business.
Taking to a social media platform, PM Modi wrote, “Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus. Sectors like innovation, energy, technology, and more offer immense potential. I also talked about India’s reform trajectory in the last decade.”
Boosting business linkages!
President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus. Sectors like innovation, energy, technology and more offer immense potential. I also talked about India’s…
— Narendra Modi (@narendramodi)
PM Modi highlighted India’s emergence as the fastest-growing major economy in the world, propelled by a strong focus on innovation, digital revolution, start-ups, and futuristic infrastructure development.
He expressed confidence that India, currently the fifth-largest economy in the world, is well-positioned to become the third-largest in a few years’ time. The steady growth in India’s civil aviation, port, shipbuilding, digital payments, and green development sectors has opened up new opportunities for companies from Cyprus to partner with India.
PM Modi noted that Cyprus is a significant economic partner for India, particularly in the Foreign Direct Investment sector. He welcomed the keen interest in Cyprus for new investments into the Indian economy and highlighted the potential for business engagement in the financial services sector.
The signing of an MOU between NSE International Exchange GIFT CITY, Gujarat, and Cyprus Stock Exchange is a significant step towards fostering cooperation in the financial sector.
Meanwhile, President Nikos Christodoulides took to his social media platform and wrote, “Today, we are building more bridges; we are deepening and expanding economic cooperation between Cyprus and India. Together, we are entering a new era of strategic partnership, founded on trust and our shared values, driven by innovation and inspired by our rich historical journey and the vast horizon that opens before us. Together, Cyprus and India send a strong message of cooperation and prosperity, and at the same time, a message of hope.”
Σήμερα, χτίζουμε περισσότερες γέφυρες· εμβαθύνουμε και επεκτείνουμε την οικονομική συνεργασία μεταξύ Κύπρου και Ινδίας.
Μαζί, εισερχόμαστε σε μια νέα εποχή στρατηγικής εταιρικής σχέσης, θεμελιωμένης στην εμπιστοσύνη και στις κοινές μας αξίες, με κινητήριο δύναμη την…
— Προεδρία της ΚΔ (@CYpresidency)
NIPL (NPCI International Payments Limited) and Eurobank Cyprus have reached an understanding on introducing UPI for cross-border payments between the two countries. This will benefit tourists and businesses, facilitating smoother transactions and enhancing economic cooperation.
PM Modi welcomed the launch of the India-Greece-Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation, and digital services. This council will provide a platform for businesses to explore new opportunities and strengthen economic ties between the three countries.
As Cyprus prepares to assume the Presidency of the EU Council next year, PM Modi and President Christodoulides reaffirmed their commitment to further strengthen the India-EU Strategic Partnership. They expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year, which would give a major boost to trade and economic cooperation between the two countries.
The business roundtable provided practical suggestions that will form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation, and strategic sectors. With shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation.
According to the Official Spokesperson of External Affairs, Randhir Jaiswal, the address further cemented investment, technology, and business linkages between the two countries.
In a post on X, he said, “Further cementing investment, technology & business linkages. PM Narendra Modi, accompanied by President Nikos Christodoulides, addressed a business roundtable, which saw participation by leading business leaders of Cyprus and Indian companies. The leaders called for strengthening economic ties in the fields of trade, investment, financial services, fintech, start-up, innovation, AI, IT, logistics, defence, connectivity, shipping, and mobility.”
Further cementing investment, technology & business linkages.
PM accompanied by President addressed a business roundtable, which saw participation by leading business leaders of Cyprus and Indian companies.
The leaders called for…
— Randhir Jaiswal (@MEAIndia)
PM Modi’s visit has marked the beginning of a new chapter in the economic relationship between the two countries, and both nations are eager to explore the vast potential for growth and collaboration.
– PM Modi’s visit to Cyprus has strengthened economic ties between the two countries.
– The roundtable discussion highlighted the potential for cooperation in sectors such as innovation, energy, and technology.
– India’s rapid economic transformation and Cyprus’s strategic location offer immense opportunities for growth and collaboration.
– The signing of an MOU between NSE International Exchange GIFT CITY and Cyprus Stock Exchange and the introduction of UPI for cross-border payments are significant steps towards fostering cooperation.
– The launch of the India-Greece-Cyprus Business and Investment Council will foster trilateral cooperation in key sectors.
– Both countries are committed to strengthening the India-EU Strategic Partnership and concluding the India-EU Free Trade Agreement.
As India and Cyprus embark on this new era of cooperation, both nations are confident that their shared aspirations and future-focused approach will drive growth and prosperity for years to come.
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