GG News Bureau
Limassol/New Delhi, 16th June: In a significant diplomatic and economic engagement, Prime Minister Shri Narendra Modi and the President of Cyprus, H.E. Nikos Christodoulides, jointly presided over a high-level business roundtable in Limassol today. The meeting brought together top business leaders from both India and Cyprus, aimed at deepening bilateral economic ties and exploring new dimensions of strategic cooperation.
The roundtable witnessed participation from diverse sectors, including banking, financial services, manufacturing, defense, logistics, maritime and shipping industries, technology, digital innovation, artificial intelligence (AI), IT services, tourism, and mobility. Delegates from both nations held detailed discussions on unlocking the potential of collaboration across these industries.
India Showcases Economic Transformation and Investment Potential
Addressing the gathering, Prime Minister Modi highlighted India’s rapid economic transformation over the past decade. He stated that policy-driven reforms, political stability, and ease of doing business have made India the fastest-growing major economy in the world. Emphasizing innovation, digital revolution, start-up culture, and futuristic infrastructure, the Prime Minister projected a confident outlook for India’s continued ascent.
Currently ranked as the world’s fifth-largest economy, India, he said, is on track to become the third-largest in the near future. Sectors such as civil aviation, port development, shipbuilding, digital payments, and green growth were identified as promising areas for India-Cyprus collaboration.
MoUs Signed on Financial Cooperation and Cross-Border Digital Payments
Prime Minister Modi described Cyprus as a valued economic partner for India, particularly in the domain of foreign direct investment (FDI). He welcomed Cyprus’s growing interest in the Indian economy.
During the event, a Memorandum of Understanding (MoU) was signed between the NSE International Exchange located at GIFT City, Gujarat, and the Cyprus Stock Exchange to deepen cooperation in financial services. In a parallel development, NPCI’s international arm—NIPL—and Eurobank Cyprus reached an agreement to launch UPI-based cross-border digital payment services between India and Cyprus, which is expected to benefit both tourists and businesses.
Tripartite Cooperation and Strategic Outreach in Europe
The Prime Minister also welcomed the launch of the India-Greece-Cyprus (IGC) Business and Investment Council, which aims to foster trilateral cooperation in critical sectors such as shipping, renewable energy, civil aviation, and digital services.
He appreciated the growing interest of Indian companies in Cyprus, viewing it as a gateway to Europe and an emerging hub for IT services, financial management, and tourism.
Strengthening India-EU Strategic Partnership
As Cyprus prepares to assume the Presidency of the Council of the European Union next year, both leaders reaffirmed their shared commitment to bolstering the India-EU strategic partnership. They expressed optimism about concluding the India-EU Free Trade Agreement (FTA) by the end of 2025, a development expected to significantly boost bilateral trade and economic cooperation.
Prime Minister Modi noted that the business roundtable yielded several practical suggestions that could serve as the foundation for a structured economic roadmap. He underlined the importance of long-term collaboration in trade, innovation, and strategic sectors.
A New Chapter in Economic Partnership
Concluding his remarks, Prime Minister Modi said that India and Cyprus are entering a new era of dynamic and mutually beneficial economic cooperation. With shared aspirations and a future-oriented vision, the two nations are well-positioned to unlock new opportunities for sustainable growth and innovation.
