By Anjali Sharma
WASHINGTON – India PM Narendra Modi and the Cyprus President Nikos Christodoulides on Monday held a Roundtable interaction with business leaders from Cyprus and India in Limassol, according to media reports.
Prime Minister Modi said in a post on handle X “President Nikos Christodoulides and I interacted with leading CEOs in order to add vigor 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”.
The participants represented diverse sectors such as banking, financial institutions, manufacturing, defense, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility, a government release issued stated.
Prime Minister Modi noted that India, propelled by next-generation reforms, policy predictability, stable polity and Ease of Doing Business, has become the fastest growing major economy in the world, highlighted India’s rapid economic transformation in the last 11 years, the release said.
Modi emphasized the primacy being given to innovation, digital revolution, start-up and futuristic infrastructure development.
He expressed confidence that India, the fifth largest economy in the world, was well positioned to become the third largest in a few years’ time.
Modi noted that steady growth in India’s civil aviation, port, shipbuilding, digital payments and green development sectors have opened myriad opportunities for companies from Cyprus to partner with India.
He underlined the strengths of India’s skilled talent and start-up ecosystem and highlighted manufacturing, AI, Quantum, Semiconductor and Critical Minerals as new and emerging areas contributing to the global community.
Modi said “The Prime Minister noted that Cyprus was a significant economic partner for India, particularly in the Foreign Direct Investment sector and welcomed the keen interest in Cyprus for new investments into the Indian economy.”
The press release highlighted the potential for business engagement in the financial services sector the two leaders welcomed the signing of an MOU between NSE International Exchange GIFT CITY, Gujarat and Cyprus Stock Exchange.
NIPL (NPCI International Payments Limited) and the Eurobank Cyprus reached an understanding on introducing UPI for cross border payments between the two countries which would benefit tourists and businesses.
Modi welcomed the launch of the India–Greece–Cyprus Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services
PM also welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism.
The leaders reaffirmed their commitment to further strengthen India-EU Strategic Partnership.
They expressed optimism about concluding the India-EU Free Trade Agreement by end of the year which would also give a major boost to trade and economic cooperation between the two countries.
Mr. Modi underlined that the business roundtable had given practical suggestions which would form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation and the strategic shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation.
