New Delhi/ Limassol: In a landmark step towards deepening economic relations and forging new business partnerships, Prime Minister Shri Narendra Modi and the President of Cyprus, H.E. Nikos Christodoulides, jointly presided over a high-level business roundtable in Limassol, Cyprus, on Sunday. The event marked a strategic initiative to enhance bilateral economic cooperation and unlock emerging opportunities between India and Cyprus.
Wide-Ranging Industry Participation
The business roundtable brought together leaders and entrepreneurs from a wide spectrum of sectors, including banking, finance, manufacturing, defence, logistics, maritime, shipping, technology, artificial intelligence, digital innovation, IT services, tourism, and mobility. The broad representation underscored the expanding scope for collaboration and cross-border investments between the two countries.
India’s Economic Rise Highlighted
In his address to the gathering, Prime Minister Modi highlighted the remarkable economic transformation India has witnessed over the past 11 years. He attributed this sustained growth to policy predictability, next-generation reforms, political stability, and a consistent focus on the Ease of Doing Business.
Describing India as the fastest-growing major economy, the Prime Minister emphasized the government’s focus on futuristic infrastructure, digital revolution, and innovation-driven growth. He noted that India’s fifth-place ranking among global economies is just a stepping stone, expressing confidence that India is well on track to become the third-largest economy in the coming years.
New Frontiers of Collaboration
Prime Minister Modi outlined key growth areas such as civil aviation, shipbuilding, digital payments, and green development, where mutually beneficial partnerships can be fostered. He invited Cypriot businesses to explore India’s rapidly expanding markets and highlighted specific domains such as semiconductors, quantum technology, AI, and critical minerals—emerging as vital contributors to India’s growth story.
He further lauded India’s skilled workforce and vibrant startup ecosystem as powerful enablers of global business success.
Strengthening Bilateral and Multilateral Ties
Recognizing Cyprus as an important economic partner, particularly in the realm of Foreign Direct Investment, the Prime Minister welcomed the growing interest among Cypriot investors in the Indian market.
A significant milestone was the signing of a Memorandum of Understanding between the NSE International Exchange at GIFT City, Gujarat and the Cyprus Stock Exchange, aimed at enhancing cooperation in financial services and capital markets.
In a key fintech development, NPCI International Payments Limited (NIPL) and Eurobank Cyprus reached an understanding to introduce India’s Unified Payments Interface (UPI) for cross-border transactions. This move will greatly benefit tourists, businesses, and digital commerce between the two countries.
Additionally, the leaders welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, a trilateral initiative intended to facilitate cooperation in shipping, logistics, renewable energy, civil aviation, and digital services.
Prime Minister Modi praised the strategic role Cyprus plays in the region, noting that many Indian companies consider Cyprus a gateway to the European market, particularly in sectors like IT services, financial consulting, and tourism.
Towards a Strategic EU Partnership
Looking ahead, both leaders expressed optimism about the broader India-EU relationship. As Cyprus prepares to assume the Presidency of the EU Council in 2026, Prime Minister Modi and President Christodoulides reaffirmed their shared commitment to strengthening the India-EU Strategic Partnership.
They voiced confidence in the successful conclusion of the India-EU Free Trade Agreement by the end of this year, noting that such a development would significantly boost trade volumes, market access, and economic engagement between India and European Union nations.
Conclusion: A Future-Focused Partnership
The Prime Minister emphasized that the roundtable discussions had yielded practical ideas and strategic insights, which would now be integrated into a structured economic roadmap. This blueprint aims to ensure sustained collaboration between India and Cyprus in innovation, investment, and trade, paving the way for a new era of dynamic and mutually beneficial economic cooperation.
With shared aspirations, a people-first approach, and a clear focus on innovation and infrastructure, India and Cyprus are poised to unlock next-generation opportunities and deepen their partnership across both bilateral and multilateral platforms.
For more details check press release on PIB website.
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