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India & Cyprus Forge Stronger Economic Ties: A New Era of Partnership Unleashed!
Prime Minister Modi and Cypriot President Christodoulides have kicked off a new era of economic cooperation, hosting a pivotal business roundtable in Limassol. With India's booming economy and Cyprus's strategic location, new agreements in finance, digital payments, and trilateral cooperation are set to supercharge trade, investment, and innovation between the two nations and beyond!
According to PIB,A significant stride in international economic cooperation was made today as Prime Minister Shri Narendra Modi, alongside the President of Cyprus, H.E. Nikos Christodoulides, spearheaded a dynamic Roundtable interaction with leading business figures from both nations. This high-level gathering brought together diverse industry titans from banking, finance, manufacturing, defense, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism, and mobility – signaling a comprehensive approach to fostering bilateral growth.
India's Economic Might: A Beacon for Global Partnerships
Prime Minister Modi powerfully articulated India's remarkable economic transformation over the past 11 years. He highlighted that India, driven by "next-generation reforms, policy predictability, stable polity, and Ease of Doing Business," has firmly established itself as the world's fastest-growing major economy. Emphasizing a strong focus on innovation, the ongoing digital revolution, a thriving start-up ecosystem, and futuristic infrastructure development, the Prime Minister confidently projected India's trajectory from the fifth largest economy to the third largest within a few years.
He underscored the immense opportunities arising from India's consistent growth in civil aviation, ports, shipbuilding, digital payments, and green development, inviting Cypriot companies to actively participate in this economic surge. The Prime Minister also lauded India's vast pool of skilled talent and vibrant start-up ecosystem, identifying manufacturing, AI, Quantum computing, Semiconductor technology, and Critical Minerals as burgeoning sectors fueling India's growth narrative.
Cyprus: A Gateway to Europe and a Valued Partner
Acknowledging Cyprus as a vital economic partner, especially in Foreign Direct Investment, Prime Minister Modi warmly welcomed Cyprus's strong interest in increasing new investments into the Indian economy. The discussions bore immediate fruit, particularly in the financial services sector, with both leaders celebrating the signing of a crucial Memorandum of Understanding (MOU) between NSE International Exchange GIFT CITY, Gujarat, and the Cyprus Stock Exchange.
In another groundbreaking development for convenience and connectivity, NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached a significant understanding on introducing UPI for cross-border payments. This initiative is set to revolutionize transactions for tourists and businesses alike, simplifying financial interactions between the two countries.
Further solidifying regional cooperation, Prime Minister Modi enthusiastically welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council. This trilateral platform is poised to foster collaboration in key sectors such as shipping, logistics, renewable energy, civil aviation, and digital services. The Prime Minister also noted with satisfaction that many Indian companies increasingly view Cyprus as a strategic gateway to Europe and a burgeoning hub for IT services, financial management, and tourism.
Looking Ahead: Strengthening India-EU Ties and a Shared Future
As Cyprus prepares to assume the prestigious Presidency of the EU Council next year, both leaders reaffirmed their unwavering commitment to further strengthening the India-EU Strategic Partnership. A sense of optimism prevailed regarding the conclusion of the India-EU Free Trade Agreement by the end of the year, which is expected to provide a substantial boost to trade and economic cooperation between India and Cyprus, and the broader EU.
Prime Minister Modi concluded by emphasizing that the practical suggestions gleaned from the business roundtable would serve as the bedrock for a structured economic roadmap, ensuring enduring collaboration across trade, innovation, and strategic sectors.
With shared aspirations and a forward-looking approach, India and Cyprus are unequivocally poised to embark on a new era of dynamic and mutually beneficial economic cooperation, promising prosperity for both nations.
PM @narendramodi's remarks during the India-Cyprus business roundtable meeting. https://t.co/VlR7erktgL
— PMO India (@PMOIndia) June 15, 2025
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