PM declares Cyprus a significant economic partner for India
By Anjali Sharma
WASHINGTON – Prime Minister Narendra Modi on Monday 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.
He was speaking at a roundtable interaction with business leaders from both the countries in Limasso
“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 Prime Minister said in a post on handle X.
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 said.
The press release highlighted India’s rapid economic transformation in the last 11 years, Modi r 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.
He emphasized the primacy being given to innovation, digital revolution, start-up and futuristic infrastructure development.
Mr. Modi expressed confidence that India, the fifth largest economy in the world, was well positioned to become the third largest in a few years’ time.
He 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.
Mr. Modi 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 India’s growth story.
“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 release said.
PM Modi highlighted the potential for business engagement in the financial services sector.
Both 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 also 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.
He hailed the fact that many Indian companies see Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism.
Cyprus prepares to assume the Presidency of the EU Council next year.
Both 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, ensured long-term collaboration in trade, innovation and strategic shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation.
