June 16, 2025 | Limassol | www.externalaffairs.in
In a significant step toward bolstering economic diplomacy, Indian Prime Minister Shri Narendra Modi and President of Cyprus H.E. Nikos Christodoulides jointly hosted a high-level roundtable with business leaders from India and Cyprus in Limassol on June 15, 2025. The interaction aimed at unlocking new avenues for bilateral and trilateral economic cooperation, particularly as Cyprus prepares to assume the Presidency of the European Union Council in 2026.
Expanding the India-Cyprus Economic Partnership
Business leaders from a wide spectrum of industries—banking, shipping, AI, digital services, manufacturing, defence, and tourism—participated in the event. Prime Minister Modi emphasized India’s rapid economic transformation over the last 11 years, positioning the country as the fastest growing major economy. Highlighting India's strengths in innovation, digital infrastructure, green growth, and startup ecosystems, he stated that India is on track to become the world’s third-largest economy.
The Prime Minister identified key sectors ripe for collaboration: civil aviation, ports, shipbuilding, fintech, semiconductors, AI, quantum technologies, and critical minerals. He invited Cypriot companies to tap into India’s growth story, offering both policy predictability and ease of doing business.
New Agreements and Milestones
Several pivotal developments marked the interaction:
A Memorandum of Understanding (MoU) was signed between the NSE International Exchange (GIFT City, Gujarat) and the Cyprus Stock Exchange, promoting deeper financial market cooperation.
NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached a path-breaking understanding to introduce Unified Payments Interface (UPI) for cross-border payments, facilitating seamless financial transactions for both businesses and tourists.
The formal launch of the India–Greece–Cyprus (IGC) Business and Investment Council signaled a new trilateral mechanism to drive cooperation in shipping, logistics, renewables, civil aviation, and digital services.
Prime Minister Modi welcomed the role of Cyprus as a gateway to Europe for Indian firms, especially in IT services, financial management, and tourism.
Focus on India-EU Strategic Synergy
Looking ahead, both leaders reaffirmed their commitment to a robust India-EU Strategic Partnership, particularly as Cyprus prepares for its EU Council Presidency. They expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of 2025—an outcome that would dramatically expand trade volumes and sectoral cooperation.
Prime Minister Modi noted that the roundtable yielded practical and actionable suggestions, forming the foundation for a structured economic roadmap between the two countries.
A Shared Vision for the Future
India and Cyprus are entering a new phase of strategic economic alignment, marked by shared aspirations in technology, investment, innovation, and geostrategic outreach. With the evolving regional and global economic landscape, this growing partnership exemplifies India’s diplomatic push to diversify its economic relations within the European Union and across the Mediterranean.
0 Comments