Nicosia/New Delhi, June 16 (UNI) Prime Minister Narendra Modi and the President of Cyprus Nikos Christodoulides expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year, which would also give a major boost to trade and economic cooperation between the two nations.
The two leaders interacted with business leaders from both nations at a roundtable in Limassol on Sunday evening.
In a post on X, PM Modi said the interaction would add vigour to the commercial linkages between the two nations.
“Boosting business linkages!
“President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour 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 Cyprus President in a post on X said the two nations are sending a strong message of cooperation and prosperity, and a message of hope.
“Today, we are building more bridges; we are deepening and expanding economic cooperation between Cyprus and India.
“Together, we are entering a new era of strategic partnership, founded on trust and our shared values, driven by innovation and inspired by our rich historical journey and the vast horizon that opens before us.
“Together, Cyprus and India, we send a strong message of cooperation and prosperity, and at the same time, a message of hope.”
The Roundtable interaction with business leaders from Cyprus and India in Limassol, included participants representing diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.
In his address, PM Modi highlighted India's rapid economic transformation in the last 11 years, and 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.
“Emphasizing on 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.
“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. He further 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, a statement said.
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. Highlighting 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.
“Prime Minister also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services. Prime Minister welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and hub for IT services, financial management, and tourism.
“As Cyprus prepares to assume the Presidency of the EU Council next year, the two 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.
“Prime Minister 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 strategic sectors.
“With shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation.”
Speaking at the forum, the President of Cyprus Nikos Christodoulides, sent the message that Cyprus, as a member of the European Union, with access to key regional markets and an increasingly dynamic ecosystem of start-ups and technology, is a natural partner for Indian companies wishing to expand their footprint in Europe, a true gateway - as he characteristically stated - to the European Union.
In the same context, Nikos Christodoulides pointed out that initiatives such as the India-Middle East-Europe Economic Corridor (IMEC), of which Cyprus could be the first entry point into Europe, constitute a vision for smart infrastructure and networks that will be catalysts for prosperity and stability.
President Christodoulides indicated that the business communities of the two countries are interested in mutual investments in areas such as digital innovation and the hospitality sector, while, as he emphasised, there are many areas for further investment, such as defense technology, natural resource management, infrastructure, technology in the agricultural sector, the film industry and cybersecurity.
The MEA spokesperson said in a post on X:
“India-Cyprus: Further cementing investment, technology & business linkages.
“PM @narendramodi accompanied by President @Christodulides addressed a business roundtable, which saw participation by leading business leaders of Cyprus and Indian companies.
“The leaders called for strengthening economic ties in the fields of trade, investment, financial services, fintech, start-up, innovation, AI, IT, logistics, defence, connectivity, shipping and mobility.”
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