PM Modi Highlights Immense Growth Potential in India-Cyprus Cooperation During Visit

Prime Minister Narendra Modi has described Cyprus as a dependable ally for India, urging enhanced bilateral cooperation. During his visit, he attended a business roundtable with Cypriot President Nikos Christodoulides. Modi emphasised the significant potential for growth in their partnership, noting Cyprus's longstanding reliability as a partner to India.

In a post on X following the meeting, Modi stated, "Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus." He highlighted sectors like innovation, energy, and technology as areas with immense potential.

Strengthening Economic Ties

Modi's visit marks the first by an Indian prime minister to Cyprus in 23 years. He underscored the importance of economic stakeholders in India-Cyprus relations. Many Indian companies view Cyprus as a gateway to Europe. Modi also discussed India's growth story, focusing on both ease and trust in doing business.

The Ministry of External Affairs Spokesperson Randhir Jaiswal shared images from the event on X, noting that leading business leaders from Cyprus and Indian companies participated. The leaders called for stronger economic ties in trade, investment, fintech, AI, logistics, and more.

Tourism and Collaboration

Addressing the event, Modi referred to Cyprus as a renowned tourist destination. He mentioned India's focus on destination development and management, suggesting that collaboration between tour operators would be mutually beneficial. He also identified other sectors with collaboration potential.

During the visit, officials reported that a Memorandum of Understanding (MoU) was signed between the National Payments Corporation of India (NPCI) and Eurobank of Cyprus. This agreement aims to introduce Unified Payments Interface (UPI) services in Cyprus for cross-border transactions.

Cross-Border Initiatives

Modi highlighted that UPI accounts for 50% of global digital transactions today. Additionally, NSE International Exchange Gift City signed an MoU with the Cyprus Stock Exchange to facilitate cross-border flows. This is the first such arrangement between Europe and Gift City India, benefiting investors in GIFT City, Cyprus, and Europe.

In a video message on X before the roundtable, MEA Spokesperson Jaiswal mentioned that the forum would explore strengthening India-Cyprus business partnerships in areas like startups, digital payments, shipping, and ports.

Expanding Bilateral Relations

This two-day visit is Modi's first to Cyprus in over two decades. Upon arrival at Larnaca International Airport, he received a special welcome from Christodoulides. The visit aims to reaffirm both countries' commitment to deepening bilateral ties and enhancing India's engagement with the Mediterranean region and the European Union.

After Cyprus, Modi will travel to Kananaskis in Canada for the G7 Summit at Canadian Prime Minister Mark Carney's invitation. Following this summit, he plans to visit Croatia for meetings with President Zoran Milanovic and Prime Minister Andrej Plenkovic.

Bilateral trade between India and Cyprus has remained stable despite fluctuations over recent years. According to the MEA, trade was valued at USD 136.96 million for April 2023-March 2024.

With inputs from PTI