PM Modi Participates in Business Meeting in Cyprus to Strengthen Bilateral Ties and Cooperation

Prime Minister Narendra Modi engaged in a business roundtable with Cypriot President Nikos Christodoulides on Sunday. The focus was on enhancing cooperation in trade, investment, and defence. Modi, who arrived earlier that day, addressed business leaders from both India and Cyprus during the meeting.

The Ministry of External Affairs Spokesperson Randhir Jaiswal shared images from the event on X, highlighting the aim to further solidify investment, technology, and business connections. "PM @narendramodi accompanied by President @Christodulides addressed a business roundtable, which saw participation by leading business leaders of Cyprus and Indian companies," he stated.

Strengthening Economic Ties

The leaders emphasised the importance of boosting economic relations in various sectors. These include trade, investment, financial services, fintech, startups, innovation, AI, IT, logistics, defence, connectivity, shipping, and mobility. This collaboration aims to foster growth in these critical areas.

In a video message shared on X before the meeting, Jaiswal mentioned that the forum would explore new areas for India-Cyprus business partnerships. Discussions would cover startups, innovation, digital payments, shipping, shipbuilding, and ports.

Historic Visit to Cyprus

This visit marks Modi's first trip to Cyprus as an Indian prime minister in over two decades. Upon his arrival at Larnaca International Airport, he received a warm welcome from Christodoulides. The visit underscores the commitment of both nations to deepen their bilateral ties.

During this visit, Modi and Christodoulides will engage in talks aimed at strengthening bilateral relations. The discussions are expected to reaffirm India's engagement with the Mediterranean region and the European Union.

Bilateral Trade Insights

Bilateral trade between India and Cyprus has remained stable despite fluctuations in recent years. According to the MEA, trade amounted to USD 136.96 million for April 2023-March 2024. This steady trade relationship highlights the ongoing economic partnership between the two countries.

Modi's visit is seen as an opportunity to reinforce this partnership further. It aims to explore new avenues for collaboration and strengthen existing ties across various sectors.

With inputs from PTI