PM Modi Advocates for Strengthening Bilateral Ties with Cyprus During Business Meeting

Prime Minister Narendra Modi engaged in a business roundtable with Cypriot President Nikos Christodoulides, aiming to enhance bilateral cooperation. This meeting, held on Sunday, highlighted the significant potential for growth between India and Cyprus. Modi, who arrived earlier that day, addressed business leaders from both nations, emphasising Cyprus's role as a reliable partner for India.

Modi noted that Cyprus serves as a gateway to Europe for many Indian companies. He stressed the importance of strengthening economic ties in various sectors, including trade, investment, financial services, fintech, start-ups, innovation, AI, IT, logistics, defence, connectivity, shipping, and mobility. The Ministry of External Affairs Spokesperson Randhir Jaiswal shared images from the event on X.

Focus on Economic Growth and Collaboration

The prime minister's visit marked the first by an Indian leader to Cyprus in 23 years. Modi stated that the business roundtable was his initial programme upon arrival, underscoring the significance of economic connections between India and Cyprus. He highlighted India's growth story and its focus on both ease and trust in doing business.

Modi also mentioned Cyprus as a popular tourist destination and suggested that collaboration between Indian and Cypriot tour operators could be mutually beneficial. He pointed out that other sectors also hold potential for similar partnerships. During the visit, an MoU was signed between the National Payments Corporation of India (NPCI) and Eurobank of Cyprus to introduce UPI services for cross-border transactions.

Strengthening Bilateral Ties

In his address, Modi highlighted that 50% of the world's digital transactions occur in India due to UPI. Additionally, NSE International Exchange Gift City signed an MoU with the Cyprus Stock Exchange to facilitate cross-border flows. This arrangement is the first of its kind between Europe and Gift City India and aims to benefit investors in GIFT City, Cyprus, and Europe.

Ahead of the roundtable, MEA Spokesperson Jaiswal shared a video message on X. He mentioned that the forum would explore ways to strengthen India-Cyprus business partnerships in new areas such as start-ups, innovation, digital payments, shipping, shipbuilding, and ports.

Commitment to Deepening Relations

Modi's two-day visit to Cyprus reaffirms the commitment of both countries to deepen bilateral ties. It also aims to strengthen India's engagement with the Mediterranean region and the European Union. Upon Modi's arrival at Larnaca International Airport, he received a special welcome from President Christodoulides.

The visit included talks between Modi and Christodoulides to further enhance bilateral relations. According to a statement by the MEA, bilateral trade between India and Cyprus has remained stable despite fluctuations in recent years. For April 2023-March 2024, it stood at USD 136.96 million.

With inputs from PTI