By Global Consultants Review Team
During his visit to Cyprus, Indian Prime Minister Narendra Modi participated in a high-level Business Roundtable in Limassol alongside Cypriot President H.E. Nikos Christodoulides. The event gathered influential business leaders from both nations, representing a wide array of sectors such as banking, manufacturing, defence, logistics, maritime, IT, digital technology, AI, tourism, and mobility.
In his address, Prime Minister Modi showcased India’s rapid economic progress over the last 11 years, citing its emergence as the fastest-growing major economy. He attributed this growth to forward-looking reforms, policy stability, political consistency, and an improved business environment. Modi also highlighted the country’s digital transformation, vibrant start-up landscape, and focus on building advanced infrastructure, reiterating India's ambition to become the world’s third-largest economy.
He pointed to opportunities for Cypriot firms in India’s expanding sectors, including civil aviation, shipbuilding, digital payments, ports, and renewable energy. Modi also emphasized India's leadership in emerging technologies such as AI, quantum computing, semiconductors, and critical minerals, inviting Cypriot businesses to leverage India's skilled workforce and expanding market.
Describing Cyprus as a vital economic partner, especially in terms of Foreign Direct Investment (FDI), Modi welcomed increased Cypriot investment interest in India. A significant highlight of the event was the signing of a Memorandum of Understanding (MoU) between the NSE International Exchange (GIFT City, Gujarat) and the Cyprus Stock Exchange, aimed at boosting cooperation in financial markets.
In another major development, NPCI International Payments Limited (NIPL) and Eurobank Cyprus reached an agreement to introduce India’s Unified Payments Interface (UPI) for cross-border transactions. This initiative is expected to simplify financial exchanges for tourists and businesses between the two countries.
Additionally, the India–Greece–Cyprus (IGC) Business and Investment Council was officially launched to promote trilateral collaboration in sectors like shipping, logistics, renewable energy, civil aviation, and digital services.
As Cyprus prepares to assume the EU Council Presidency next year, both leaders reaffirmed their commitment to deepening the India-EU Strategic Partnership. They expressed confidence in concluding the long-awaited India-EU Free Trade Agreement by year-end, a move expected to significantly boost trade and investment.
Prime Minister Modi concluded by emphasizing that the roundtable generated valuable insights that will shape a structured and forward-looking economic roadmap, ushering in a new chapter of sustainable and mutually beneficial India-Cyprus economic cooperation.
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