Social Media Corner 3rd June 2024

Prime Minister Shri Narendra Modi along with the President of Cyprus, H.E. Nikos Christodoulides today held a Roundtable interaction with business leaders from Cyprus and India in Limassol. The participants represented diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.

Highlighting India's rapid economic transformation in the last 11 years, Prime Minister 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.

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.