Prime Minister Narendra Modi on Sunday (local time) interacted with the leading CEOs of the two countries, discussing ways to strengthen business relations and promote economic cooperation.
He emphasized the ability to cooperate in various fields including innovation, energy and technology.
In a post on X, PM Modi said, “Promoting trade linkage! I interacted with the leading CEO to add strength to President Nicos Christodaulids and India and Cyprus.
The president of Cyprus along with PM Modi, Nicos Christodaulids held a round table with trade leaders at Cyprus and Limasol, India.
Participants represented various fields such as banking, financial institutions, manufacturing, defense, logistics, sea, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.
According to the official spokesperson of Foreign Affairs, Randhir Jaywal, carrying forward investment, technology and business relations between the two countries.
In a post on X, he said, “Further investment, technology and business linkage. Mobility.”
In a post on X, Cyprus Presidency said that Cyprus is deeply and expanding economic cooperation with India.
In a post on the X, it said, “Round Table discussion with Indian Prime Minister and Cyprus and members of Indian trade communities: Today, we are building more bridges; we are deepening and expanding economic cooperation between Cyprus and India. Along with, we are entering a new era of strategic partnership together, which are inspired by the trusts and our shared values, we are inspired by our shared values. Send a strong message of prosperity, and at the same time, a message of hope. “
Highlighting India’s rapid economic change in the last 11 years, the Prime Minister said that India has become the fastest growing major economy in the world, easily inspired in doing the next generation reforms, policy forecasting, stable politics and trade, read a statement from the Ministry of External Affairs.
Emphasizing the primacy being given on the development of innovation, digital revolution, start-up and future infrastructure, he expressed confidence that India, the fifth largest economy in the world, was the third largest for the third largest time in a few years.
He said that India’s civil aviation, port, shipbuilding, digital payments and continuous increase in green development sectors have opened numerous opportunities for companies from Cyprus to India.
He underlined the power of India’s skilled talent and start-up ecosystem and highlighted manufacturing, AI, quantum, semiconductor and important minerals as new and emerging areas contributing to India’s development story.
The Prime Minister said that Cyprus was an important economic partner for India, especially in the foreign direct investment sector and in the Indian economy, welcomed deep interest in Cyprus for new investment in the Indian economy.
Exposing the ability of commercial engagement in the financial services sector, the two leaders welcomed the signing of an MoU between the NSE International Exchange Gift City, Gujarat and the Cyprus Stock Exchange, in the statement.
NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached an understanding on introducing UPI for cross border payments between the two countries, which will benefit tourists and businesses.
The Prime Minister also welcomed the inauguration of the Indo-Green-Ciprus (IGC) Business and Investment Council, which will promote tripartial cooperation in areas such as shipping, logistics, renewable energy, civil aviation and digital services. The Prime Minister welcomed the fact that many Indian companies see Cyprus as the entrance to Europe and the hub for IT services, financial management and tourism called the statement.
As Cyprus prepares to preside over the European Union Council next year, the two leaders confirmed their commitment to further strengthen the India-European Union Strategic Partnership.
He expressed optimism about ending the India-European Union Free Trade Agreement by the end of the year, which would give a big boost to trade and economic cooperation between the two countries.
The Prime Minister underlined that the trade round table had made practical suggestions that would form the basis for a structured economic roadmap, which would ensure long -term cooperation in trade, innovation and strategic fields.
With shared aspirations and future-centric views, India and Cyprus are ready for a new era of dynamic and mutually beneficial economic cooperation.
PM Modi is visiting Cyprus from 15–16 June, at the invitation of President Nicos Christodaulids, first by an Indian Prime Minister in 20 years. (AI)