India-Cyprus Business Roundtable Sparks New Era of Strategic Economic Cooperation
- India-Cyprus Business Roundtable held in Limassol.
- MoUs signed for stock exchange collaboration and UPI integration.
- India, Greece, Cyprus Business Council launched.
Prime Minister Narendra Modi, during his visit to Cyprus, held a high-level Business Roundtable alongside the President of Cyprus, H.E. Nikos Christodoulides, with business leaders from both countries. The event, held in Limassol, brought together key stakeholders from diverse sectors including banking, manufacturing, defence, logistics, maritime, IT, digital technology, AI, tourism, and mobility.
Addressing the gathering, Prime Minister Modi highlighted India’s remarkable economic transformation over the past 11 years, noting the country's emergence as the world’s fastest-growing major economy. He credited this momentum to next-generation reforms, policy predictability, political stability, and a strong emphasis on ease of doing business. Modi underlined India’s digital revolution, burgeoning start-up ecosystem, and focus on futuristic infrastructure, expressing confidence that India, now the fifth-largest global economy, is on track to become the third-largest in the near future.
He emphasized that India’s steady growth across sectors civil aviation, shipbuilding, digital payments, ports, and green energy presents significant opportunities for Cypriot companies. Highlighting India’s strengths in innovation, AI, Quantum technology, Semiconductors, and Critical Minerals, the Prime Minister invited Cypriot businesses to tap into India’s skilled talent and growing market.
Describing Cyprus as a key economic partner, particularly in the field of Foreign Direct Investment (FDI), Prime Minister Modi welcomed Cyprus’ growing interest in investing in the Indian economy. A landmark moment during the roundtable was the signing of an MoU between NSE International Exchange (GIFT City, Gujarat) and the Cyprus Stock Exchange, aimed at deepening financial market cooperation.
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Further enhancing bilateral economic integration, NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached an understanding to introduce India’s Unified Payments Interface (UPI) for cross-border payments. This move is expected to significantly ease transactions for tourists and businesses operating between the two countries.
In a key development to foster trilateral cooperation, the India–Greece–Cyprus (IGC) Business and Investment Council was officially launched. The council will focus on collaboration in shipping, logistics, renewable energy, civil aviation, and digital services.
With Cyprus set to assume the EU Council Presidency next year, both leaders reaffirmed their shared commitment to strengthening the India-EU Strategic Partnership. They expressed optimism over concluding the long-anticipated India-EU Free Trade Agreement by the end of the year, a move that promises to enhance trade and investment flows.
Prime Minister Modi concluded by stating that the roundtable offered valuable suggestions, which will lay the foundation for a structured economic roadmap, enabling a new era of sustainable and mutually beneficial India-Cyprus economic collaboration.
