Prime Minister Narendra Modi and the President of Cyprus, Nikos Christodoulides, held a high-level roundtable interaction with business leaders from both India and Cyprus in Limassol on Sunday. The engagement brought together stakeholders from a wide range of sectors including banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, digital innovation, artificial intelligence, IT services, tourism and mobility.
During the interaction, Prime Minister Modi highlighted India’s robust economic transformation over the last eleven years, noting the country’s consistent growth driven by major reforms, policy stability, and improvements in the Ease of Doing Business.
“India’s focus on innovation, digital revolution, start-up culture and future-ready infrastructure is positioning it firmly on the path to becoming the world’s third-largest economy,” the Prime Minister said. He noted that sectors such as civil aviation, port and shipbuilding, digital payments, and green development offer promising avenues for cooperation with Cyprus-based enterprises.
The Prime Minister further pointed to the expansion of sectors such as civil aviation, shipbuilding, digital payments, and green development as avenues of cooperation for Cypriot businesses. He also underlined India’s growing capabilities in new-age industries like AI, Quantum technology, Semiconductors, and Critical Minerals.
Describing Cyprus as an “important economic partner,” Prime Minister Modi welcomed the island nation’s interest in increasing investments into India, particularly in the Foreign Direct Investment (FDI) domain.
The interaction also witnessed the announcement of several collaborative initiatives. A Memorandum of Understanding (MoU) was signed between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange to deepen cooperation in financial markets. In a key development for digital payments, NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached an understanding to introduce Unified Payments Interface (UPI) for cross-border transactions. The move is expected to benefit both tourists and businesses by simplifying payments.
Prime Minister Modi also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council. The council is expected to strengthen trilateral cooperation in key sectors such as shipping, logistics, renewable energy, civil aviation and digital services.
“Indian companies increasingly view Cyprus as a gateway to Europe and a hub for IT services, financial management, and tourism,” said the Prime Minister.
As Cyprus prepares to assume the Presidency of the European Union Council next year, both leaders reaffirmed their commitment to strengthening the India-EU Strategic Partnership. They expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of the year, which would provide a fresh impetus to trade and investment.
Reflecting on the outcomes of the roundtable, Prime Minister Modi said, “The practical suggestions emerging from today’s discussion will help chart a structured roadmap for deepening cooperation in trade, innovation, and strategic sectors.”
from National https://ift.tt/7VTl5aS