The North News
New Delhi, June 16
Prime Minister Narendra Modi and Cyprus President Nikos Christodoulides convened a high-level business roundtable in Limassol, bringing together corporate leaders from a wide array of sectors, from maritime to artificial intelligence. The meeting marked a renewed effort to deepen economic ties between India and the Mediterranean island nation, with an emphasis on investment, innovation, and trilateral cooperation involving Greece.
Prime Minister Modi, highlighting India’s economic rise over the past decade, spoke of the country’s transformation into the world’s fastest-growing major economy, underpinned by structural reforms, political stability, and an expanding digital infrastructure. “India is now the fifth largest economy and is on course to become the third largest in the near future,” he told participants from sectors spanning defence, technology, logistics, and tourism.
The Prime Minister pitched India as an innovation-driven growth story, citing critical areas such as artificial intelligence, semiconductors, quantum computing, and green development. He pointed to surging activity in sectors like digital payments and civil aviation as evidence of a robust and future-ready economy.
Cyprus, a key player in foreign direct investment in India, was lauded by Modi as a “gateway to Europe” for Indian firms. Christodoulides echoed the sentiment, signalling Cyprus’s desire to expand bilateral and regional business engagement. A major highlight of the day was the signing of a Memorandum of Understanding between the Cyprus Stock Exchange and NSE International Exchange at GIFT City in Gujarat.
Another significant announcement came with the agreement between NPCI International Payments Limited and Eurobank Cyprus to introduce India’s UPI digital payment system for cross-border transactions — a move expected to benefit both tourists and businesses.
The two leaders jointly launched the India–Greece–Cyprus (IGC) Business and Investment Council, aiming to foster trilateral collaboration in key areas such as shipping, civil aviation, renewable energy, and digital services.
Looking ahead, Modi welcomed Cyprus’s upcoming EU Council presidency in 2026 and reiterated India’s commitment to closer strategic ties with the European Union. Both leaders expressed hope that a long-pending India-EU Free Trade Agreement would be finalised by the end of the year — a potential game-changer for trade between India and Europe.
With mutual aspirations anchored in innovation and global connectivity, India and Cyprus are charting a new course for long-term economic cooperation — one that reflects not only regional alignment but shared ambition in an increasingly multipolar world.
