India, Cyprus Deepen Economic Cooperation With New Business And Investment Initiatives

New Delhi, Jun 16 (KNN) Indian Prime Minister Narendra Modi and Cypriot President Nikos Christodoulides conducted a business roundtable with industry leaders from both nations in Limassol, Cyprus. 

The discussion brought together representatives from banking, financial institutions, manufacturing, defense, logistics, maritime, shipping, technology, artificial intelligence, IT services, tourism, and mobility sectors.

During the interaction, Prime Minister Modi emphasized India's economic transformation over the past eleven years, attributing the country's status as the world's fastest-growing major economy to policy reforms, political stability, and improved business environment. 

He projected confidence that India, currently the fifth-largest global economy, would advance to third place within the coming years.

The Prime Minister highlighted growth opportunities in India's civil aviation, port development, shipbuilding, digital payments, and green technology sectors as potential areas for Cypriot business partnerships. 

He underscored India's advantages in skilled workforce and startup ecosystem, identifying manufacturing, artificial intelligence, quantum technology, semiconductors, and critical minerals as emerging growth drivers.

Modi acknowledged Cyprus as an important economic partner for India, particularly regarding foreign direct investment, and welcomed increased Cypriot interest in the Indian market. 

The leaders announced the signing of a memorandum of understanding between NSE International Exchange GIFT CITY in Gujarat and the Cyprus Stock Exchange to enhance financial services cooperation.

NPCI International Payments Limited and Eurobank Cyprus reached an agreement to introduce India's Unified Payments Interface for cross-border transactions, aimed at facilitating payments for tourists and businesses between the two countries. 

The leaders also launched the India-Greece-Cyprus Business and Investment Council to promote trilateral cooperation in shipping, logistics, renewable energy, civil aviation, and digital services.

Prime Minister Modi noted that numerous Indian companies view Cyprus as a strategic entry point to European markets and a center for IT services, financial management, and tourism operations. 

With Cyprus set to assume the European Union Council presidency next year, both leaders reaffirmed their commitment to strengthening the India-EU Strategic Partnership.

The discussion included optimistic projections for concluding the India-EU Free Trade Agreement by year-end, which would significantly enhance trade and economic cooperation between the regions. 

Modi stated that the roundtable generated practical recommendations that would serve as the foundation for a structured economic roadmap ensuring sustained collaboration in trade, innovation, and strategic sectors.

The meeting concluded with both nations expressing commitment to a new phase of dynamic and mutually beneficial economic cooperation, supported by shared objectives and forward-looking strategies.

(KNN Bureau)