India and Cyprus Forge Stronger Economic Ties with Dual Stock Listings

In a significant milestone for India-Cyprus economic relations, the NSE International Exchange at GIFT City, Gandhinagar, and the Cyprus Stock Exchange have signed a Memorandum of Understanding (MoU). This agreement enables dual listings and aims to foster collaboration in financial research and outreach programs, bolstering investments across borders.

Ashish Kumar Chauhan, MD & CEO of the National Stock Exchange, described the MoU as a new chapter in connecting European companies with Indian markets through GIFT City. This partnership is set to benefit investors by promoting cross-border capital flows between the two nations.

The agreement was sealed during Prime Minister Narendra Modi's visit to Cyprus, featuring discussions with President Nikos Christodoulides and business leaders. Key sectors such as banking, finance, defence, and digital technology were represented, marking significant potential for cooperation between Cyprus and India.

Moreover, BAO Capital Partners Ltd announced securing over USD 100 million in commitments for a fund targeting Indian public equities and emerging technologies, aligning with the 'Make in India' initiative. Concurrently, the National Payments Corporation of India's international arm signed an MoU with Eurobank to introduce UPI services in Cyprus, furthering seamless financial transactions between the countries.

These developments underscore a mutual commitment to fostering growth in finance, innovation, and sustainability, reflecting a deepening of economic ties between India and Cyprus.

(With inputs from agencies.)