PM Modi, Cyprus President Lead Business Roundtable to Bolster Bilateral Ties

In a landmark interaction held in Limassol, Cyprus, Indian Prime Minister Shri Narendra Modi and Cypriot President H.E. Nikos Christodoulides convened a high-profile Business Roundtable on June 16, 2025, bringing together top-tier business leaders from both nations. The event served as a dynamic platform for discussing trade, investment, and innovation, as the two countries charted new territory in bilateral and regional cooperation.

Participants represented a wide spectrum of industries, including banking, defence, digital technologies, AI, maritime logistics, tourism, IT services, and mobility solutions. Their presence underlined the multifaceted economic interests both countries are eager to explore and deepen.

India’s Economic Resurgence Highlighted

Prime Minister Modi addressed the gathering with a forward-looking vision for India’s economy, underlining the transformative journey of the past 11 years. He pointed to India’s status as the fastest growing major economy, propelled by policy predictability, next-generation reforms, and a highly improved Ease of Doing Business framework.

Emphasizing India’s trajectory toward becoming the third-largest economy, the Prime Minister highlighted areas such as:

• Digital innovation and payments

• Green development

• Civil aviation and port infrastructure

• Start-up and tech ecosystem

• Semiconductors and Quantum technology

• Critical minerals and AI

These sectors, he noted, present significant partnership opportunities for Cypriot companies, especially given India’s growing market and skilled workforce.

Cyprus as a Key Economic Ally

Recognizing Cyprus’ role as an important economic partner, particularly in Foreign Direct Investment (FDI), Prime Minister Modi welcomed the enthusiasm shown by Cypriot firms for investing in the Indian market. He acknowledged Cyprus’ strategic location and its status as a gateway for Indian companies seeking entry into European and Mediterranean markets, especially in areas like IT services, financial consultancy, and tourism.

Major Agreements and New Cooperation Mechanisms

In a significant outcome of the roundtable, the leaders oversaw the signing of a Memorandum of Understanding (MoU) between the NSE International Exchange GIFT City (Gujarat) and the Cyprus Stock Exchange, paving the way for enhanced financial market integration.

Additionally, a major digital milestone was achieved with an understanding between NPCI International Payments Limited (NIPL) and Eurobank Cyprus to introduce Unified Payments Interface (UPI) for cross-border transactions. This will greatly simplify payments for tourists, businesses, and diaspora communities, marking a new era of fintech collaboration.

Launch of India–Greece–Cyprus (IGC) Business Council

Another highlight was the inauguration of the India–Greece–Cyprus Business and Investment Council, a trilateral initiative designed to facilitate cooperation in strategic sectors such as:

• Shipping and maritime logistics

• Renewable energy and green technology

• Civil aviation and infrastructure

• Digital services and smart mobility

This three-nation council will serve as a bridge for joint ventures, investments, and innovation, unlocking a new dimension in regional economic integration.

Vision for EU Partnership and Trade Expansion

With Cyprus preparing to take on the EU Council Presidency in 2026, the two leaders reaffirmed their shared vision to elevate the India-EU Strategic Partnership. They expressed optimism about the timely conclusion of the India-EU Free Trade Agreement (FTA) by the end of the year—a development that could dramatically increase trade volumes and economic engagement between India and European nations.

Toward a Structured Economic Roadmap

Prime Minister Modi concluded the session by acknowledging the practical and actionable insights shared by the business community. He emphasized that these discussions would inform a structured roadmap for future collaboration—centered on trade expansion, strategic innovation, and long-term investment.

With shared values, strategic alignment, and mutual ambitions, India and Cyprus are poised to enter a new chapter of economic cooperation—one marked by resilience, innovation, and global relevance.