Tremendous potential for cooperation in semiconductors, space sectors between India, Cyprus: Prez

President Droupadi Murmu on Friday said there is a tremendous potential for cooperation between India and Cyprus in new sectors such as semiconductors, space and Artificial Intelligence.

Welcoming Cyprus President Nikos Christodoulides and his delegation to India, Murmu said that technology and innovation have emerged as some of the most forward-looking areas of the bilateral relationship.

India's young talent, technological capabilities, and start-up ecosystem can complement Cyprus' innovation ecosystem, the President said.

She underlined that there is tremendous potential for cooperation in new sectors such as semiconductors, renewable energy, green energy, space, sustainable development and Artificial Intelligence.

The President appreciated Cyprus' support on important issues such as cross-border terrorism and reform of multilateral institutions.

Murmu, who had hosted banquet in honour of the visiting dignitary, reiterated India's unwavering support for the sovereignty, unity and territorial integrity of Cyprus.

The President said that India-Cyprus relations are entering a new phase, with expanding cooperation in priority sectors such as defence and security, technology, financial services, connectivity, and maritime cooperation.

She said that Cyprus continues to be among the major sources of Foreign Direct Investment in India.

Companies from Cyprus are showing increasing interest in expanding trade and investment ties with India, Murmu said.

India's vast market, digital transformation, infrastructure, and manufacturing capabilities provide immense opportunities for Cypriot companies and investors, the President said.

Murmu said that both the countries share close relations based on trust and goodwill.

''Our bilateral relations have been elevated to the level of a strategic partnership, which reflects the growing maturity, depth and mutual trust in the India-Cyprus relationship,'' she said.

The President said that during its Presidency of the European Union Council, Cyprus can play an important role in further expanding economic cooperation between India and Europe, particularly after the conclusion of the India–EU Free Trade Agreement.

The two leaders agreed that the close cooperation between India and Cyprus can bring immense benefits to the people, according to a statement issued by the Rashtrapati Bhavan.

India and Cyprus on Friday elevated their ties to a strategic partnership and unveiled a five-year roadmap for defence cooperation as Prime Minister Narendra Modi held wide-ranging talks with Cyprus President Christodoulides, earlier in the day.

The two sides signed six agreements to provide for deeper cooperation in areas of  innovation, technology, education and culture besides agreeing to soon conclude a comprehensive partnership on migration and mobility.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)