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Modi, Narendra

India and Cyprus Strengthen Economic Ties through Strategic Partnership

Strategic Insights

— 2 min read

Prime Minister Narendra Modi and the President of Cyprus, Nikos Christodoulides, held a high-level roundtable interaction with business leaders from both India and Cyprus in Limassol, marking a significant step in strengthening economic ties between the two nations. The engagement brought together stakeholders from various sectors, including banking, manufacturing, defence, logistics, maritime, and technology, highlighting the vast potential for cooperation. Prime Minister Modi highlighted India's robust economic transformation, driven by major reforms, policy stability, and improvements in the Ease of Doing Business. He emphasized the country's focus on innovation, digital revolution, and future-ready infrastructure, positioning India as a potential world's third-largest economy.

Key Takeaways:

  • Prime Minister Narendra Modi highlighted India's robust economic transformation over the last eleven years, driven by major reforms, policy stability, and improvements in the Ease of Doing Business.
  • The Prime Minister emphasized India's focus on innovation, digital revolution, and future-ready infrastructure, positioning India as a potential world's third-largest economy.
  • Prime Minister Modi welcomed Cyprus-based enterprises to explore sectors such as civil aviation, port and shipbuilding, digital payments, and green development.
  • A Memorandum of Understanding (MoU) was signed between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange to deepen cooperation in financial markets.
  • NIPL (NPCI International Payments Limited) and Eurobank Cyprus reached an understanding to introduce Unified Payments Interface (UPI) for cross-border transactions.
  • Prime Minister Modi welcomed the launch of the India--Greece--Cyprus (IGC) Business and Investment Council, aimed at strengthening trilateral cooperation in key sectors.
  • Both leaders reaffirmed their commitment to strengthening the India-EU Strategic Partnership and expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of the year.

Statistics:

*11 years of consistent economic growth in India, driven by major reforms, policy stability, and improvements in the Ease of Doing Business.

*The number of sectors explored for cooperation with Cyprus-based enterprises, including civil aviation, port and shipbuilding, digital payments, and green development.

*7 collaborative initiatives announced during the roundtable, including the signing of a Memorandum of Understanding (MoU) between the NSE International Exchange and the Cyprus Stock Exchange.

*2 key sectors focused on for cooperation in the India--Greece--Cyprus (IGC) Business and Investment Council, including shipping and renewable energy.

*1 year for Cyprus to assume the Presidency of the European Union Council.

Sources:

*Government of India (2024, No Date) - https://www.pib.gov.in/newsite/erelease.aspx?relid=236341

*Government of India (2024, No Date) - https://www.pib.gov.in/newsite/erelease.aspx?relid=236342

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