INDIA AND CYPRUS FORGE STRONGER ECONOMIC TIES
Nicosia [Cyprus]: Prime Minister Narendra Modi on Sunday held a crucial roundtable interaction with leading CEOs from both India and Cyprus to boost business linkages between the two nations.
During the meeting, PM Modi emphasized the potential for cooperation in various sectors including innovation, energy, technology, and more. He stated that sectors like innovation, energy, technology, and others offer immense potential for economic growth.
The Prime Minister also highlighted India's reform trajectory over the last decade, which has propelled the country to become the fastest-growing major economy in the world. "India is poised to become the third-largest economy in a few years' time," he said.
PM Modi expressed confidence that sectors like civil aviation, port-building, digital payments, and green development offer myriad opportunities for companies from Cyprus to partner with India. He also noted that steady growth in these sectors would foster business engagement in the financial services sector.
The Prime Minister welcomed the signing of a Memorandum of Understanding (MOU) between NSE International Exchange GIFT CITY, Gujarat and Cyprus Stock Exchange, which paves the way for cross-border payments between the two countries through India's National Payments Corporation of India Limited (NPCI).
Additionally, PM Modi invited the keen interest in Cyprus to invest more in the Indian economy. He noted that many Indian companies see Cyprus as a gateway to Europe and hub for IT services, financial management, and tourism.
The roundtable discussion aimed to strengthen investment, technology, and business linkages between India and Cyprus. The participants represented diverse sectors, including banking, manufacturing, defense, logistics, maritime, shipping, and more.
Cyprus Presidency also released an official statement saying that the country is deepening and expanding economic cooperation with India as "we are building more bridges; we are deepening and expanding economic cooperation between Cyprus and India."
PM Modi's visit to Cyprus is a significant development in strengthening ties between the two nations. The Prime Minister is visiting Cyprus from June 15-16, at the invitation of President Nikos Christodoulides, marking the first visit by an Indian prime minister in over 20 years.
The India-EU Free Trade Agreement, which is expected to give a major boost to trade and economic cooperation between India and the European Union, is also being discussed during PM Modi's visit. Experts hope that this agreement will mark a significant milestone in enhancing ties between the two nations.