In this image via PMO on June 15, 2025, Prime Minister Narendra Modi with the President of Cyprus Nikos Christodoulides during a business roundtable, in Cyprus. (PMO via PTI Photo)
Nicosia: Prime Minister Narendra Modi on Sunday participated in a business roundtable here with Cypriot President Nikos Christodoulides and called for strengthening bilateral cooperation, which has “immense potential for growth”.
The prime minister, who arrived here earlier in the day, addressed business leaders from India and Cyprus at the meeting.
Modi highlighted the “immense potential for growth” in bilateral ties and said that Cyprus has been a “reliable partner to India for a long time now”.
“Many Indian companies see it as a gateway to Europe,” he said.
“Further cementing investment, technology & business linkages,” Ministry of External Affairs Spokesperson Randhir Jaiswal said in a post on X, attaching pictures from the event.
“PM @narendramodi accompanied by President @Christodulides addressed a business roundtable, which saw participation by leading business leaders of Cyprus and Indian companies,” he said.
“The leaders called for strengthening economic ties in the fields of trade, investment, financial services, fintech, start-up, innovation, AI, IT, logistics, defence, connectivity, shipping and mobility,” he added.
Addressing the event, Modi said, “After 23 year an Indian prime minister has come to Cyprus and the first programme was the business roundtable. This is a sign of how important people connected with the economic world are to India and Cyprus ties.”
He also talked about India’s growth story and said that the country has focused equally on “trust of doing business” as on “ease of doing business”.
Calling Cyprus a “famous tourist destination”, he said that India, too, is focusing on destination development and management, and so, “close collaboration between our tour operators will be a ‘win-win'”.
He added that many other sectors also have the potential for such collaborations.
According to officials, during the prime minister’s visit, an MoU was signed between the National Payments Corporation of India (NPCI) and the Eurobank of Cyprus to introduce UPI services in Cyprus for cross-border transactions.
In his address, Modi said that because of UPI, 50 per cent of the world’s digital transactions today take place in India.
According to officials, NSE International Exchange Gift City also signed an MoU with the Cyprus Stock Exchange to enable cross-border flows.
This is the first of its kind arrangement between Europe and Gift City India and will benefit investors in GIFT City, Cyprus and Europe, they said.
In a video message on X ahead of the roundtable, MEA Spokesperson Jaiswal said that at the forum, “ideas about how to strengthen India-Cyprus business partnership in newer areas of engagement such as startup, innovation, digital payments, shipping, shipbuilding, ports etc will be identified, talked about, and discussed.”
Modi’s two-day visit to Cyprus is the first by an Indian prime minister in over two decades.
Upon his arrival, he was welcomed at the Larnaca International Airport by Christodoulides in a special gesture.
During the visit, the two leaders will also hold talks to strengthen bilateral ties.
Modi’s visit will “reaffirm the shared commitment of the two countries to deepen bilateral ties and strengthen India’s engagement with the Mediterranean region and the European Union,” according to a statement by the MEA.
Bilateral trade between India and Cyprus has remained “steady amidst fluctuations” over recent years, and was USD 136.96 million for April 2023-March 2024, according to the MEA.
This post was last modified on June 16, 2025 10:40 am