(Commonwealth_India) Prime Minister Narendra Modi and President of Cyprus Nikos Christodoulides came together on Sunday in Limassol for a high-level roundtable meeting with business leaders from both India and Cyprus. The gathering marked a significant moment in the growth of bilateral ties, as it brought together stakeholders from a wide array of sectors—including banking and financial services, manufacturing, defense, logistics, maritime trade, shipping, technology, artificial intelligence, IT services, tourism, and mobility.
The air was one of strong collaboration and shared motivation. Addressing the attendees, Prime Minister Modi spoke at length about India’s extraordinary economic alteration over the past eleven years. He highlighted that this progress has been driven by deep structural reforms, a stable and foreseeable policy environment, and considerable improvements in the ease of doing business. All of this, he said, has placed India on a firm path toward becoming the third-largest economy in the world.
Modi underscored how India is emerging as a leader in digital innovation, with a flourishing start-up ecosystem, a sweeping digital revolution, and a focus on future-ready infrastructure. He clarified that these expansions have not only made India more competitive worldwide but have also shaped meaningful openings for international associations—mainly in subdivisions like civil aviation, shipbuilding, digital payments, and green energy. For Cypriot businesses, this offers a unique moment to deepen commercial ties and explore joint ventures in these fast-expanding areas.
The discussion also saw several tangible steps taken to reinforce economic collaboration. A prominent milestone was the validation of a Memorandum of Understanding between the NSE International Exchange, situated at Gujarat’s GIFT City, and the Cyprus Stock Exchange. This contract aims to extend financial market cooperation and generate new avenues for investment and capital flow between the two countries.
Another major announcement during the roundtable was the launch of the India–Greece–Cyprus Business and Investment Council. The new council is designed to promote trilateral cooperation in strategic sectors such as shipping, logistics, renewable energy, civil aviation, and digital services. It’s seen as a critical step toward building a more interconnected economic corridor between South Asia and Southern Europe.
Prime Minister Modi stressed that Indian businesses increasingly view Cyprus as a valuable entry point into the European market—particularly for IT services, financial management, and tourism. He added that Cyprus’s role as a strategic hub is only set to grow in the coming years, particularly as it prepares to assume the presidency of the European Union Council next year.
Both Modi and Christodoulides expressed their strong support for deepening the India-EU Strategic Partnership. They voiced optimism about finally concluding the long-awaited India-EU Free Trade Agreement by the end of the year—a deal that could open new trade and investment pathways and inject fresh energy into the relationship.
Reflecting on the outcomes of the roundtable, Prime Minister Modi said that the practical and forward-looking ideas shared during the session would be key to shaping a structured, long-term roadmap for collaboration in trade, technology, and strategic sectors. He thanked the business community for their insights and reaffirmed his government’s commitment to nurturing meaningful global partnerships.
Prime Minister Modi is currently in Cyprus as part of a two-day visit, which is the first leg of a larger three-nation tour that also includes Canada and Croatia. After wrapping up his engagements in Cyprus, he will head to Canada, where he is scheduled to participate in the G7 Summit alongside other world leaders. His final stop will be in Croatia, where he will hold talks with President Zoran Milanović and Prime Minister Andrej Plenković on June 18, bringing the international tour to a close.
