Nicosia / New Delhi, June 16 (UNI), Prime Minister Narendra Modi and the President of Cyprus Nikos Christdoulides expressed their optimism as to the conclusion of the Indian-EU free trade agreement by the end of the year, which would also give a major boost to trade and economic cooperation between the two nations.
The two leaders interacted with business leaders of the two nations during a round table in Limassol on Sunday evening.
In an article on X, PM Modi said that interaction would add vigor to trade links between the two nations.
“Boosting business links!”
“President Nikos Christodoulides and I interacted with the leading CEOs in order to add commercial links between India and Cyprus. Sectors such as innovation, energy, technology and more offer immense potential. I also talked about the reform trajectory of India over the past decade. ”
The president of Cyprus in an article on X said that the two nations sent a strong message of cooperation and prosperity, and a message of hope.
“Today, we are building more bridges; We deepen and expand economic cooperation between Cyprus and India.
“Together, we are entering a new era of strategic partnership, based on confidence and our shared values, motivated by innovation and inspired by our rich historical journey and the vast horizon that opens before us.
“Together, Cyprus and India, we send a strong message of cooperation and prosperity, and at the same time, a message of hope.”
The interaction of the round table with Cyprus and India business leaders in Limassol, included participants representing various sectors such as the bank, financial institutions, manufacturing, defense, logistics, shipping, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.
In his speech, Prime Minister Modi underlined the rapid economic transformation of India over the past 11 years, and has noted that India, propelled by new generation reforms, predictability of policies, stable policy and the ease of doing business, have become the major great economy in the world.
“The emphasis on the primacy given to innovation, the digital revolution, start-ups and the development of futuristic infrastructure, it expressed its confidence that India, the fifth largest economy in the world, was well positioned to become the third largest in a few years.
“He noted that the regular growth of India civil aviation, port, shipbuilding, digital payments and green development has opened a myriad of opportunities to Cyprus companies to associate with India. He also underlined the forces of qualified talents of India and the start-up ecosystem and the manufacturing zones in force, AI, the Quantitum, the semiconductor and critical minors as new emerging and emerging fields contributing to the history of India’s growth.
The Prime Minister noted that Cyprus was an important economic partner for India, in particular in the foreign direct investment sector and praised the keen interest in Cyprus for new investments in the Indian economy. Highlight the potential for commercial engagement in the financial services sector.
The two leaders praised the signing of a memorandum of understanding between the NSE International Exchange Gift City, Gujarat and the Cyprus Stock Exchange. NIPL (NPCI International Payments Limited) and Eurobank Cyprus contributed to the introduction of the UPI for cross -border payments between the two countries that would benefit tourists and businesses.
“The Prime Minister also welcomed the launch of the India -Greece – Cyprus (IGC) business council and investment, which will promote trilateral cooperation in sectors such as shipping, logistics, renewable energies, civil aviation and digital services. The Prime Minister welcomed the fact that many Indian companies see Cyprus as a bridge to Europe and the HUB for IT services, financial management and tourism.
“While Cyprus is preparing to assume the presidency of the EU Council next year, the two leaders have reaffirmed their commitment to further strengthen the strategic partnership of India-EU.
“They expressed optimism as to the conclusion of the Indian-EU free trade agreement by the end of the year, which would also give a major boost to commercial and economic cooperation between the two countries.
“The Prime Minister stressed that the corporate round table had given practical suggestions that would constitute the basis of a structured economic roadmap, ensuring long -term collaboration in the commercial, innovation and strategy sectors.
“With shared aspirations and an approach focused on the future, India and Cyprus are ready for a new era of dynamic and mutually beneficial economic cooperation.”
Speaking at the Forum, the president of Cyprus Nikos Christudoulides, sent the message that Cyprus, as a member of the European Union, with access to the main regional markets and to an increasingly dynamic ecosystem of start -ups and technology, is a natural partner for Indian companies wishing to extend their footprint in Europe, a real bridge – as he declared the European Union.
In the same context, Nikos Christudoulides stressed that initiatives such as the Economic Corridor of India-Middle-Europe (IMEC), of which Cyprus could be the first point of entry into Europe, will constitute a vision of intelligent infrastructure and networks which will be catalysts for prosperity and stability.
President Christudoulides indicated that the commercial communities of the two countries are interested in mutual investments in fields such as digital innovation and the hotel sector, while, as it has pointed out, there are many areas for new investments, such as defense technology, natural resources management, infrastructure, technology in the aderal sector, film industry and cybersecurity.
The MEA spokesperson said in an article on X:
“India-Cyprus: cement Investment, technology and business links.
“The PM @narendramod accompanied by the president @christodulide addressed a round table, which saw the participation by leaders of the leading corporate of Cyprus and Indian companies.
“The leaders have called to strengthen economic ties in the fields of trade, investment, financial services, fintech, start-ups, innovation, AI, IT, logistics, defense, connectivity, shipping and mobility.”
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