PM Modi Embarks on Two-Day Visit to Cyprus to Strengthen Economic Ties
Strengthening Ties with Cyprus
On Sunday, Prime Minister Narendra Modi commenced a two-day visit to Cyprus, aiming to convey a significant message to the Mediterranean island nation, which has previously shown opposition and openly supported Islamabad during the recent India-Pakistan tensions. This visit presents an opportunity for India to enhance its economic relations with Cyprus, which serves as a gateway to the Mediterranean and the European Union.
Upon arriving in Nicosia, Modi participated in a roundtable meeting with business leaders alongside Cypriot President Nikos Christodoulides, emphasizing the need to bolster bilateral cooperation in sectors such as trade, investment, and defense, which he noted hold "immense potential."
Bilateral Cooperation and Opportunities
During his address to the business leaders, Modi highlighted the "immense possibilities for growth" in bilateral relations, stating, "Cyprus has long been a trusted partner of India." Following the meeting, he took to social media to share insights, mentioning that discussions with leading CEOs were aimed at further strengthening commercial ties between India and Cyprus.
He pointed out the vast opportunities in areas like innovation, energy, and technology, and reflected on India's reform journey over the past decade. Modi noted that this was the first visit by an Indian Prime Minister to Cyprus in 23 years, with the roundtable being a clear indication of the importance of economic ties between the two nations.
Investment and Technological Collaboration
The spokesperson for the Ministry of External Affairs, Randhir Jaiswal, shared images from the event on social media, emphasizing the goal of strengthening investment, technology, and trade relations. He mentioned that the leaders discussed enhancing economic ties in various sectors, including finance, fintech, startups, innovation, AI, IT, defense, connectivity, shipping, and mobility.
Modi also spoke about India's development narrative, focusing on both "ease of doing business" and "trust in trade." He described Cyprus as a "renowned tourist destination" and expressed India's commitment to destination development and management, suggesting that close cooperation among tour operators would be beneficial.
UPI Services and Future Collaborations
According to officials, during Modi's visit, a memorandum of understanding was signed between the National Payments Corporation of India (NPCI) and Eurobank in Cyprus to initiate UPI services for cross-border transactions. Modi highlighted that UPI has facilitated 50% of the world's digital transactions in India, marking this as a unique arrangement between Europe and 'Gift City India,' which will benefit investors from Gift City, Cyprus, and Europe.
Before the meeting, Jaiswal shared a video message on social media, indicating that discussions would focus on strengthening India-Cyprus trade partnerships in emerging sectors such as startups, innovation, digital payments, shipping, and shipbuilding.
Significance of the Visit
This marks the first visit by an Indian Prime Minister to Cyprus in over two decades. Upon arrival, President Christodoulides warmly welcomed Modi at Larnaca International Airport. Throughout the visit, both leaders are expected to engage in discussions aimed at reinforcing bilateral relations.
According to a statement from the Ministry of External Affairs, Modi's visit will reaffirm both countries' commitment to deepening bilateral ties and enhancing India's engagement with the Mediterranean region and the European Union. The bilateral trade between India and Cyprus has remained "steady amidst fluctuations" in recent years, amounting to $1.3696 billion for the period from April 2023 to March 2024.