Prime Minister Shri Narendra Modi and President of Cyprus H.E. Nikos Christodoulides held a roundtable interaction with business leaders from Cyprus and India in Limassol, Cyprus, on June 15, 2025. The meeting brought together diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism, and mobility.
The participants emphasized the significance of innovation, digital revolution, start-ups, and futuristic infrastructure development in India's growth story. Prime Minister Modi highlighted that India, propelled by next-generation reforms, policy predictability, stable polity, and Ease of Doing Business, has become the fastest-growing major economy in the world. He expressed confidence that India, with its skilled talent and start-up ecosystem, is well-positioned to become the third-largest economy in a few years' time.
The Prime Minister noted that steady growth in India's civil aviation, port, shipbuilding, digital payments, and green development sectors have opened opportunities for companies from Cyprus to partner with India. He also underlined the strengths of India's skilled talent and start-up ecosystem, highlighting manufacturing, AI, Quantum, Semiconductor, and Critical Minerals as new areas contributing to India's growth story.
Cyprus was identified as a significant economic partner for India, particularly in the Foreign Direct Investment sector. The two leaders welcomed the keen interest in Cyprus for new investments into the Indian economy. They also signed an agreement between NSE International Exchange GIFT CITY, Gujarat, and Cyprus Stock Exchange, marking the beginning of cooperation in financial services.
The launch of the India-Greece-Cyprus (IGC) Business and Investment Council was another significant development from the meeting. This council will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation, and digital services. The Prime Minister welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and hub for IT services, financial management, and tourism.
As Cyprus prepares to assume the Presidency of the EU Council next year, the two leaders reaffirmed their commitment to further strengthen India-EU Strategic Partnership. They expressed optimism about concluding the India-EU Free Trade Agreement by end of the year, which would give a major boost to trade and economic cooperation between the two countries.
The business roundtable provided practical suggestions that will form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation, and strategic sectors. With shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation.