Speaking at a roundtable discussion with business leaders in Limassol on Sunday, Christodoulides said the visit paves the way for “an unprecedented strategic relationship” between the two countries, based on shared values and common interests.
He said that Cyprus, as the southeasternmost EU member, provides a stable foothold in an otherwise volatile Eastern Mediterranean.
The official visit, which began on Saturday, was described by the President as laying “strong foundations” for redefining Cyprus-India economic cooperation.
He said Cyprus aspires to become “a natural gateway” for Indian companies expanding into Europe, leveraging its EU membership, geographic position, and growing technology ecosystem.
Christodoulides also extended his condolences to the Indian people following a deadly air accident, before turning to the opportunities at hand.
Praising Modi’s leadership, he called him “a leader of change” who has overseen India’s transformation, and said the visit reflected a shared commitment to future-oriented cooperation in areas such as energy, artificial intelligence, innovation, digital infrastructure, and cybersecurity.
“Cyprus sees India not only as a strategic partner, but as a global power shaping the present and future of technology, connectivity and sustainable development,” he said.
He further noted that Cyprus is the eighth largest source of foreign investment in India, while India ranks among the top ten investors in Cyprus, a solid foundation, he added, for further expansion.
Moreover, the President underlined Cyprus’ potential role in the India-Middle East-Europe Economic Corridor (IMEC), stating that the island could become the “first entry point” to the EU, supporting smart infrastructure that promotes regional prosperity and stability.
The Limassol business forum, organised by the Presidency, the Cyprus Chamber of Commerce and Industry (Keve), and Invest Cyprus, brought together dozens of Indian and Cypriot stakeholders to explore joint ventures and investment priorities.
During the event, Christodoulides confirmed that two more Indian companies specialising in artificial intelligence had chosen to establish operations in Cyprus, following the recent arrival of Mumbai-based tech firm LTI Mindtree and travel group Thomas Cook India.
The President said the Cypriot government would continue to modernise institutions, invest in infrastructure, and support the digital and green transitions.
“Our vision is to establish Cyprus as a knowledge-based economy and a thriving hub where entrepreneurs, technologists and investors from around the world can succeed,” he said.
For his part, Modi described Cyprus as “a long-standing, reliable partner of India,” noting that bilateral trade had reached $150 million.
However, “the real potential of our relations is much greater,” he said.
He welcomed the growing presence of Indian firms on the island and stressed that Cyprus is increasingly seen as a gateway to Europe.
He added that India, now the world’s fifth-largest economy and expected to soon become the third, is implementing reforms that enhance both the ease of doing business and trust in Indian markets.
“Today, 50 per cent of the world’s digital transactions take place in India through our Unified Payments Interface (UPI),” he said, confirming that discussions are underway for its adoption in Cyprus.
Modi also highlighted opportunities in tourism, pointing out that Cyprus is becoming more popular among Indian travellers.
Cooperation between tour operators, he said, could bring benefits to both markets.
Both leaders praised the creation of the India-Cyprus-Greece business and investment council, which Modi called “an excellent initiative that can emerge as an important platform for economic cooperation.”
Speaking at the forum, Keve president Stavros Stavrou said the visit offered a chance to “find many points of convergence and implement practical steps” to strengthen ties.
He highlighted opportunities in shipping, fintech, pharmaceuticals, education, agriculture and green energy.
Meanwhile, Invest Cyprus president Evgenios Evgeniou described Cyprus as a business and investment bridge linking Europe, the Middle East and Asia.
He said Indian and Western investors alike view Cyprus as a platform to access the wider region, and expressed confidence that the roundtable would “lead to growth, investments and jobs for the benefit of both countries.”
Also present at the forum were Eurobank Group CEO Fokion Karavias and Hellenic Bank CEO Michalis Louis.
Eurobank announced it would begin rolling out India’s Unified Payments Interface (UPI) in Cyprus, following its introduction in Greece through an agreement with NPCI International.
Indeed, the bank confirmed that the relevant memorandum of understanding (MoU) was officially signed on Monday.
The agreement allows for cross-border payments using UPI, marking a significant expansion of India’s digital payments ecosystem into Cyprus.
According to a statement from Eurobank, the new service will simplify remittances from Cyprus to India, providing the Indian community on the island with a faster, more secure way to transfer funds.
The agreement builds on a similar partnership launched in Greece in 2024, making Cyprus the second European country to adopt UPI remittance services. Both institutions will oversee settlement, account reconciliation and dispute resolution within their respective jurisdictions.
“This MoU is a significant step in our strategic partnership with Eurobank,” said Ritesh Shukla, CEO of NIPL.
He said the adoption of UPI in Cyprus highlighted the system’s flexibility in international payments and would help strengthen economic ties between the two countries through efficient, customer-focused financial channels.
Eurobank Cyprus CEO Andreas Petsas said the agreement would provide “significant value” to the Indian community and reflected the bank’s commitment to serving Indian individuals and businesses who choose Cyprus and Greece as gateways to the EU.
Modi on Monday will officially be received at the presidential palace, where he will hold private talks with Christodoulides, followed by wider discussions between the two delegations.
The agenda will include further economic cooperation, infrastructure, and the strategic role of Cyprus within the IMEC corridor.
A joint declaration of partnership is expected to be signed, formalising what government sources described as a new, multi-level strategic relationship.
Source: Cyprus Mail
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