'Sectors like innovation, energy, technology offer immense potential': Prime Minister Mr. Narendra Modi on meeting CEOs in Cyprus

During his visit to Cyprus from June 15 to 16, 2025—the first by an Indian Prime Minister in over two decades—Prime Minister Mr. Narendra Modi, accompanied by President of the Republic of Cyprus Mr. Nikos Christodoulides, addressed a high-level business roundtable. The event brought together industry leaders from a range of sectors, including banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, tourism, information technology (IT) services, artificial intelligence (AI), digital technologies, and mobility. According to the Official Spokesperson of the Ministry of External Affairs, Mr. Randhir Jaiswal, the dialogue further strengthened bilateral ties in investment, technology, and business. The Cyprus Presidency echoed this sentiment, stating that the meeting marked a deepening of economic cooperation underpinned by shared values, innovation, and mutual trust.
He highlighted India’s rapid economic progress over the last 11 years, driven by structural reforms, policy consistency, and a stable political environment. Emphasising India’s position as the fastest-growing major economy, he noted the country's rise as the fifth-largest economy, poised to become the third-largest in the coming years. He cited growth in sectors such as shipbuilding, civil aviation, digital payments, and green development as opportunities for Cypriot collaboration. Key developments included the signing of a Memorandum of Understanding (MoU) between the NSE International Exchange GIFT City, Gujarat, and the Cyprus Stock Exchange, and an agreement between NPCI International Payments Limited (NIPL) and Eurobank Cyprus to enable Unified Payments Interface (UPI) for cross-border transactions. The launch of the India-Greece-Cyprus (IGC) Business and Investment Council was also welcomed, aimed at enhancing cooperation in renewable energy, logistics, shipping, and digital services. Both leaders reaffirmed their commitment to the India-European Union Strategic Partnership and expressed optimism about concluding the India-Europe Free Trade Agreement by the end of 2025.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.