India-Cyprus Ties to Open New Growth Opportunities: PM Modi
Prime Minister says Cyprus emerging as key India-Europe investment gateway
- PM Modi welcomes Cyprus President during India visit
- India and Cyprus elevate ties to Strategic Partnership
- Leaders discuss trade, security, connectivity and innovation
- Focus on India-EU trade, GIFT City and maritime cooperation
GG News Bureau
New Delhi, 22nd May: Narendra Modi, Prime Minister of India, on Friday announced the elevation of India-Cyprus relations to a Strategic Partnership during joint press statements with Nikos Christodoulides, President of the Republic of Cyprus.
Welcoming the Cypriot President and his delegation to India, Prime Minister Modi said the relationship between the two countries is rooted in shared democratic values, respect for sovereignty and commitment to the rule of law.
Referring to his previous visit to Cyprus, Modi thanked the Cypriot leadership for conferring upon him the country’s highest civilian honour and said the warmth shown during the visit reflected Cyprus’ strong friendship with India.
The Prime Minister said Cyprus is emerging as an important investment gateway between India and Europe at a time when India-Europe relations are entering a “new golden era”.
Highlighting economic cooperation, Modi said Cyprus is among the top 10 investors in India and investments from the country have nearly doubled over the last decade.
He said both countries have now set a target to double investments again within the next five years by leveraging opportunities arising from the India-European Union Free Trade Agreement.
“To realise this vision, we are elevating our trusted relationship into a Strategic Partnership,” Modi said.
The Prime Minister said the partnership would connect the financial and services hubs of both nations and unlock new opportunities in commerce, infrastructure, energy, agriculture, shipping and maritime sectors.
He added that India and Cyprus would work together to strengthen GIFT City as a global financial and services centre and deepen collaboration between startup and innovation ecosystems.
On defence and security cooperation, Modi said both countries had decided to further strengthen collaboration in cyber security, maritime security and counter-terrorism.
He also highlighted cooperation on strategic initiatives such as the India-Middle East-Europe Economic Corridor and the Indo-Pacific Oceans Initiative to improve global connectivity.
The Prime Minister noted that Indian professionals and students living in Cyprus continue to strengthen people-to-people relations between the two countries.
He announced that India and Cyprus have agreed to work towards a comprehensive migration and mobility partnership agreement along with a social security agreement.
Both sides also signed agreements related to culture and higher education aimed at boosting academic collaboration and cultural exchanges.
During the discussions, the leaders exchanged views on global issues including the conflicts in Ukraine and West Asia.
Modi said both countries support peaceful resolution of conflicts through dialogue and emphasised the urgent need for reform of global institutions to address emerging international challenges.
The Prime Minister said the elevation of bilateral ties to a Strategic Partnership would provide “new ambition and new speed” to India-Cyprus relations.
