In a landmark diplomatic and economic engagement, Prime Minister Mr. Narendra Modi's visit to Cyprus from June 15 to 16, 2025, marked a pivotal moment in strengthening India-Cyprus bilateral relations. This was the first visit by an Indian Prime Minister to Cyprus in over two decades, and it laid the groundwork for deepened cooperation across innovation, technology, and energy sectors.

Business Roundtable With Strategic Significance

Accompanied by Cypriot President Mr. Nikos Christodoulides, Prime Minister Modi took part in a high-level business roundtable that brought together prominent CEOs and leaders from a diverse spectrum of industries. Sectors represented included:

• Banking and financial institutions

• Defence and manufacturing

• Maritime logistics and shipping

• Tourism and mobility

• Information technology (IT) and artificial intelligence (AI)

• Digital services and energy

This platform served as a springboard for economic collaboration, with both nations recognizing mutual complementarities in skill, capital, and innovation.

According to Mr. Randhir Jaiswal, Official Spokesperson for the Ministry of External Affairs (MEA), the roundtable reinforced long-standing goodwill between the two nations and opened new avenues in investment, fintech, and digital integration.

India’s Economic Momentum and Investment Attractiveness

PM Modi, in his keynote address, spotlighted India’s consistent economic growth over the last 11 years, which has been fueled by:

• Major structural reforms

• Stable and reform-oriented governance

• Ease of Doing Business initiatives

• Policy consistency and sectoral liberalisation

He cited India’s emergence as the fifth-largest economy globally, stating confidently that India is on track to become the third-largest economy in the near future. Modi’s narrative highlighted India’s leadership in digital payments, green development, shipbuilding, and civil aviation—sectors that Cypriot companies could actively invest in or collaborate with.

His message was clear: India’s transformation presents not just opportunities for its citizens, but also for global partners ready to engage in transparent and trustworthy economic partnerships.

Strategic Agreements to Boost Financial and Technological Collaboration

A significant outcome of the visit was the signing of a Memorandum of Understanding (MoU) between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange. This landmark partnership is expected to:

• Enhance capital markets cooperation

• Facilitate dual listing and investment access

• Create a bridge between Indian and European financial ecosystems

In a further step toward fintech collaboration, an agreement was signed between NPCI International Payments Limited (NIPL) and Eurobank Cyprus, aiming to enable India’s Unified Payments Interface (UPI) for cross-border digital transactions in Cyprus.

The deal marks another milestone in UPI’s global expansion—a campaign spearheaded by the Indian government to position India as a global leader in real-time payment infrastructure. Cyprus now joins a growing list of countries where Indian digital payment tools are gaining international acceptance.

Launch of the India-Greece-Cyprus (IGC) Business and Investment Council

Underscoring the growing synergy between India and the Eastern Mediterranean, PM Modi also welcomed the launch of the India-Greece-Cyprus (IGC) Business and Investment Council. This trilateral initiative is designed to:

• Promote cooperation in renewable energy and green infrastructure

• Support mobility and maritime logistics

• Foster partnerships in AI-driven digital technologies and smart city planning

The council will function as a platform for business-to-business (B2B) engagement, policy coordination, and investment facilitation across the three nations.

This initiative reflects India’s growing diplomatic emphasis on regional groupings and its pivot toward sustainable and innovation-led economic diplomacy.

Shared Commitment to Strategic Global Partnerships

Both PM Modi and President Christodoulides reaffirmed their dedication to the India-European Union Strategic Partnership. A key highlight of the discussion was the hopeful conclusion of the long-pending India-Europe Free Trade Agreement (FTA) by the end of 2025.

This FTA, if concluded, could:

• Lower trade tariffs across a wide range of sectors

• Enable greater flow of goods, services, and investments

• Enhance R&D, innovation, and cross-border supply chain resilience

Both leaders acknowledged that the evolving geopolitical landscape and supply chain vulnerabilities demand stronger economic coordination between like-minded democratic nations.

Deepening Economic Diplomacy Through Shared Values

The Cyprus Presidency echoed these sentiments in a formal statement, highlighting the role of innovation, mutual trust, and democratic values in shaping a more dynamic and enduring economic partnership between the two nations.

India’s increasing outbound investment footprint, coupled with its technological prowess, offers a unique synergy with Cyprus’s strategic location, EU market access, and financial services infrastructure.

PM Modi’s visit was not merely symbolic; it was a clear signal of India’s intent to forge deeper, tech-centric, innovation-driven partnerships with global players, particularly in the European Union.

Conclusion

Prime Minister Narendra Modi’s two-day visit to Cyprus was a strategic diplomatic milestone, reviving and redefining India-Cyprus relations in the 21st century. With groundbreaking MoUs, the launch of a trilateral business council, and enhanced fintech cooperation, the visit set the tone for a new era of economic diplomacy.

PM Modi's outreach to Cypriot and regional business leaders emphasized India’s status as a reliable partner for innovation, energy transformation, and digital trade. His call for greater cooperation across shipbuilding, civil aviation, digital payments, and AI was met with enthusiasm, reflecting a shared vision of inclusive and sustainable global growth.

The visit underscored India’s rise as a global economic powerhouse, and its readiness to forge global alliances that prioritize resilience, innovation, and mutual benefit. As India eyes deeper partnerships across the EU and Eastern Mediterranean, Cyprus is poised to become an important node in India’s expanding global engagement strategy.

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