PM Modi’s Visit to Cyprus Opens New Avenues for India-Cyprus Trade Ties

Limassol, Cyprus: In a landmark visit, Prime Minister Narendra Modi’s arrival in Cyprus has ignited hopes for increased trade and investment between India and the Mediterranean nation. During a business roundtable held in Limassol, PM Modi and Cypriot President Nikos Christodoulides witnessed the signing of several key Memoranda of Understanding (MoUs), laying the foundation for enhanced bilateral economic cooperation.

Key MoUs Signed Between Indian and Cypriot Institutions

Several pivotal agreements were inked, including partnerships between the National Stock Exchange (NSE) and Cyprus Stock Exchange, and between the Bombay Chamber of Commerce and the Cyprus Chamber of Commerce and Industries. These deals focus on fintech, technology, and renewable energy sectors, signaling a promising future for Indo-Cypriot collaboration.

Marina Zevedeou, President of WICCI-Cyprus, emphasized cooperation in the filming and high-tech sectors. “We have long supported Indian investments. Cyprus offers IP box advantages and filming incentives that Indian businesses can leverage,” she stated, expressing optimism about being part of India’s global economic roadmap.

GIFT City and Cyprus Stock Exchange Pact

Viraj Kulkarni, Honorary Consul of Cyprus in Mumbai, highlighted the MoU between GIFT City, Gujarat, and the Cyprus Stock Exchange—marking the first such agreement in Europe by India. This partnership promises dual listings, research, and outreach programs to expand investor opportunities.

Evgeniou, Chairman of Invest Cyprus, welcomed PM Modi’s visit as a “great honor,” expressing hope that it would strengthen economic and investment ties with both India and the European Union.
Ameya Prabhu, CEO of NAFA Capital, announced an MoU with a European bank aiming to establish a banking presence in India, while recalling past efforts through the Indo-Greek Business Council.

Pinky Mehta, President of the Bombay Chamber and CFO at Aditya Birla Capital, underscored the Chamber’s partnership with Cyprus to promote trade.

Ashish Kumar Chauhan, MD & CEO of NSE, noted the strategic importance of the dual listing MoU with Cyprus, connecting European financial markets with India’s GIFT City.

UPI Payments, Renewable Energy, and AI

Eurobank CEO Fokion C Karavias shared enthusiasm about the UPI payments MoU with NPCI, planning to roll out Indian digital payment systems in both Cyprus and Greece.

Alakh Verma of BCentriqe AI announced a new tri-national collaboration involving India, Cyprus, and the US, with plans to establish a subsidiary in Nicosia.

First Indian PM Visit in Over Two Decades

PM Modi’s visit, the first by an Indian Prime Minister to Cyprus in over 20 years, has sparked a new era of bilateral engagement. With over 30 new opportunities identified and multiple sectors now under active collaboration, the visit marks a historic step in Indo-Cypriot economic diplomacy.

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