Cyprus and India have committed to deepening their economic and strategic ties during Indian Prime Minister Narendra Modi’s historic visit to the island — the first by an Indian premier in over two decades.
Cypriot President Nikos Christodoulides described the occasion as “historic,” marking a new era of bilateral cooperation and investment.
Speaking at a business roundtable in Limassol on Sunday, Christodoulides said the visit laid “strong foundations” for an “unprecedented strategic relationship” built on shared values and interests.
Highlighting Cyprus’ position as the EU’s southeastern gateway, he said the island offers Indian companies a unique entry point to European markets, underpinned by stability and a growing tech ecosystem.
“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,” the President said.
He confirmed that two more Indian companies in artificial intelligence would soon join recent entrants such as LTI Mindtree and Thomas Cook India in establishing a local presence.
President Christodoulides also reaffirmed Cyprus’ ambition to play a key role in the India-Middle East-Europe Economic Corridor (IMEC), potentially serving as its first EU access point.
He praised Modi as “a leader of change” and noted that Cyprus is already the eighth largest source of foreign investment in India.
Modi, in turn, described Cyprus as “a long-standing, reliable partner of India,” noting that although bilateral trade had reached $150 million, “the real potential of our relations is much greater.”
He also pointed to growing tourism between the countries and the importance of stronger cooperation between tour operators.
Both leaders welcomed the formation of the new India-Cyprus-Greece Business and Investment Council, with Modi calling it “an excellent initiative that can emerge as an important platform for economic cooperation.”
A major announcement came from Eurobank, which signed a memorandum of understanding to bring India’s Unified Payments Interface (UPI) to Cyprus. The move, following its rollout in Greece, will simplify cross-border payments and benefit the island’s Indian community.
Eurobank Cyprus CEO Andreas Petsas said the agreement would bring “significant value” and support both individuals and businesses using Cyprus as a gateway to Europe.
Cyprus also committed to investing in infrastructure, digital innovation, and education as part of its vision to become a knowledge-based economy.
Modi concluded his official engagements with President Christodoulides on Monday at the Presidential Palace, where the two leaders held talks covering infrastructure, strategic cooperation, and Cyprus’ future role within the IMEC initiative.
Source: Cyprus Mail
