Prime Minister Modi Welcomed by Indian Community in Cyprus
On Sunday, Prime Minister Narendra Modi received an enthusiastic reception from the Indian community in Limassol, Cyprus, as he began his three-nation tour. This visit marks the first time in twenty years that an Indian Prime Minister has traveled to this Mediterranean country.
The Prime Minister was greeted with flowers by members of the sizable Indian community, which numbers around 12,000, outside his hotel. Modi is in Cyprus following an invitation from President Nikos Christodoulides. Upon his arrival at Larnaca International Airport, he was given a ceremonial welcome by the President.
Later in the day, Modi attended a business roundtable in Nicosia alongside Christodoulides. During this meeting, he emphasized the need for stronger collaboration in areas like trade, investment, and defense. He addressed business leaders from both India and Cyprus, encouraging them to enhance their partnerships.
According to Ministry of External Affairs spokesperson Randhir Jaiswal, the focus is on “cementing investment, technology, and business linkages.”
Key Agreements Signed
Several important agreements were established during this visit:
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The NSE International Exchange in Gift City signed an MoU with the Cyprus Stock Exchange, facilitating cross-border trading, which is a first-of-its-kind agreement between Europe and Gift City, India.
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The National Payments Corporation of India (NPCI) partnered with Eurobank of Cyprus to introduce UPI services for cross-border transactions.
- BAO Capital Partners, a Cyprus-based fund, announced that it has raised over $100 million for its fund that supports the Indian growth story, focusing on sectors like AgroTech, clean logistics, and drones, all aimed at boosting rural productivity and sustainability.
Leaders from both nations discussed the importance of economic partnerships, covering fields such as trade, investment, fintech, innovation, and defense.
During his stay, Modi is set to hold more bilateral discussions with President Christodoulides and is expected to speak to business leaders in Limassol. Further talks are planned for Monday, focusing on strengthening cooperation in trade, investment, IT, renewable energy, and cultural exchange.
Bilateral trade has been on the rise, with India exporting pharmaceuticals, textiles, and machinery to Cyprus, while importing pharmaceuticals and beverages in return. Cyprus is among the top ten foreign investors in India, highlighting the growing economic ties between the two nations.
