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India-Cyprus cooperation has immense potential for growth: PM Modi

India-Cyprus cooperation has immense potential for growth: PM Modi

Terming Cyprus a "reliable partner" for India, Prime Minister Narendra Modi on Sunday called for strengthening bilateral cooperation, which has "immense potential for growth". Modi, who arrived Nicosia on the first leg of his three-nation tour, made the remarks while attending a business roundtable along with Cypriot President Nikos Christodoulides. Addressing business leaders, Modi said."Sectors like innovation, energy, technology and more offer immense potential. I also talked about India’s reform trajectory in the last decade," he added. Modi said, "After 23 years, an Indian prime minister has come to Cyprus and the first programme was the business roundtable. This reflects how vital economic stakeholders are to India-Cprus ties." He added that many Indian companies see the country as a "gateway to Europe." He also talked about India's growth story and said that the country has focused equally on "trust of doing business" as on "ease of doing business". Modi called Cyprus a "famous tourist destination", and added that India, too, is focusing on destination development and management, and so, "close collaboration between our tour operators will be a 'win-win'".

According to officials, during the prime minister's visit, a Memorandum of Understanding (MoU) was signed between the National Payments Corporation of India (NPCI) and Eurobank of Cyprus to introduce Unified Payments Interface (UPI) services in Cyprus for cross-border transactions. NSE International Exchange Gift City also signed an MoU with the Cyprus Stock Exchange to enable cross-border flows.


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