New Delhi: India aims to further double its investment targets, with Cyprus as a new possibility that has emerged due to the signing of the India-European Free Trade Agreements.
Prime Minister Narendra Modi, during the joint press statement with the President of the Republic of Cyprus Nikos Christodoulides, highlighted that Cyprus is in the list of the top 10 investors and the investments have doubled in the last decade.
Cyprus is one of India's top 10 foreign investors, with cumulative FDI equity inflows of USD 14.65 billion from 2000 to early 2025, according to publicly available data.
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Modi said that both countries will elevate bilateral relations to a strategic partnership.
He said the strategic partnership between India and Cyprus will unlock capital for commerce by connecting the financial and services hubs of both nations.
It will provide new opportunities for Indian companies in Cyprus's infrastructure, energy, and agriculture sectors, and will bring new investment into India's rapidly growing shipping and maritime sectors, the PM said.
"Together with Cyprus, we will accelerate the vision of transforming GIFT City into a global financial and services hub, and enhance connectivity between the innovation and start-up ecosystems of both countries," PM further stated.
He added that the defense and security cooperation also constitutes a vital pillar of our relationship.
"We are pleased to note that military exchanges and training cooperation between our two countries have expanded significantly over the past few years. Today, we have also decided to further strengthen our cooperation in the fields of cyber security, maritime security, and counter-terrorism," Modi added.
PM stated that both countries will work together to ensure connectivity through key initiatives such as the Indo-Pacific Oceans Initiative and the India-Middle East-Europe Economic Corridor.
The two countries agreed to conclude a comprehensive Migration and Mobility Partnership, as well as a Social Security Agreement, in the near future.
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"Today, we are also signing agreements on culture and higher education, which will deepen cultural exchanges and research cooperation between our two countries," the PM added.
"Today, we also held discussions on global issues. Be it Ukraine or West Asia, we will continue to support the early cessation of conflict and efforts towards peace. We are also in agreement that the reform of global institutions is both urgent and important for addressing the growing global challenges. Your Excellency. The bond between India and Cyprus has repeatedly stood the test of time," PM Modi stated.
Ends.
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