The President of the Republic, Nikos Christodoulides, referred on Sunday to the significant investment opportunities that exist between Cyprus and India, describing the visit of Indian Prime Minister Narendra Modi to Cyprus as historic.

For his part, Modi, who is paying an official visit here, said that Cyprus has been a long-standing reliable partner of India and welcomed the establishment of the India-Cyprus-Greece Business and Investment Council as “an excellent initiative that can emerge as an important platform for economic cooperation.”

In his remarks at the start of a roundtable discussion with business leaders in Limassol, which was also attended by the Indian Prime Minister, the President of the Republic said, among other things, that Modi’s visit paves the way for an unprecedented strategic relationship between the two countries, which, he said, share common values and convictions.

President Christodoulides expressed his deep sorrow and sincere condolences, on behalf of himself, the Government and the people of Cyprus, to the people of India for the tragic airplane crash and the loss of so many lives.

He also said that in the turbulent Eastern Mediterranean region, Cyprus, the south-easternmost frontier of the EU, is a lighthouse and a safe port, while referring to EU-India relations, he noted that a new path of cooperation has been opened following the visit of the College of EU Commissioners to India last February.

Praising the Indian Prime Minister’s work and leadership, the President of the Republic emphasised that he is a leader of change and a power of India’s remarkable transformation.

He added that Modi’s visit to Cyprus is a sign of his commitment to India’s partnership with Cyprus, which is being elevated to a new level and will be future-driven, visionary, and tangible, in areas such as security, technology, artificial intelligence, innovation, energy, connectivity and others.

He also noted that Cyprus sees India not only as a strategic partner, but as a global force shaping the present and future of technology, connectivity and sustainable development.

“Cyprus”, he added, “is the eighth largest source of foreign direct investment in India, while India is among the top ten foreign investors in Cyprus,”, which, he pointed out, is a solid basis from which to expand.

He also noted that initiatives such as the India-Middle East-Europe Economic Corridor (IMEC), in which Cyprus can act as a first point of entry into Europe and transshipment hub, represent a vision of smart infrastructure and networks that are not only catalysts for prosperity but also of stability.

He also said that the business communities of the two countries are interested in mutual investments in areas such as digital innovation and hospitality, while there are many areas for further investment, such as defence technology, natural resource management, infrastructure, agricultural technology, cinema and cybersecurity.

Finally, the President of the Republic said that the Indian Prime Minister’s visit opens up new cooperation horizons between the two countries.

For his part, the Indian Prime Minister said it is clear that there are unlimited possibilities for the two countries to take their relations forward.

He added that Cyprus has been a long-standing reliable partner of India and significant investments have taken place in India from Cyprus, while several Indian companies have chosen Cyprus as a gateway to Europe.

Mutual trade today has reached 150 million dollars, however, the true potential of our relations is far greater than this, he noted.

As the world’s fastest growing emerging economy, India has increased not only the ease of doing business, but also trust in doing business, continued Modi.

He added that today 50% of the world’s digital transactions take place in India through the Unified Payments Interface (UPI), with many countries such as France having adopted UPI, while discussions are also ongoing with Cyprus to use UPI.

He further said that Cyprus is a popular tourist destination in India, which is also focussing on destination development and management, therefore close cooperation between tour operators can be a win-win situation for both countries.

He also referred to the agreement reached last month between India and the UK on an ambitious free trade agreement and India’s commitment to concluding the free trade agreement with EU by the end of this year.

In closing, the Indian Prime Minister welcomed the establishment of the India-Cyprus-Greece Business and Investment Council, “an excellent initiative that can emerge as an important platform for economic cooperation”.

Source: Parikiaki.com