Key Points

A business roundtable event was held in Limassol, Cyprus, where PM Modi and President Nikos Christodoulides witnessed the signing of several Memoranda of Understanding (MoUs) between Indian and Cypriot businesses.

Several MoUs were signed between Indian and Cypriot businesses, including between the National Stock Exchange (NSE) and the Cyprus Stock Exchange, and between the Bombay Chamber of Commerce and the Cyprus Chamber of Commerce and Industries.

The event highlighted the potential for investment and trade between India and Cyprus, with a focus on sectors such as fintech, technology, and renewable energy.

Marina Zevedeou, President of Women's Indian Chamber of Commerce and Industry (WICCI) - Cyprus and CEO of the Aspen Trust Group told ANI that they identified two very important business sectors of cooperation - the filming industry and the high tech industry in both countries.

"We have been servicing Indian clients on their inbound and outbound investment for many, many decades...We have identified two very important business sectors of cooperation - the filming industry and the high tech industry and we are currently advising business people to take advantage of the IP box in Cyprus and also the filming industry incentives in Cyprus," she said.

She added that they feel like they have been added to India's big business plan.

"We feel that we have been included in the big business plan of India and Cyprus to cooperate together to bring prosperity and also changes in the business world and his presence here has reinforced our commitment to business cooperation and success," she said.

Chairman of Invest Cyprus, Evgeniou welcomed PM Modi's visit, saying it will boost economic, business, and investment relations between the two countries.

Evgeniou said, "Today is a great day for us in Cyprus, a great honor to have welcomed Prime Minister Modi and we truly look forward that his visit will add a lot of momentum to the economic, business and investment relations between India and Cyprus...PM Modi's visit will add momentum to this strong bilateral relationship for the benefit of India, Cyprus and the European Union..."

Ameya Prabhu, Founder and CEO of Managing Director of NAFA Capital told ANI, "When I was the President of the Indian Chamber of Commerce, we had signed with Europe Bank in West Cyprus and to create the IGC, the Indo-Greek Business Council and which we launched earlier this year and so now that we are also seeing support from our Prime Minister and we are very excited as PM Modi is taking the India-Cyprus relationship forward...The trade between the two nations will increase...I signed an MoU on behalf of the Indian Chamber of Commerce and now the European Bank will set up a bank in India."

Viraj Kulkarni, Honorary Consul of the Republic of Cyprus in Mumbai, said that the most important MoU is between GIFT City in Gujarat and the Cyprus Stock Exchange. The Cyprus Stock Exchange and GIFT City in Gujarat have agreed to cooperate on dual listing, research, and outreach programs, creating new opportunities for investors and businesses.

He said, "We have signed four MoUs. The most important MoU is between GIFT City in Gujarat and the Cyprus Stock Exchange, which is the first of its kind in Europe by India. This will open up a lot of investment opportunities for investors coming from Europe. Similarly, we have MoUs between the Bombay Chamber of Commerce and the Cyprus Chamber of Commerce and some others. 32 opportunities have been identified in several sectors between institutions, including the Maharashtra Government, the Gujarat Government, and the Chamber of Commerce."

Frixos Savvides, member of the board of Advent International Cyprus Limited, praised the visit of PM Modi, saying it will add momentum to the economic and business relations between India and Cyprus.

He said, "It is a big honour to have Prime Minister Narendra Modi here in Cyprus...We have been investing in India for the last 10-15 years...The basis of our investment is the quality of the people, the quality of the skills that we find in India and it is definitely a place to invest for the future on global investments... We are happy to be in India and I told the Prime Minister I love India. I love the people of India and Indian food. I will be in India for a week at the end of this month."

Savvides said that the foundation was laid between India and Cyprus for increased cooperation with the exchange of MoUs.

He said, "The foundations have been laid today for the new cooperation between our two countries...We have the honour and the pleasure of hosting your Prime Minister today, which shows the importance and is due to the efforts of our President Nikos Christodoulides, who is creating the opportunities for such events... We are very proud to be in this event and we are very proud to see our collaboration extending further into new areas."

President of the Bombay Chamber of Commerce and Industry and also serves as the Chief Financial Officer (CFO) for Aditya Birla Capital Limited, Pinky Mehta told ANI, "We (Bombay Chamber of Commerce) have signed an MoU with the Cyprus Chamber of Commerce and Industries to promote the trade and investment between both the countries. PM Modi is keen to promote trade between these two countries."

Fokion C Karavias, CEO of Eurobank highlighted the potential for business cooperation between India and Cyprus, citing the bank's MoU with the National Payments Corporation of India (NPCI) to bring UPI payments to Cyprus and Greece.

He said, "We are very excited with the visit of Prime Minister Narendra Modi here in Cyprus. This is an excellent opportunity to promote further business between the two countries...Cyprus offers a number of opportunities for Indian companies. We have established a Business Council together with the Indian Chamber of Commerce to promote this idea, and as a bank, we have also signed an MoU with National Payments Corporation of India (NPCI) to bring UPI payments to Cyprus and also to Greece. So overall we believe there is plenty of opportunity for business."

Ashish Kumar Chauhan, MD & CEO of the National Stock Exchange (NSE) said, "Today, under the leadership of PM Narendra Modi, several MoUs have been signed between Indian businesses and Cypriot businesses. One of the most important MoUs was signed between NSE International Exchange at GIFT City, Gandhinagar, which is India's face to the world, and Cyprus Stock Exchange, to do dual listing as well as research and outreach programmes on various financial instruments to create collaboration between European companies and GIFT City, Gandhinagar. This is going to open a new chapter in Cyprus-India relations going forward."

The event highlighted the potential for cooperation in fintech and technology, with several Indian and Cypriot businesses exploring opportunities in these sectors.

Alakh Verma, Founder and CEO of Silicon Valley-based software company BCentriqe AI, said, "We are coming to Cyprus to set up a subsidiary in Nicosia, and we have centres in Hyderabad and Pune. So this is a tri-national collaboration that we wanted to set up in Cyprus... I feel very proud and privileged to be here before our Prime Minister, Narendra Modi, and the President of Cyprus, announcing joint relations and collaborative efforts to build a strong, vibrant economy..."

The two countries also discussed cooperation in renewable energy, with Indian companies looking to invest in Cyprus' growing renewable energy sector.

Ajay Popat, President of Ion Exchange India Ltd said, "...It was fantastic to be invited here and interact with our Prime Minister, Narendra Modi and the purpose for me being here is to solve the problems of water in Cyprus. The situation Cyprus is facing is very grave...They have faced three successive droughts. The dam which stores water, is now at just 25 per cent capacity and we want to extend our technologies and our experience to convert seawater into portable water and also convert the municipal sewage which is generated by the community, into reusable water..Looking forward to interacting with all the stakeholders related to water in Cyprus through this event..."

PM Modi is visiting Cyprus from June 15-16, at the invitation of President Nikos Christodoulides, the first by an Indian prime minister in over 20 years.

- ANI