India and Cyprus Strengthen Ties in Startups, AI, and Trade
PM Modi, Cyprus President vow to boost ties in startups, AI, trade
Asianet Newsable
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Prime Minister Narendra Modi and Cyprus President Nikos Christodoulides have committed to enhancing economic ties, focusing on startups, digitalization, and innovation. Key agreements were signed, including those in defense, maritime cooperation, and financial connectivity, marking a significant elevation of India-Cyprus relations to a strategic partnership.
- 01India and Cyprus signed multiple MoUs, including one for a Joint Working Group on Counterterrorism.
- 02The cumulative Foreign Direct Investment (FDI) from Cyprus to India is approximately $16 billion USD since 2000.
- 03An MoU on financial connectivity between the National Stock Exchange International Exchange and the Cyprus Stock Exchange was established.
- 04Cyprus will co-chair the Trade Connectivity and Maritime Transport pillar under the Indo-Pacific Oceans Initiative.
- 05The two countries agreed on a roadmap for bilateral defense cooperation for 2026-2031.
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During a recent meeting, Prime Minister Narendra Modi and Cyprus President Nikos Christodoulides emphasized the need to unlock the economic potential between India and Cyprus, particularly in sectors like startups, digitalization, and artificial intelligence. They encouraged businesses from both nations to explore opportunities in financial services, maritime, clean energy, and logistics. Notably, the leaders announced the signing of several Memorandums of Understanding (MoUs) aimed at enhancing cooperation in various fields including defense, education, and counterterrorism. A significant development was the elevation of their relationship to a strategic partnership, which includes a roadmap for defense cooperation extending to 2031. The establishment of a Cyber Security Dialogue and a Consular Dialogue was also highlighted, along with the inclusion of Cyprus in the Indo-Pacific Oceans Initiative. The cumulative Foreign Direct Investment from Cyprus to India has reached around $16 billion USD, showcasing the robust economic links between the two countries.
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The strengthened ties between India and Cyprus are expected to enhance investment opportunities and foster innovation, benefiting businesses and startups in both countries.
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