New Delhi, India. Indian Prime Minister Narendra Modi said on Friday that relations between India and Cyprus “have stood the test of time” as he welcomed Cyprus President Nikos Christodoulides to Hyderabad House.
Modi said the two countries have decided to upgrade their relationship to a strategic partnership, citing investment links and expanded cooperation on security.
Strategic partnership and investment ties
Modi said the friendship with Cyprus is “future-facing” and reaffirmed India’s position on respecting the sovereignty and territorial integrity of all nations.
He said the timing is significant as Cyprus is holding the presidency of the Council of the European Union and is emerging as a gateway between India and Europe for investment.
Modi said Cyprus is among the top 10 investors in India over the last decade and that the value of Cypriot investments in India has nearly doubled in recent years.
He said that with growing trust between the two countries and opportunities created by the free trade agreement between India and the European Union, the investment figure could be doubled again within the next five years, a target he said has been set.
Planned areas of cooperation
Modi said the strategic partnership will more closely connect the financial and services hubs of both countries and unlock capital for commerce.
He said it will provide new opportunities for Indian companies in infrastructure, commerce and energy in Cyprus, while driving new investment into India’s expanding maritime and services sectors.
Security, cybersecurity and counterterrorism
Modi said security cooperation is an important pillar of bilateral relations and welcomed an increase in military exchanges and training cooperation in recent years.
He also referred to memorandums of understanding signed at the meeting aimed at strengthening cooperation between India and Cyprus in cybersecurity and counterterrorism.
People-to-people links
Modi said Indian professionals and students in Cyprus are further strengthening relations between the two peoples.
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