Prime Minister Narendra Modi’s two-day official visit to Cyprus, the first by an Indian Prime Minister in over two decades, has marked a significant milestone in the deepening relationship between India and the Mediterranean nation. The highlight of the visit was his address at the India-Cyprus CEO Forum in Limassol, where he announced that talks are underway to extend India’s Unified Payments Interface (UPI) digital payments system to Cyprus, a move set to transform cross-border financial connectivity and boost economic ties between the two countries.
Modi, who arrived in Cyprus at the invitation of President Nikos Christodoulides, was welcomed with warmth and respect, reflecting the strong historical ties between the two nations. In his statement before departure, Modi described Cyprus as a close friend and an important partner in the Mediterranean and the European Union, emphasising that this visit was an opportunity to build on historical connections and expand cooperation in multiple sectors.
During his address at the CEO Forum, attended by leading business figures from both India and Cyprus, Modi showcased India’s rapid economic transformation over the past decade. He highlighted the country’s digital revolution, noting that India now accounts for nearly half of the world’s digital transactions, a feat made possible by the widespread adoption of UPI. “Talks are going on to include Cyprus in this and I welcome it,” Modi said, underlining the global reach and reliability of India’s fintech platforms. He pointed out that countries like France have already adopted UPI, and Cyprus joining this network would further enhance financial inclusion and ease of doing business for both nations.
UPI in Cyprus
The Prime Minister stressed that the expansion of UPI to Cyprus would benefit not only tourists but also businesses, making cross-border payments seamless, efficient, and secure. The integration is expected to boost tourism, trade, and investment, offering a modern solution for financial transactions and deepening economic engagement. Modi also welcomed the recent understanding reached between NPCI International Payments Limited (NIPL) and Eurobank Cyprus to introduce UPI for cross-border payments, calling it a step forward in financial cooperation.
Beyond digital payments, Modi’s visit was packed with high-level meetings and initiatives aimed at strengthening bilateral relations. He held detailed discussions with President Christodoulides, focusing on expanding cooperation in trade, investment, security, technology, and people-to-people exchanges. Both leaders reaffirmed their commitment to furthering the India-EU Strategic Partnership, especially as Cyprus prepares to assume the Presidency of the EU Council next year.
India–Greece–Cyprus Business and Investment Council
The forum also saw the launch of the India–Greece–Cyprus Business and Investment Council, a trilateral initiative to foster cooperation in shipping, logistics, renewable energy, civil aviation, and digital services. Modi welcomed the signing of a memorandum of understanding between the Cyprus Stock Exchange and NSE International Exchange GIFT City in Gujarat, which will facilitate greater financial collaboration and open new investment avenues.
In his interactions, Modi highlighted India’s emergence as the world’s fifth-largest economy and its vibrant start-up ecosystem, with over 100,000 start-ups and hundreds of unicorns. He spoke about India’s ambitious infrastructure push, with over $100 billion being invested annually in futuristic projects, including maritime and port development, shipbuilding, and green shipping. Modi also outlined India’s commitment to sustainability, aiming for 500 gigawatts of renewable energy by 2030 and working towards making the railways 100 per cent carbon neutral.
The Prime Minister invited Cypriot investors to explore India’s vast opportunities in digital technology, manufacturing, artificial intelligence, and green development. He underscored that Cyprus is a significant economic partner for India, particularly in foreign direct investment, and welcomed the keen interest shown by Cypriot businesses in investing in India’s growing sectors.
Cyprus, for its part, sees India as a gateway to Asia and a key partner in the Indo-European economic corridor. The two countries share a common vision for innovation, prosperity, and sustainable growth, and Modi’s visit has set the stage for a new era of dynamic and mutually beneficial cooperation.
As the visit concluded, both sides expressed optimism about concluding a free trade agreement between India and the European Union by the end of the year, which is expected to give a major boost to trade and economic cooperation. Modi assured business leaders that the practical suggestions from the forum would form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation, and strategic sectors.
With the push for UPI integration at its core, Modi’s visit to Cyprus has not only strengthened diplomatic and economic ties but has also signalled India’s readiness to share its digital success story with the world, paving the way for a more connected, innovative, and prosperous future for both nations.
