Nicosia/IBNS: Cyprus conferred its highest honour to Prime Minister Narendra Modi, who is on his first foreign visit since Operation Sindoor.

Modi began his two-day visit to Cyprus on Sunday. 

Receiving the honour, the Prime Minister said, "This honour of receiving the highest recognition of Cyprus — the Grand Cross of the Order of Makarios III — belongs to 1.4 billion Indians.

"It is a tribute to their strength, aspirations, and our timeless values of unity and Vasudhaiva Kutumbakam. I dedicate this honour to the profound and longstanding friendship between India and Cyprus."

Earlier in the day, Modi, along with the President of Cyprus, Nikos Christodoulides, held a roundtable interaction with business leaders from the two countries in Limassol.

The participants represented diverse sectors such as banking, financial institutions, manufacturing, defence, logistics, maritime, shipping, technology, innovation, digital technologies, AI, IT services, tourism and mobility.

Highlighting India's rapid economic transformation in the last 11 years, Prime Minister noted that India, propelled by next-generation reforms, policy predictability, stable polity and Ease of Doing Business, has become the fastest growing major economy in the world.

Emphasizing on the primacy being given to innovation, digital revolution, start-up and futuristic infrastructure development, he expressed confidence that India, the fifth largest economy in the world, was well positioned to become the third largest in a few years’ time.

He noted that steady growth in India’s civil aviation, port, shipbuilding, digital payments and green development sectors have opened myriad opportunities for companies from Cyprus to partner with India.

He further underlined the strengths of India’s skilled talent and start-up ecosystem and highlighted manufacturing, AI, Quantum, Semiconductor and Critical Minerals as new and emerging areas contributing to India’s growth story.

The Prime Minister noted that Cyprus was a significant economic partner for India, particularly in the Foreign Direct Investment sector and welcomed the keen interest in Cyprus for new investments into the Indian economy.

Highlighting the potential for business engagement in the financial services sector, the two leaders welcomed the signing of an MOU between NSE International Exchange GIFT CITY, Gujarat and Cyprus Stock Exchange.

NIPL (NPCI International Payments Limited) and the Eurobank Cyprus reached an understanding on introducing UPI for cross border payments between the two countries which would benefit tourists and businesses.

Prime Minister Modi also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which will foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation and digital services.

The Prime Minister welcomed the fact that many Indian companies see Cyprus as a gateway to Europe and hub for IT services, financial management, and tourism.

As Cyprus prepares to assume the Presidency of the EU Council next year, the two leaders reaffirmed their commitment to further strengthen India-EU Strategic Partnership.

They expressed optimism about concluding the India-EU Free Trade Agreement by end of the year which would also give a major boost to trade and economic cooperation between the two countries.

The Prime Minister underlined that the business roundtable had given practical suggestions which would form the basis for a structured economic roadmap, ensuring long-term collaboration in trade, innovation and strategic sectors.

With shared aspirations and a future-focused approach, India and Cyprus are poised for a new era of dynamic and mutually beneficial economic cooperation.