According to senior government sources, President Nikos Christodoulides of Cyprus and Prime Minister Narendra Modi of India have decided to raise the relations between their two countries to a strategic partnership. This relationship will see the two countries expanding their collaboration in areas such as technology, military, connectivity, and trade.
The move is a result of the increasing momentum in bilateral engagement and follows Prime Minister Modi’s visit to Cyprus last year.
Cyprus has reportedly shown interest in deepening ties with India’s defence sector, with officials hinting at future procurement and partnerships between the two countries’ industries.
Reportedly, President Christodoulides brought up the €150 billion SAFE instrument, which is an EU initiative to strengthen defence and security capacities across the bloc. Cyprus is looking into options to upgrade its military might and acquire defence equipment from India, as it is eligible for €1.2 billion under the framework.
A defence ministerial visit is soon to be scheduled to discuss defence cooperation and specific goods of mutual interest, according to both sides.
One of the main points of emphasis was improving transport links; authorities have announced plans to meet with airlines IndiGo and Air India to discuss the possibility of direct flights between the two nations.
Both carriers are showing interest in establishing direct air connection by the end of 2026.
With Indian enterprises already functioning in industries such as military, manufacturing, and technology, Cyprus is positioning itself as a gateway to Europe for Indian corporations.
Cyprus will open a trade office in Mumbai on September 1 and bolster its diplomatic presence in New Delhi with the recruitment of extra senior officials, both of which will boost economic ties.
Cooperation among financial institutions is also on the rise. Eurobank is integrating payment methods, such as UPI, which is set to launch in Cyprus next year, and has established its first representative office in Mumbai.
Authorities in both nations have expressed optimism that the payment integration will facilitate investments and user-business interactions.
The entertainment industry has its first Bollywood film set to be shot in Cyprus. Production is set to start in June, and the film is expected to be released in February of next year.
The island nation of Cyprus is collaborating with the EU and India on a number of fronts, including the development of FTA legal documents, discussions over investment protection, and joint climate and security initiatives.
Maritime security, cyber cooperation, counter-terrorism, and a Green Hydrogen Task Force are among the proposed sectoral engagements for 2026.
Image Credit: The Hawk
Disclaimer: All news articles are sourced through valid sources, and Business Unlimited (BU) doesn’t have any exclusive rights on these pieces. If BU features any exclusive story or article, it will be marked as Exclusive Story.
