India, Cyprus Ink Six Agreements, Unveil Five-Year Defence Cooperation Plan

(MENAFN- KNN India) New Delhi, May 23 (KNN) India and Cyprus on Friday elevated their bilateral relationship to a strategic partnership, announcing a five-year defence cooperation roadmap and a suite of agreements spanning trade, mobility, counter-terrorism, and investment - with Cyprus positioning itself as a key gateway for Indian businesses into the European Union.

Prime Minister Narendra Modi hosted Cyprus President Nikos Christodoulides, who is on a four-day visit to India, for wide-ranging talks that also covered the situations in Ukraine and West Asia.

Defence and Strategic Cooperation

A five-year roadmap for defence cooperation was unveiled, with an agreement signed between the Cyprus Defence and Space Industries Cluster (CyDSIC) and the Society of Indian Defence Manufacturers (SIDM).

The pact is expected to enable Indian defence industry players to use Cyprus as a strategic entry point into the European market - a significant development given Cyprus's current Presidency of the European Union Council.

Trade and Investment Targets

The two sides committed to doubling bilateral trade by 2029. Cyprus announced its intention to open a Cyprus Trade Centre in Mumbai to facilitate deeper commercial engagement.

A joint task force for cooperation in infrastructure and shipping was also announced.

Cyprus is among India's top nine investors, with cumulative investments of USD 15.76 billion during April 2000 to June 2025. Modi noted that Cypriot investment in India has nearly doubled over the past decade and said both sides are targeting a further doubling of investment over the next five years, aided by the recently concluded India-EU Free Trade Agreement.

Cyprus also pitched itself as a gateway for Indian fintech, digital services, and investment funds into the EU - an avenue expected to gain further traction through the India-Middle East-Europe Economic Corridor.

People-to-People and Mobility Agreements

Among the six agreements signed on Friday was a Comprehensive Framework of Cooperation on Mobility, designed to ease the movement of skilled workers and students between the two countries. A pilot EU Legal Gateway Office was also launched in India to promote legal pathways for professionals and students.

The two leaders indicated that a comprehensive Migration and Mobility Partnership and a Social Security Agreement would be concluded shortly.

Broader Cooperation Framework

Additional agreements were signed covering innovation, technology, education, and culture, along with a joint working group on counter-terrorism.

Cooperation agreements were also formalised between Cyprus's chamber of commerce and industry and Indian industry bodies CII and FICCI.

(KNN Bureau)

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