A significant initiative has been undertaken to strengthen economic cooperation between India and Cyprus. This initiative involves a signed agreement between India's National Stock Exchange (NSE) and the Cyprus Stock Exchange.
Stock Exchange Agreement: A major step has been taken to further strengthen economic relations between India and Cyprus. The agreement between the two countries' stock exchanges will not be limited to capital markets alone; it will open doors to new opportunities in several areas, including bilateral investment, technical cooperation, and financial research.
NSE and Cyprus Stock Exchange Agreement
This agreement between India's leading stock exchange, the National Stock Exchange (NSE), and the Cyprus Stock Exchange will allow companies from both countries access to each other's capital markets. This means that Indian companies can now list on the Cyprus Stock Exchange, and Cypriot companies can list on the Indian Stock Exchange. This will increase capital flow and provide investors with new opportunities.
Ashish Kumar Chauhan, Managing Director and CEO of NSE, described this agreement as a new chapter in economic relations between the two countries. He stated that this agreement will not only boost investment but also strengthen communication and partnerships between European and Indian companies.
Prime Minister Narendra Modi's Visit to Cyprus
This agreement comes at a time when Prime Minister Narendra Modi visited Cyprus on June 15th. During his visit, he met with the President of Cyprus, Nikos Christodoulides. The meeting discussed potential cooperation between the two countries in defense, technology, maritime trade, innovation, and the banking sector. The joint statement issued after the meeting described this agreement as a major step towards strategic economic cooperation.
New Avenues for Investment
Under this agreement, Indian investors will now have the opportunity to invest in Cypriot markets, and Cypriot investors can invest capital in India. BAO Limited, a leading Cypriot investment firm, has announced that it will invest $100 million from its flagship fund in India. This investment will be directed towards public equity, emerging technologies, and projects related to the 'Make in India' initiative.
This will not only provide capital to Indian companies but also give Cypriot companies access to India's rapidly growing market.
Strengthened Economic Connectivity between India and Europe
This agreement between India and Cyprus will further deepen India's economic partnership with Europe. Cyprus is a member of the European Union and strategically located for India. This agreement will provide Indian companies with direct access to European capital and technical cooperation.
Similarly, Cypriot companies will have the opportunity to connect with India's vast population, rapidly growing digital economy, and diverse economic sectors.
New Platform for Startups and Fintech
The cooperation between the two countries' capital markets will benefit the startup and fintech sectors the most. The growing number of unicorn startups in India and Cyprus's expertise in financial technology can together help these startups gain international recognition.
Through this partnership, Indian startups will gain access to global investors, and Cypriot companies will have a platform to expand into the Indian market.
Focus on Digital Payments, Green Growth, and Port Development
In his address, Prime Minister Modi stated that the rapid development in India's digital payments, civil aviation, ports, and green growth sectors could offer numerous partnership opportunities for Cypriot companies in India. He described this agreement as one made with a long-term vision.
A Symbol of India's Growing Economic Strength
Today, India has become one of the world's fastest-growing economies. Its economy, exceeding three trillion dollars, and b financial system are making India a preferred destination for global investors. In this context, economic cooperation with a European country like Cyprus is becoming a crucial part of India's global strategy.
