New Delhi [India], May 22 (ANI): India and Cyprus on Friday agreed to elevate their bilateral Comprehensive Partnership to a Strategic Partnership, with a strong focus on expanding trade, investment and maritime cooperation, as both sides welcomed the conclusion of the historic India-EU Free Trade Agreement earlier this year.

The decisions were outlined in a Joint Statement issued during the State Visit of President of Cyprus Nikos Christodoulides to India, following his meeting with Prime Minister Narendra Modi.

The visit from May 20 to May 23, taking place during Cyprus' Presidency of the Council of the European Union, marks the transition of India-Cyprus relations into a 'results-oriented and implementation-driven phase.'

'Both Leaders emphasized that significant potential exists for further expanding bilateral trade, investment and technology partnerships,' the statement said, adding that they agreed to enhance cooperation on building trusted, reliable and resilient supply chains.

The two leaders welcomed the sustained growth of investments from Cyprus into India, making it an important source of investments. They encouraged businesses to explore opportunities in financial services, maritime, connectivity, logistics, clean and green energy, space, science & technology, and innovation. They highlighted opportunities that will arise through the implementation of the India-EU Free Trade Agreement concluded at the India-EU Summit on January 27, 2026.

Maritime and shipping cooperation was identified as a strategic pillar of the bilateral partnership. Recognising Cyprus's role as a gateway to Europe and its potential to serve as a regional hub for transhipment, storage, distribution, and logistics, both sides agreed to strengthen maritime cooperation through joint ventures.

'They acknowledged the potential of Cyprus to serve as a European maritime gateway and operational base for Indian shipping interests,' the statement said.

Cooperation will cover maritime services, port connectivity, logistics, maritime training, green shipping and regulatory compliance.

On financial connectivity, the leaders noted the MoU signed between NIPL and Eurobank Cyprus in 2025 and welcomed the establishment of a framework for interoperability of India's Unified Payments Interface (UPI) with the European Central Bank's Target Instant Payment Settlement System (TIPS). The move will facilitate seamless cross-border transactions for tourists and businesses.

The two sides also welcomed the establishment of the India-Greece-Cyprus (IGC) Business and Investment Council as a platform for strengthening business-to-business linkages. An India-Cyprus Business Forum was organised in Mumbai during the visit, with several B2B MoUs signed on the sidelines. An MoU on Innovation & Technology was also inked to promote exchanges between startups, incubators and innovation agencies.

On India-EU relations, both leaders hailed the India-EU Free Trade Agreement as a 'historic milestone' and called for its early signing and timely implementation.

They endorsed the Joint India-EU Comprehensive Strategic Agenda for 2030 and agreed to enhance work under the India-EU Trade and Technology Council, with a Ministerial meeting slated for July. The signing of the India-EU Security and Defence Partnership will deepen cooperation in maritime security, defence industry, cyber and counter-terrorism, the statement said.

The statement noted that cooperation in disaster resilience is growing, with Cyprus expressing interest in joining the Coalition for Disaster Resilient Infrastructure (CDRI).

Both sides agreed to commemorate the 65th anniversary of diplomatic relations in 2027.

'The Leaders reaffirmed their shared vision of Cyprus and India as strategic partners and vital connectors between Europe, the Mediterranean, and the Indo-Pacific, committed to advancing peace, stability, connectivity, and prosperity,' the Joint Statement said. (ANI)