India, Cyprus unveil five-year defence roadmap, elevate strategic ties

India and Cyprus elevate ties to a strategic partnership and unveil a five-year defence cooperation roadmap to deepen trade and investment ties

India and Cyprus on Friday elevated their ties to a strategic partnership, and also announced a roadmap for defence cooperation for the next five years. Under this pact, the Indian defence industry can use Cyprus as a strategic gateway to enter the European market.

 

Cyprus has also pitched itself to be the gateway for Indian fintech, digital services and investment funds 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 on Friday afternoon, including the situation in Ukraine and the conflict in West Asia.

 

 

The two sides committed to double their bilateral trade by 2029, and announced the intention of the Cypriot side to open a Cyprus Trade Centre in Mumbai.

 

In his remarks at their joint media briefing, Christodoulides said India and Cyprus decided to set up a joint task force for cooperation in key sectors such as infrastructure and shipping.

 

Modi said that investments from Cyprus to India have nearly doubled over the past decade. “Trust between the two countries has increased, and with the India-European Union Free Trade Agreement, numerous new possibilities have emerged. Taking advantage of this, we are targeting to double this investment again in the next five years,” Modi said. 

Agreements were also signed for greater cooperation between Cyprus’ chamber of commerce and industry, and the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (Ficci).

 

The joint statement issued said the two sides acknowledged the potential of Cyprus to serve as a European maritime gateway and operational base for Indian shipping interests.

 

The two sides also signed an agreement between Cyprus Defence & Space Industries Cluster (CyDSIC) and the Society of Indian Defence Manufacturers (SIDM).

 

Cyprus is among the top nine investors in India with cumulative investments of $15.76 billion during April 2000–June 2025.