President Nikos Christodoulides visited the National Stock Exchange of India in Mumbai on Thursday, where he referred to the opportunities opening up for closer economic cooperation between Cyprus and India.
During the visit, the President of the Republic rang the closing bell for the day’s trading session.
Speaking at a special ceremony at the exchange, President Christodoulides said that, following Indian Prime Minister Narendra Modi’s visit to Cyprus and his own state visit to India, the objective was clear: to further strengthen business, investment and economic relations, alongside the already excellent political ties between the two countries.
He also underlined the importance of cooperation between the business communities of Cyprus and India, as well as between their stock exchanges.
President Christodoulides referred to the memorandum of understanding signed last year between the Cyprus Stock Exchange and NSE International during Prime Minister Modi’s visit to Cyprus, describing it as an important milestone in deepening financial and investment links between the two countries.
He said the agreement reflected a shared aim to build stronger ties between the Indian and European ecosystems, opening new avenues for investment, capital markets cooperation and financial connectivity.
“Institutions such as India’s NSE can also play a very important role in shaping a new era of connectivity and facilitating the growing strategic cooperation between the EU and India, creating significant opportunities for our economies, businesses and markets,” he said.
The President of the National Stock Exchange of India, Srinivas Injeti, said Cyprus has connected Europe, Asia and Africa for centuries, while Mumbai has developed into India’s financial and commercial hub.
Referring to the agreement signed last year between the Cyprus Stock Exchange and NSE International, he said the first cooperation resulting from it was recorded on Wednesday, with Ellinas Finance becoming the first foreign company to be registered on NSE International.
Injeti said the NSE serves more than 130 million unique investors in India. He described it as the world’s largest derivatives exchange by trading volume and one of the largest exchanges globally by market capitalisation.
“We believe these trends provide significant opportunities for international companies seeking long-term capital growth,” he said.
He added that Cyprus is already an important economic partner for India, contributing almost $16 billion in total investments over the past two decades.
Source: CNA
