Nicosia [Cyprus], June 16 (ANI): In a significant step towards strengthening economic ties between India and Cyprus, the NSE International Exchange at GIFT City, Gandhinagar, and the Cyprus Stock Exchange signed a Memorandum of Understanding (MoU) to enable dual listings and promote collaboration in financial research and outreach programmes.

Ashish Kumar Chauhan, MD & CEO of the National Stock Exchange (NSE), told ANI that the MoU will help create new opportunities for cross-border investments and connect European companies with India through GIFT City.

'NSE International Exchange at GIFT City, Gandhinagar, which is India's face to the world, and Cyprus Stock Exchange, to do dual listing as well as research and outreach programmes on various financial instruments to create collaboration between European companies and GIFT City, Gandhinagar. This is going to open a new chapter in Cyprus-India relations going forward,' he stated.

The initiative aims to benefit investors in both Cyprus and India and encourage cross-border capital flows between the two regions.

The agreement was signed during Prime Minister Narendra Modi's visit to Cyprus, where he held a roundtable interaction with Cypriot President H.E. Nikos Christodoulides and business leaders from both countries.

The meeting in Limassol brought together top names from various sectors such as banking, finance, defence, shipping, logistics, digital technology, artificial intelligence, tourism, and mobility.

During the visit, several other business outcomes were also announced. BAO Capital Partners Ltd, a Cyprus-based Alternative Investment Fund Manager, revealed that it has secured commitments exceeding USD 100 million for its flagship fund focused on India.

The fund will invest in public equities and emerging technologies aligned with the 'Make in India' initiative, especially in AgroTech, clean logistics, and drone applications, key sectors for improving rural productivity and sustainable growth.

Additionally, the National Payments Corporation of India (NPCI), through its international arm NIPL, signed an MoU with Eurobank of Cyprus. The agreement will help introduce India's Unified Payments Interface (UPI) services in Cyprus, enabling seamless cross-border transactions. This move is expected to benefit both tourists and businesses in the two countries.

These developments reflect the deepening of India-Cyprus economic relations and a shared commitment to expand partnerships in finance, innovation, and sustainable growth. (ANI)