Relations between India and Cyprus “have stood the test of time”, Indian Prime Minister Narendra Modi said on Friday as he welcomed Cyprus President Nikos Christodoulides to his official residence, Hyderabad House in New Delhi.

“The friendship between Cyprus is not only strong, it is future-facing as well. We respect the sovereignty and territorial integrity of all nations. India is firmly committed to these principles, and will continue to be so,” he said.

He added that “as we enter a golden era of relations between India and Europe, this is exactly the time when Cyprus is not only holding the presidency of the Council of the European Union, but also emerging as an important gateway between India and all of Europe for investment”.

To this end, he pointed out that Cyprus is “among the top 10 investors” in India over the course of the last decade, and that in recent years, the value of Cypriot investments in India has “nearly doubled”.

“With the growing trust between both countries and the opportunities being created by the free trade agreement between India and the European Union, we can once again double this figure within the next five years, and that is a target we have set,” he said.

To achieve that target, he said, “we have decided to upgrade our trusted relationship to a strategic partnership.”

This strategic partnership between India and Cyprus will closely connect the financial and services hubs of both countries and unlock capital for commerce. It will offer new opportunities for Indian companies in infrastructure, commerce and energy in Cyprus, and drive new investment into rapidly expanding maritime and services sectors of India, he said.

He went on to say that cooperation in the field of security is an “important pillar of our relations”, and said to this end that “we are very pleased that over the last few years, military exchanges and training cooperation has increased”.

Additionally, he made reference to the memorandums of understanding signed at the day’s meeting geared towards strengthening cooperation between India and Cyprus in the fields of cybersecurity and counterterrorism.

He also spoke about how “Indian professionals and students in Cyprus are further strengthening relations between our peoples”.

On this matter, he said that “to further strengthen these ties, we have agreed to sign a comprehensive migration partnership and social security agreement as well”, while memorandums of understanding signed on Friday also related to higher education and culture.

Concluding his speech, he said that “the launch of the strategic partnership today will give our relations new ambition and new momentum.

“Let us together take our relations from cooperation to co-creation. India and Cyprus together will produce a more prosperous and brighter future.”