The presidential palace on Wednesday acclaimed Cyprus’ deepening relations with India, saying they offer “new markets, investments and strategic perspectives” for the island.

“With one of the world’s largest economies and a strategic partner with an increasingly strong presence in the international environment, Cyprus is building a relationship which creates specific political, economic and geostrategic perspectives for our country,” it wrote in a social media post.

It added that “the upgrade of relations between Cyprus and India to a strategic partnership strengthens the political coordination of the two countries and expands cooperation in critical areas”.

These areas, it said, include “security, defence, counterterrorism, technology, innovation, shipping, education and connectivity”.

“At the same time, the emergence of Cyprus as an important gateway between India and Europe offers Indian businesses access to the European single market of 450 million consumers, while strengthening the strategic relationship between the European Union and India,” it said.

Additionally, it said, the island’s role in the region can also “strengthen … the prospects of Imec”, the India-Middle East-Europe Economic Corridor, while also “upgrading our country’s position on the new map of trade and connectivity between India, the Middle East, and Europe”.

As such, it said, “a historic relationship … is now gaining strategic depth and translating into tangible results for Cyprus”.

This bolstering of relations between Cyprus and India culminated in President Nikos Christodoulides visiting India in May, where he called for India to become a permanent member of the United Nations security council after meeting Indian Prime Minister Narendra Modi at the Hyderabad House in New Delhi.

“I wish to take this opportunity to reiterate that Cyprus also supports India’s growing global role, including its rightful place in a reformed United Nations security council, because global governance must reflect today’s realities,” he said.

Modi, meanwhile, said that relations between India and Cyprus “have stood the test of time”.

“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.

The presidential palace’s reference to counterterrorism denotes one of the key elements of the strengthened ties, with a joint declaration signed by Christodoulides and Modi in May having stressed that both leaders “categorically and unequivocally condemned terrorism in all its forms and manifestations, including cross-border terrorism”.

The bolstering of relations between Cyprus and India is also part of an effort to provide a counterbalance to strengthened relations between Pakistan and Turkey, which have also in recent years seen Pakistan strengthen its own relations with the Turkish Cypriot authorities, while stopping short of all-out recognition.