This will pave the way for Cyprus to invest more in India, not just in portfolio investment, but in key segments like manufacturing and other sectors, he said.
"India and Cyprus share the common objective of bringing about an early reform of the United Nations Security Council", Modi said while jointly addressing the media with Cyprus President Nicos Anastasiades following delegation-level talks here.
Anastasiades briefed Modi about the plan for developing the hi-tech sector in Cyprus as the third pillar of its economy. India is also thankful for the efforts of Cyprus in support of her entry, as a member, into the Nuclear Suppliers' Group.
Emphasising the need for creating a comprehensive legal framework to fight terror, Modi advocated early conclusion of the Comprehensive Convention on International Terrorism (CCIT), proposed by India at the UN.
"I understand that the pending issue of revision of the double taxation avoidance agreement (DTAA) has been resolved and the long-pending request of notified jurisdiction area has been accommodated", Minister of State for Finance Arjun Ram Meghwal said at the India-Cyprus business session organised by industry chambers here.
Given its location, Cyprus appreciated the threat that terrorism poses to the global peace and stability.
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He added the suspended SGF's absence at the investigative hearing is a deliberate choice because the panel has done enough to give him fair hearing in the matter.
"Under your leadership, Cyprus has successfully overcome its recent financial and banking challenges", he stated. "Both of us believe that a reformed Security Council, reflective of the world as it is, and not as it was, is necessary to address the range of complex challenges facing the world today, " Modi said. The three state Universities, and the five highly esteemed private universities offer a wide range of courses and degree programmes, attracting foreign students from all over the world, rendering the island a major educational centre in the region.Another field of great prospect relates to science and technology, on which India possesses much-needed and much-welcomed experience and expertise, which could greatly benefit Cyprus.
The two countries also decided to make further use of the Joint Economic Committee as a mechanism to expand mutually beneficial cooperation in all areas of common interest.
Earlier in the day, the Cypriot President was given a ceremonial guard of honour in the forecourt of Rashtrapati Bhavan.
He also paid homage to Mahatma Gandhi whom he described as an "inspiration" for Cyprus' freedom struggle.
Anastasiades, who arrived in Mumbai on Tuesday and will depart from here on Saturday, was on his first visit to India since becoming the President in 2013.
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