New Delhi | India and Cyprus on Friday elevated their ties to a strategic partnership and set up a joint task force to facilitate deeper cooperation in sectors such as infrastructure and shipping as Prime Minister Narendra Modi hosted Cyprus President Nikos Christodoulides for wide-ranging talks.

The two leaders also deliberated on the West Asia crisis as well as the Ukraine conflict, with PM Modi saying New Delhi supports all efforts for an early end to the hostilities.

"Over the past decade, investment from Cyprus to India has nearly doubled. Trust between the two countries has increased, and with the India-European Union Free Trade Agreement, numerous new possibilities have emerged," Modi said in his media statement.

Taking advantage of this, we are targeting to double this investment again in the next five years, he said.

"And to realise this resolve, today we are elevating our trusted relationship to a strategic partnership," he added.

The prime minister also noted that the friendship between India and Cyprus is both "strong and futuristic" as he elaborated on various aspects of his talks with Christodoulides.

"We also discussed global issues. Whether it is Ukraine or West Asia, we will continue to support efforts for the early end of the conflict and for peace," Modi said.

"We are also unanimous on the view that reform of global institutions is urgent and important for resolving the growing global challenges," he said.

The prime minister said the two countries also decided to expand cooperation in areas of maritime security and counter-terrorism.

In his remarks, Christodoulides said India and Cyprus decided to set up a joint task force for cooperation in key sectors such as infrastructure and shipping.

Christodoulides kick-started his three-day visit to India on Wednesday.