Prime Minister Narendra Modi, while addressing the India-Cyprus CEO Forum on Sunday (local time), underscored India’s impressive economic progress and potential for deeper economic ties with Cyprus.
PM Modi described Cyprus as a trusted partner that has made substantial investments in India over the years. Simultaneously, numerous Indian companies have expanded their presence in Cyprus, which is increasingly seen as a strategic gateway to Europe.
“Cyprus has been our trusted partner for a long time and there has been significant investment from here in India. Many Indian companies have also come to Cyprus; in a way, Cyprus is seen as a gateway to Europe. Today, the mutual trade has reached 150 million dollars, but the real potential of our relations is much more than this…,” said PM Modi.
Despite bilateral trade touching USD 150 million, the Prime Minister stressed that the true potential of this partnership remains largely untapped.
Highlighting India’s economic trajectory, PM Modi reaffirmed the country’s path to becoming the third-largest global economy in the near future.
“…In the last one decade, India has become the fifth largest economy of the world and in the very near future, we are moving very fast towards becoming the third largest economy of the world. Today, India is one of the fastest-growing emerging economies in the world… Today, India has a clear policy…,” PM Modi stated.
He pointed out the digital revolution transforming India’s economy over the past decade, especially underlining the impact of UPI (Unified Payments Interface).
“It has happened after 6 decades that the same government has been elected for the third consecutive time. There has been a digital revolution in the last 10 years. Financial inclusion has become an example of this. Today, 50 per cent of the world’s digital transactions take place in India through Unified Payments Interface i.e. UPI,” said PM Modi.
He also expressed readiness to integrate Cyprus with the UPI system, similar to the arrangements with France:
“Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it.”
Detailing India’s focus on infrastructure, PM Modi spoke about major investments in futuristic projects including manufacturing, maritime development, port infrastructure, shipbuilding, and the civil aviation sector.
“We are investing more than a hundred billion dollars annually in the development of futuristic infrastructure in India. In this year’s budget, we have started the Manufacturing Mission. Our focus is on maritime and port development. We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this. The civil aviation sector is also moving forward rapidly. Innovation has become a strong pillar of India’s economic strength. Our more than 1 lakh startups sell solutions, not just dreams…,” said PM Modi.
Additionally, PM Modi disclosed that the Cyprus Stock Exchange and the National Stock Exchange (NSE) of India have agreed to collaborate at Gujarat International Finance Tec-City (GIFT City).
“I am happy that Cyprus Stock Exchange and NSE (National Stock Exchange) have agreed on cooperation in GIFT City in my home state, Gujarat…,” he added.
The Prime Minister reiterated India’s commitment to conclude a Free Trade Agreement (FTA) with the European Union (EU) by the end of the year, noting recent progress following the FTA agreement with the United Kingdom.
“Last month, an ambitious FTA was agreed between India and the UK. We are committed to concluding a free trade agreement between India and the EU by the end of this year. There is momentum in its negotiation. I welcome the establishment of the India, Cyprus, and Greece Business and Investment Council. This is a very good initiative and can become an important platform for economic cooperation. My team has noted everyone’s ideas and suggestions. We will follow these by making an action plan. I also invite you to visit India…,” said PM Modi.
PM Modi also thanked Cyprus President Nikos Christodoulides for the warm welcome and his proactive approach toward strengthening bilateral ties.
“I want to express my gratitude to the President for today, he came to receive me at the airport. He organised a bigger round table with the business leaders. I also sincerely thank you for the positive thoughts they have given me and our partnership,” he said.
PM Modi is on an official visit to Cyprus from June 15-16, marking the first visit by an Indian Prime Minister in over 20 years, at the invitation of President Christodoulides.