Prime Minister Narendra Modi delivered a compelling address at the India-Cyprus CEO Forum in Limassol, underlining India’s emergence as the fifth-largest economy and its steady progress towards becoming the third-largest global economy.
The Prime Minister’s remarks reflected India’s economic transformation over the last decade and laid out an open invitation for deeper collaboration with Cypriot businesses.
PM Modi spotlighted his government’s focus on tax reform and ease of doing business.
He detailed the introduction of the Goods and Services Tax (GST), reduction in corporate taxes, and decriminalisation of outdated laws.
These reforms, he said, have fostered a clear and stable policy environment conducive to investment and enterprise.
Emphasising India’s leadership in digital innovation, PM Modi noted that over 50% of global digital transactions are processed through India’s Unified Payments Interface (UPI).
He welcomed ongoing discussions to integrate Cyprus into UPI, similar to agreements with France, to facilitate cross-border payments for businesses and tourists.
PM Modi elaborated on India’s ambitious Manufacturing Mission, which aims to transform the country into a global hub for semiconductors, biotechnology, and green development.
He announced that India is investing over $100 billion annually in futuristic infrastructure, including shipbuilding, port development, and civil aviation expansion.
Highlighting India’s booming start-up ecosystem, the Prime Minister noted that over 100,000 start-ups are actively solving real-world problems, with hundreds already attaining unicorn status.
He credited innovation as a key pillar of India’s economic strength and global competitiveness.
The Prime Minister further reiterated India’s commitment to a sustainable future, with a goal of reaching 500 GW of renewable energy by 2030.
He also emphasised green shipping, carbon-neutral railways, and national missions in AI, quantum computing, and nuclear power as growth engines for the future.
PM Modi and Cypriot President Nikos Christodoulides also witnessed the signing of a MoU between NSE International Exchange at GIFT City and the Cyprus Stock Exchange.
Additionally, Eurobank Cyprus and NPCI International agreed to collaborate on UPI for cross-border payments.
The leaders also welcomed the formation of the India–Greece–Cyprus (IGC) Business and Investment Council.
As Cyprus prepares to lead the EU Council in 2026, both countries reaffirmed their commitment to concluding the India-EU Free Trade Agreement by year-end.
PM Modi described the CEO Forum’s suggestions as a foundation for a structured economic roadmap, boosting cooperation in trade, innovation, and strategic sectors.
Prime Minister Modi’s visit to Cyprus marks a significant moment in Indo-Cypriot relations, setting the stage for robust, long-term economic and diplomatic engagement.
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