Limassol [Cyprus], June 16 : Prime Minister Narendra Modi on Sunday (local time) emphasised India's significant progress and economic strengths, while addressing the India-Cyprus CEO Forum.
PM Modi said that Cyprus has been a trusted partner for India and has made significant investments in the country. Many Indian companies have also established a presence in Cyprus, which is seen as a gateway to Europe.
The mutual trade between India and Cyprus has reached USD 150 million, but PM Modi believes there is much more potential for growth and cooperation.
"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.
He highlighted India's growing economic prowess, with the country set to become the third-largest economy in the world in the near future. Addressing the India-Cyprus CEO Forum, PM Modi emphasised India's rapid growth and its potential for collaboration with Cyprus.
PM Modi said, "...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 highlighted a "digital revolution" over the past decade, following his government's third consecutive election win, citing that "50 per cent of the world's digital transactions take place in India through Unified Payments Interface i.e. UPI."
"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.
The Prime Minister welcomed talks to include Cyprus in UPI, similar to France and said, "Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it."
He highlighted India's growing economic strength and its focus on futuristic infrastructure development. PM Modi also detailed focus areas, including the new Manufacturing Mission, maritime and port development, shipbuilding, and a rapidly expanding 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.
PM Modi also divulged that the Cyprus Stock Exchange and the National Stock Exchange (NSE) have agreed to cooperate in Gujarat International Finance Tec-City (GIFT City), promoting economic collaboration and investment opportunities.
"I am happy that Cyprus Stock Exchange and NSE (National Stock Exchange) have agreed on cooperation in GIFT City in my home state, Gujarat...," added PM Modi.
The Prime Minister stated that India is committed to concluding a Free Trade Agreement (FTA) with the EU by the end of the year, building on the momentum gained in negotiations and following the ambitious FTA agreed upon with the UK last month.
PM Modi welcomed the establishment of the India, Cyprus, and Greece Business and Investment Council, which can serve as an important platform for economic cooperation and growth.
"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 receiving him at the airport.
"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 visiting Cyprus from June 15-16, at the invitation of President Christodoulides, the first by an Indian prime minister in over 20 years.
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