Prime Minister Narendra Modi, during his landmark visit to Cyprus—the first by an Indian prime minister in over two decades—addressed the India-Cyprus CEO Forum, underscoring the robust and evolving economic partnership between the two nations. He described Cyprus as a "trusted partner" and a strategic "gateway to Europe," noting that mutual trade has reached USD 150 million but emphasizing that the "real potential of our relations is much more than this".

PM Modi highlighted significant Cypriot investments in India and pointed out that numerous Indian companies have established a presence in Cyprus, leveraging its position as a hub for accessing European markets. He stressed that while current trade figures are promising, there is considerable untapped scope for growth and collaboration, especially in sectors such as innovation, energy, technology, fintech, start-ups, artificial intelligence, logistics, shipping, and mobility.

The Prime Minister outlined India's rapid economic ascent, noting its position as the world's fifth-largest economy and its trajectory toward becoming the third-largest in the near future. He showcased India's digital revolution, particularly the widespread adoption of the Unified Payments Interface (UPI), which facilitates 50% of the world's digital transactions. Modi welcomed ongoing discussions to include Cyprus in the UPI network, following similar partnerships with countries like France.

Infrastructure development remains a key focus, with India investing over USD 100 billion annually in futuristic projects, including maritime and port development, shipbuilding, and a rapidly growing civil aviation sector. Modi also highlighted the strength of India's start-up ecosystem, with over 100,000 start-ups—hundreds of which are unicorns—driving innovation and economic strength.

A notable development announced during the forum was the agreement between the Cyprus Stock Exchange and India's National Stock Exchange (NSE) to collaborate in Gujarat International Finance Tec-City (GIFT City), opening new avenues for financial cooperation and investment.

PM Modi reaffirmed India's commitment to concluding a Free Trade Agreement (FTA) with the European Union by the end of the year, building on the momentum from the recent FTA with the UK. He welcomed the establishment of the India, Cyprus, and Greece Business and Investment Council as a vital platform for trilateral economic cooperation and assured that suggestions from business leaders would inform a concrete action plan for future collaboration.

The Prime Minister concluded by expressing gratitude to Cyprus President Nikos Christodoulides for the warm welcome and reiterated India's dedication to deepening bilateral ties, not only with Cyprus but also with the broader Mediterranean and European regions.

Based On ANI Report