National News: Prime Minister Narendra Modi on Sunday added a new chapter to the relations between India and Cyprus by addressing the India-Cyprus CEO Forum held in Nicosia, the capital of Cyprus. This was the first official visit of an Indian Prime Minister in the last 20 years, which is being considered historic in terms of bilateral relations between the two countries.
There is immense business opportunity hidden in the partnership
PM Modi said from the stage that currently there is a trade of about 150 million dollars between India and Cyprus, but the potential of both countries is much more than this. Describing Cyprus as the gateway to Europe, he called it a reliable investment partner for India. "This isn’t merely a business partnership—it’s built on a foundation of mutual trust," he said.
India is becoming the third largest economy in the world
Prime Minister Modi, while highlighting India's economic journey, said that in the last decade, India has become the fifth largest global economy, and now it is rapidly moving towards the third position. He said that this is not just a story of numbers, but the result of the hard work of the country's youth, startups, and investors.
India is leading in digital revolution; now preparations to connect UPI with Cyprus too
Modi stated that today, 50% of all digital transactions worldwide are conducted through UPI in India. He gave the example of countries like France connecting to India's UPI network and announced that talks have been expedited in this direction with Cyprus too.
Focus on infrastructure and manufacturing
India is investing more than $100 billion on infrastructure every year. PM Modi said that under the new manufacturing mission, India is also becoming a world-class manufacturing center in marine development, shipbuilding, aviation, and port sectors. He said that more than 1 lakh startup companies in India are not only providing innovation but also solutions.
GIFT City gets global support; FTA expected from EU
Prime Minister Modi announced that a cooperation agreement has been established between Gujarat’s GIFT City and the Cyprus Stock Exchange. Along with this, work is also going on rapidly on the Free Trade Agreement (FTA) between India and the European Union, which is expected to be finalized by the end of the year.
A symbol of diplomatic intimacy and respect
PM Modi especially thanked Cyprus President Nikos Christodoulides, who himself reached the airport to receive him. Modi hailed it as a symbol of friendship and mutual respect between India and Cyprus.
