Blitz Bureau
Limassol (Cyprus), June 16 : Prime Minister Narendra Modi, addressing the India-Cyprus CEO Forum in Limassol, underscored India’s rapid economic transformation and called for deeper economic cooperation between India and Cyprus. This marked the first visit by an Indian Prime Minister to Cyprus in over two decades, with the opening event focused squarely on business and investment ties.
During his remarks, PM Modi noted that India has emerged as the world’s fifth-largest economy and is on a determined path to becoming the third-largest. He emphasized the government’s commitment to structural reforms, citing the implementation of the Goods and Services Tax (GST), reductions in corporate tax, and the decriminalisation of outdated laws to enhance the ease and trust of doing business in India.
“We have created a clear and stable policy environment. ‘One Nation, One Tax’ through GST, corporate tax reform, and decriminalisation of thousands of laws have all made India a better place to do business,” said Modi, addressing leading CEOs from both nations.
The Prime Minister highlighted the strength of India’s digital infrastructure, noting that half of the world’s digital transactions are now conducted through India’s Unified Payments Interface (UPI). Talks are underway to integrate Cyprus into the UPI system, following similar partnerships with countries like France.
Reflecting on the importance of the India-Cyprus relationship, Modi pointed out that despite mutual trade standing at $150 million, the real potential between the two countries remains significantly higher. “Cyprus is seen by many Indian companies as a gateway to Europe. There is immense potential to expand our partnership across key sectors,” he said.
PM Modi outlined India’s ambitious Manufacturing Mission, which targets strategic sectors such as semiconductors, electronics, biotech, green energy, and information technology. He said India is investing over $100 billion annually in futuristic infrastructure, including maritime development, port expansion, shipbuilding, and civil aviation.
“More than one lakh Indian startups are driving innovation, offering real-world solutions. Hundreds have grown into unicorns,” he added. He invited Cypriot investors to co-develop, co-design, and co-produce in India, highlighting India’s robust policy ecosystem, dynamic talent pool, and expanding consumer market.
During the forum, the two countries took important steps to deepen financial collaboration. An MoU was signed between the NSE International Exchange at GIFT City and the Cyprus Stock Exchange, while NPCI International Payments Limited and Eurobank Cyprus agreed to work on enabling cross-border UPI payments. These initiatives aim to benefit tourists and businesses by facilitating seamless financial transactions.
The launch of the India–Greece–Cyprus (IGC) Business and Investment Council was also announced, designed to foster trilateral cooperation in shipping, logistics, renewable energy, civil aviation, and digital services.
Looking ahead, Modi expressed hope that the long-negotiated India-EU Free Trade Agreement would be concluded by the end of this year, adding a significant boost to economic cooperation between India and the European Union. Cyprus is set to take over the Presidency of the EU Council next year.
The business roundtable, according to the Prime Minister, generated actionable insights that will inform a structured roadmap for future cooperation across trade, innovation, and strategic sectors.
Prime Minister Modi is on a two-day official visit to Cyprus, from June 15 to 16, at the invitation of President Nikos Christodoulides.