Prime Minister Narendra Modi, during his visit to Cyprus, addressed top business leaders at the India-Cyprus CEO Forum, showcasing India’s rapid economic progress and bright future. This visit marks the first time in over two decades that an Indian Prime Minister has travelled to Cyprus, showing renewed focus on strengthening ties between the two countries.

PM Modi proudly shared that India has become the fifth-largest economy in the world and is quickly moving towards the third spot.

“In the last one decade, India has become the fifth largest economy of the world and in the near future, we are moving very fast towards becoming the third largest economy of the world,” he said.

Speaking to the business leaders, PM Modi said his government has made major changes to support businesses, like introducing GST (Goods and Services Tax) and cutting corporate taxes.

“Friends, you know very well that we have done tax reforms. One nation, one tax system has been introduced with GST. Corporate tax has been made. We have done the work of decriminalising thousands of laws,” PM Modi said.

He also pointed out that India now has clear and stable policies, making it easier for companies to plan long-term.

“We have given equal emphasis on ease of doing business as well as trust in doing business. Today, India has a clear policy. Along with this, there is also a stable policy,” he added.

Modi highlighted how Cyprus is seen by Indian companies as a gateway to Europe, and trade between the two countries has already reached $150 million.

“Many Indian companies have also, in a way, seen Cyprus as a gateway to Europe. Today, mutual trade has reached $150 million. But the real potential of our relationships is much more than that,” he said.

The Prime Minister noted the warm welcome he received and expressed appreciation for the strong interest from Cypriot businesses in partnering with India.

“I have realised your commitment to India-Cyprus economic ties. There is immense potential for advancement in our relationship,” he said.

Highlighting the country’s digital revolution, Modi pointed out India’s major success with UPI (Unified Payments Interface), which now handles 50% of all digital transactions in the world.

“There has been a digital revolution in the last 10 years... Today, 50 per cent of the world's digital transactions take place in India through Unified Payments Interface, i.e., UPI,” he said.

He also welcomed ongoing talks to connect Cyprus with India’s UPI system, just like France has done.

PM Modi also spoke about India's booming civil aviation sector, with Indian airlines ordering over 1,000 new aircraft.

“It is also growing rapidly in the civil aviation sector. Indian companies have placed new orders for more than 1,000 aircraft,” he said.

On startups, he proudly shared that over 1 lakh startups are now part of India’s growth story, and hundreds of them are unicorns, companies valued over $1 billion.

“More than one hundred thousand of our start-ups. Not just dreams sell solutions. Of these, hundreds have become unicorns,” he said.

Modi explained that India has started a Manufacturing Mission to support industries like electronics, semiconductors, and biotech.

“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,” he said.

He noted that over $100 billion is being invested every year in building modern infrastructure across the country.

India is also focusing on sustainable development, aiming to generate 500 GW of renewable energy by 2030, make the railways carbon-neutral, and grow green shipping.

“India believes, and we are committed to paving the way for a clean and green future. By 2030, we are moving very fast toward the target of 500 gigawatts of renewable energy,” he said.

Calling on global businesses to be a part of India’s journey, PM Modi encouraged them to co-design, co-develop, and co-produce in India, taking advantage of its large market, young talent, and friendly policies.

“Innovation has become a strong pillar of India's economic strength. Our more than 1 lakh startups sell solutions, not just dreams,” he said.

 A historic visit after 23 years

This visit to Cyprus, from June 15 to 16, is happening at the invitation of President Nikos Christodoulides. It is the first visit by an Indian PM in 23 years.

“After twenty-three years, the Prime Minister of India has arrived in Cyprus. And the first program is being organised for the Business Round Table,” Modi said.

By making the business meeting his first event, PM Modi underlined the importance of economic partnership in India-Cyprus relations.

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