Prime Minister Narendra Modi addressed the India-Cyprus CEO Forum in Cyprus. Bilateral trade reached $150 million. New areas of cooperation were discussed.
PM Modi Cyprus Visit: PM Narendra Modi addressed the India-Cyprus CEO Forum on Sunday, local time, during his visit to Cyprus. He emphasized India's economic progress and the growing cooperation with Cyprus. PM Modi stated that Cyprus has been a trusted partner of India for a long time, with significant investments flowing from Cyprus into India. Many Indian companies have also established a presence in Cyprus. He described Cyprus as a gateway to Europe.
Bilateral Trade Reaches $150 Million
PM Modi stated that bilateral trade between India and Cyprus has reached US$ 150 million, but the relationship holds significantly greater potential. He mentioned India's economic growth, highlighting that India has become the world's fifth-largest economy and is progressing towards becoming the third-largest in the coming years.
Mention of India's Economic Strength and Clear Policy
The PM stated that India is among the world's fastest-growing emerging economies and possesses a clear policy for development. He informed the forum about India's focus sectors, including the new manufacturing mission, maritime and port development, shipbuilding, and civil aviation.
Initiative to Integrate Cyprus with UPI Network
He welcomed the ongoing discussions to integrate Cyprus into the Unified Payments Interface (UPI), similar to France. He mentioned that many countries are connected to this digital payment system and that discussions are underway to include Cyprus as well.
The Prime Minister announced that the Cyprus Stock Exchange and India's National Stock Exchange (NSE) have agreed to cooperate in Gujarat International Finance Tec-City (GIFT City). This will enhance economic cooperation and investment opportunities between the two countries.
Commitment to FTA with the European Union
PM Modi stated that India is committed to concluding a Free Trade Agreement (FTA) with the European Union by the end of this year. He indicated that this process is based on the success of recent FTA negotiations with the UK.
Welcoming the Establishment of a Trilateral Trade Council
The Prime Minister welcomed the establishment of a trade and investment council between India, Cyprus, and Greece. He described it as an effective platform for economic cooperation and development. PM Modi's visit was at the invitation of President Christodoulides. This was the first visit by an Indian Prime Minister to Cyprus in 20 years, signaling a new direction for bilateral relations.
