India's gateway to Europe: PM Modi pitches India's growth story in Cyprus; says economy will be world's 3rd largest soon
Prime Minister Narendra Modi on his historic visit to Cyprus advocated for India’s growth story, asserting that the nation is well-positioned to become the world's third-largest economy within the next few years.
Speaking at a business roundtable in Limassol on Sunday, PM Modi in presence of Cypriot President Nikos Christodoulides and an assembly of leading CEO’s outlined India's remarkable economic transformation while highlighting extensive opportunities for partnership with Cypriot businesses .
He attributed India's significant economic changes over the past eleven years to substantial reforms, stable policies, and advancements in the Ease of Doing Business.
"India will soon become the third-largest economy in the world. We have implemented tax reforms, rationalised corporate tax, decriminalised laws, and are focusing on the ‘trust of doing business’ along with ease of doing business,” he stated.
Citing the success of India’s digital revolution, he noted, “Around 50 per cent of the world’s digital transactions take place in India, thanks to UPI. We are in talks with Cyprus to extend this system here, which I welcome.”
The Prime Minister also spoke on the evolving India-Cyprus relationship, calling Cyprus a “reliable partner” and welcoming its growing role as a key economic gateway to Europe. He added that Indian companies see Cyprus as a hub for IT services, tourism, and financial management.
Both leaders expressed their support for the signing of the MoU between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange. This agreement is anticipated to strengthen financial cooperation between the two nations.
A partnership between NIPL (NPCI International Payments Limited) and Eurobank Cyprus was established to enable UPI-based cross-border payments. This initiative is expected to facilitate more seamless transactions for tourists and businesses alike.
Additionally, PM Modi praised the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, a trilateral platform designed to promote collaboration in sectors such as shipping, logistics, renewable energy, civil aviation, and digital services.
As Cyprus prepares to take over the Presidency of the EU Council next year, both nations reaffirmed their commitment to deepening the India-EU Strategic Partnership. They expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of the year—a move expected to boost trade volumes and economic cooperation across sectors.
Speaking at a business roundtable in Limassol on Sunday, PM Modi in presence of Cypriot President Nikos Christodoulides and an assembly of leading CEO’s outlined India's remarkable economic transformation while highlighting extensive opportunities for partnership with Cypriot businesses .
He attributed India's significant economic changes over the past eleven years to substantial reforms, stable policies, and advancements in the Ease of Doing Business.
"India will soon become the third-largest economy in the world. We have implemented tax reforms, rationalised corporate tax, decriminalised laws, and are focusing on the ‘trust of doing business’ along with ease of doing business,” he stated.
Citing the success of India’s digital revolution, he noted, “Around 50 per cent of the world’s digital transactions take place in India, thanks to UPI. We are in talks with Cyprus to extend this system here, which I welcome.”
The Prime Minister also spoke on the evolving India-Cyprus relationship, calling Cyprus a “reliable partner” and welcoming its growing role as a key economic gateway to Europe. He added that Indian companies see Cyprus as a hub for IT services, tourism, and financial management.
Both leaders expressed their support for the signing of the MoU between the NSE International Exchange at GIFT City, Gujarat, and the Cyprus Stock Exchange. This agreement is anticipated to strengthen financial cooperation between the two nations.
A partnership between NIPL (NPCI International Payments Limited) and Eurobank Cyprus was established to enable UPI-based cross-border payments. This initiative is expected to facilitate more seamless transactions for tourists and businesses alike.
Additionally, PM Modi praised the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, a trilateral platform designed to promote collaboration in sectors such as shipping, logistics, renewable energy, civil aviation, and digital services.
As Cyprus prepares to take over the Presidency of the EU Council next year, both nations reaffirmed their commitment to deepening the India-EU Strategic Partnership. They expressed optimism about concluding the long-pending India-EU Free Trade Agreement by the end of the year—a move expected to boost trade volumes and economic cooperation across sectors.
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