• Source:JND
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Prime Minister Narendra Modi, while addressing the India-Cyprus CEO Forum, declared that India is rapidly advancing towards becoming the world’s third-largest economy. Highlighting India’s impressive economic transformation over the past decade, Modi said, “India has become the fifth largest economy of the world and in the very near future, we are moving very fast towards becoming the third largest economy.” He emphasised India’s role as one of the fastest-growing emerging economies, supported by clear and stable policies.

Modi also highlighted the long-standing partnership between India and Cyprus, noting that Cyprus has been a “trusted partner” with growing bilateral trade and investment. “Cyprus is seen as a gateway to Europe,” he said, pointing out that trade between the two countries has reached USD 150 million but holds even greater untapped potential.

PM Modi further welcomed the collaboration between the Cyprus Stock Exchange and India’s NSE in GIFT City, Gujarat. He highlighted progress on international trade, referencing the India-UK FTA signed last month and expressing commitment to concluding an India-Greece FTA by year-end. Modi also praised the formation of the India-Cyprus-Greece Business and Investment Council as a valuable platform for economic cooperation and invited business leaders to visit India.

In a pioneering financial move, NSE International Exchange (GIFT City) signed an MoU with the Cyprus Stock Exchange, facilitating cross-border capital flows. This marks the first such agreement between Europe and GIFT City, enabling new opportunities for investors across India, Cyprus, and Europe.

Modi Highlights India’s Digital Rise At Cyprus CEO Forum

Speaking at the India-Cyprus CEO Forum in Limassol, PM Modi highlighted India's historic third consecutive government term and the nation’s ongoing digital revolution. He noted that 50 per cent of the world’s digital transactions occur in India via UPI, with France already connected and discussions underway with Cyprus. Modi emphasised India’s annual USD 100 billion investment in futuristic infrastructure, including maritime, ports, shipbuilding, and civil aviation. He also mentioned the new Manufacturing Mission and praised India’s innovation-driven economy, backed by over 100,000 startups offering real-world solutions.

The National Payments Corporation of India (NPCI) signed an MoU with Eurobank of Cyprus to launch Unified Payments Interface (UPI) services in Cyprus. This will allow cross-border digital transactions, boosting fintech collaboration and ease of financial operations between the two nations. These developments collectively mark a new era of Indo-Cypriot business cooperation.

One of the key outcomes is the achievement by BAO Capital Partners Ltd, a Cyprus-based Alternative Investment Fund Manager, which secured over USD 100 million in commitments for its flagship fund focused on India's growth. The fund will invest in Indian public equities and emerging technologies aligned with the "Make in India" initiative, with a strong emphasis on AgroTech, clean logistics, and drone applications, enhancing rural productivity and sustainable development.