Limassol (Cyprus): At the India-Cyprus CEO Forum, PM Narendra Modi spotlighted India’s fast-growing economy, now fifth globally and on track to becoming the third-largest. He highlighted tax reforms, GST, decriminalisation of outdated laws, and the emphasis on “ease and trust of doing business.”

“GST brought a unified tax regime. Corporate taxes restructured. Thousands of archaic laws repealed. Today, India has policy clarity and stability,” he said. He noted the symbolic value of the visit—the first by an Indian PM in 23 years—with the opening event focused on business, reflecting economic priorities.

“Cyprus is seen as India’s gateway to Europe. While current trade stands at $150 million, the actual potential is much higher. Many of you are closely linked with India,” he said.

He added that India has seen a digital revolution, where 50% of global digital transactions occur through UPI. “It’s the first time in six decades the same government has won a third term. UPI has driven financial inclusion and innovation. Talks are underway to include Cyprus in the UPI network, like France,” Modi noted.

He elaborated on India’s focus areas: Manufacturing Mission, port development, shipbuilding, civil aviation, and green energy. “We are investing over $100 billion annually in futuristic infrastructure. Start-ups are the backbone. Over 1 lakh start-ups, hundreds of unicorns, offering real-world solutions,” he said.

He welcomed foreign investors to co-create and co-develop in India, leveraging talent, tech and trust. “Cyprus has been a trusted partner. Investment from Cyprus into India is significant. Your commitment to this relationship is evident,” PM Modi remarked.

He praised India’s growing aviation sector, noting over 1,000 aircraft orders by Indian companies. On sustainability, Modi stressed India’s commitment to green goals. “We aim for 500 GW renewable capacity by 2030. Indian Railways to become carbon neutral. AI, Quantum, Semiconductor, Critical Minerals, and Nuclear Missions are powering growth.”

Cyprus remains one of India’s top FDI sources. Modi welcomed the NSE GIFT City–Cyprus Stock Exchange MoU, and UPI-Eurobank tie-up to enable cross-border payments. He also lauded the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, a trilateral effort in shipping, digital services, and green energy.

With Cyprus taking over the EU Council Presidency next year, both leaders reaffirmed their resolve to strengthen India-EU relations and conclude the long-awaited India-EU FTA. The CEO Forum provided a practical roadmap for sustained bilateral and multilateral economic engagement, Modi said.

He concluded by reiterating that India and Cyprus are bound by shared values, economic vision, and a promise of prosperity.