PM Modi in Cyprus: India Eyes Third Spot in Global Economy
In a landmark visit to Cyprus — the first by an Indian Prime Minister in 23 years — PM Narendra Modi declared India is poised to become the world’s third-largest economy, urging Cypriot businesses to explore growth opportunities in the Indian market.
India’s Economic Rise: A Vision Backed by Reforms
Addressing a business roundtable in Limassol on June 15, 2025, alongside Cypriot President Nikos Christodoulides, PM Modi outlined how India’s robust economic transformation is rooted in 11 years of structural reforms.
“India is one of the fastest-growing major economies, thanks to tax reforms, GST, rationalised corporate tax, and trust-based governance,” Modi said.
He highlighted sectors including digital payments, civil aviation, shipbuilding, and green development as booming areas with high investment potential.
Digital Revolution: UPI to Go Global with Cyprus
The Prime Minister pointed to India’s digital revolution as a model for innovation and scale. “Around 50% of the world’s digital transactions happen in India,” he noted, citing the Unified Payments Interface (UPI).
In a key development, NIPL (NPCI International Payments Limited) and Eurobank Cyprus agreed to introduce UPI for cross-border payments, simplifying travel and trade between the two countries.
Key Announcements from Cyprus Visit
India–Greece–Cyprus Business and Investment Council launched to boost trilateral cooperation in sectors like renewable energy, aviation, and logistics.
Signing of MoU between NSE International Exchange (GIFT City) and Cyprus Stock Exchange to expand financial services collaboration.
India and Cyprus to enhance tourism partnerships, with Modi proposing a close partnership between tour operators from both nations.
Cyprus: A Gateway to Europe for Indian Firms
Modi praised Cyprus as a gateway to the EU, calling it a “reliable partner” in India’s FDI landscape. Many Indian IT and financial firms already view Cyprus as a strategic hub for European operations.
“With Cyprus set to assume the EU Council Presidency next year, both leaders voiced optimism about concluding the long-awaited India-EU Free Trade Agreement by year-end,” the External Affairs Ministry stated.
Future-Focused Sectors for Collaboration
The business dialogue touched on emerging sectors such as:
Artificial Intelligence (AI)
Semiconductors
Quantum Technologies
Critical Minerals
Digital Technologies and Innovation
Modi emphasized India’s young skilled talent and vibrant startup ecosystem, inviting Cypriot firms to invest in the India growth story.
A Stronger Strategic Partnership
In a social media post, Modi wrote:
“Boosting business linkages! President Christodoulides and I interacted with leading CEOs to add vigour to India-Cyprus ties. Sectors like innovation, energy, and technology offer immense potential.”
The roundtable was attended by leaders from banking, manufacturing, tourism, IT, logistics, and defence sectors — signaling a broad-based intent for economic synergy.
Conclusion: From Business to Bilateral Boost
With a shared vision for sustainable development and digital innovation, India and Cyprus are entering a new chapter of cooperation. The visit, rich in substance and symbolism, not only rekindled old ties but laid the foundation for a forward-looking economic roadmap.
