PM Modi Cyprus Visit: Economy, 100 billion dollar investment and digital revolution; PM Modi explained India's strength in Cyprus

News Topical, Digital Desk : Indian Prime Minister Narendra Modi on Sunday addressed the India-Cyprus CEO Forum in Nicosia, the capital of Cyprus. This visit is the first official visit of an Indian Prime Minister in 20 years. During this, PM Modi shared many important things towards India's economic progress, digital revolution, and further strengthening cooperation with Cyprus.

Trade between India and Cyprus

PM Modi said that there is a trade of $150 million between India and Cyprus, but the real potential is much more than this. He said, "Cyprus has been a trusted partner of India. Investments have come from here to India and many Indian companies have established their presence in Cyprus. Cyprus is also considered the gateway to Europe."

India's growing economy

In his address, Prime Minister Modi said that India is rapidly moving towards becoming the world's third largest economy very soon. He said, “In the last decade, India has become the fifth largest economy. Now we are rapidly moving towards the third position.”

Referring to the digital revolution in India, he said, “Today 50% of the digital transactions in the world are done through UPI in India. We have connected countries like France and now there is talk of connecting UPI with Cyprus as well. I welcome this.”

What is India's focus on?

PM Modi said that India is investing more than $100 billion every year in the infrastructure sector. A new manufacturing mission has been launched in this year's budget. He said, "We are paying special attention to sectors like marine and port development, shipbuilding and civil aviation. Our more than 1 lakh startup companies are selling solutions, not just dreams."

PM Modi expressed happiness that the Cyprus Stock Exchange and the National Stock Exchange (NSE) have signed an agreement for cooperation in GIFT City in Gujarat. He also informed that work on the Free Trade Agreement (FTA) between India and the European Union (EU) is also progressing rapidly and the target is to complete the agreement by the end of this year.

President of Cyprus welcomes PM Modi

Prime Minister Modi specially thanked Cyprus President Nikos Christodoulides for personally receiving him at the airport and organising a meeting with business leaders. He said, "I thank the President for personally receiving me at the airport and organising a big meeting with business leaders."

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