India, EU committed to free trade agreement by year-end: PM Modi in Cyprus
Prime Minister Narendra Modi on Sunday began his five-day, three-nation visit with a stop in Cyprus, marking the first visit by an Indian Prime Minister to the island nation in over two decades. He was received at the airport by Cyprus President Nikos Christodoulides.The key highlight of the visit was his address at the India-Cyprus CEO Forum in Limassol, where he pitched India as a hub of digital innovation, infrastructure development and economic opportunity. He also mentioned that India and the European Union are working towards a free trade agreement by the end of this year.advertisementPM Modi said India has undergone significant transformation over the past decade, especially in the fields of digital payments, innovation, and infrastructure. He said, "It has happened after six decades that the same government has been elected for the third consecutive time."
Pointing to India's rapid digital growth, he said, "There has been a digital revolution in the last 10 years. Financial inclusion has become an example of this. Today, 50 per cent of the world's digital transactions take place in India through UPI. Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it."He also highlighted the annual investment of over USD 100 billion in India's infrastructure sector, particularly in maritime and port development, shipbuilding, shipbreaking and civil aviation. PM Modi said a new shipbuilding policy is also being introduced.advertisementSpeaking on India's startup ecosystem, he added, "Innovation has become a strong pillar of India's economic strength. Our more than 1 lakh startups sell solutions, not just dreams."In his address, the Prime Minister welcomed the establishment of the India, Cyprus and Greece Business and Investment Council, calling it "a very good initiative" with the potential to become an important platform for trilateral economic cooperation. He assured business leaders that ideas and suggestions shared during the forum would be taken forward through a concrete action plan.PM Modi also noted that the Cyprus Stock Exchange and India's National Stock Exchange have agreed to cooperate in GIFT City, Gujarat. He invited Cypriot investors and business leaders to explore opportunities in India.Referring to trade relations with Europe, he said, "Now we are committed to concluding a free trade agreement between India and the European Union by the end of this year. There is momentum in its negotiation."Earlier, PM Modi also shared a post on X, saying, "Strengthening business ties! President Nikos Christodoulides and I met with top CEOs, with the aim of strengthening trade ties between India and Cyprus. Sectors such as innovation, energy, technology and others offer huge potential. I also spoke about India's reform trajectory over the past decade."advertisementCyprus is the first leg of PM Modi's three-nation visit, with Croatia and Canada scheduled next.
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PM Modi said that this visit was the first for India's Prime Minister after two decades. During this visit, the first meeting was a business forum, showing the importance associated with the economic world. "Many Indian companies have also in a way seen Cyprus as a gateway to Europe. Today mutual trade has reached $150 million. But the real potential of our relationships is much more than that. Most of you are associated with India," he said. "In the last one decade, India has become the fifth largest economy of the world and in the near future, we are moving very fast towards becoming the third largest economy of the world. Today, India is one of the fastest-growing emerging economies in the world... Today, India has a clear policy." PM Modi highlighted that India has experienced a significant digital revolution, with 50 per cent of digital transactions worldwide happening through the Unified Payments Interface (UPI). 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