PM Modi visits Cyprus to advance trade corridor plans
Modi, who was on his way to a summit of the G7 group of nations in Canada, and Cypriot President Nikos Christodoulides were scheduled to address business leaders on Sunday and hold formal talks on Monday.
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NDTV
20 minutes ago
- NDTV
"50% Of World's Digital Transactions Take Place In India Through UPI": PM Modi In Cyprus
Limassol: Highlighting India's rapid economic growth and vast potential at the India-Cyprus CEO Forum, Prime Minister Narendra Modi has said that India has become the fifth-largest economy in the world today and is now on the path to becoming the third largest global economy soon. Addressing the India-Cyprus CEO Forum in Limassol on Sunday (local time), the Prime Minister said that introducing tax reforms with the implementation of GST, corporate tax and decriminalising several laws, his government has given prime importance to the ease of doing business apart from having a clear and stable policies. "Friends, you know very well that we have done tax reforms. One nation, one tax system has been introduced with GST. Corporate tax has been made. We have done the work of decriminalising thousands of laws. We have given equal emphasis on ease of doing business as well as trust in doing business. Today, India has a clear policy. Along with this, there is also a stable policy," he said. 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). This digital transformation has been a game-changer for the country, promoting financial inclusion and innovation, he added. "It has happened after six decades that the same government has been elected for the third consecutive time. 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 Unified Payments Interface i.e, UPI," said PM Modi. The Prime Minister welcomed talks to include Cyprus in UPI, similar to France, and said, "Many countries, like France, are associated with it. Talks are going on to include Cyprus in this and I welcome it." He highlighted India's growing economic strength and its focus on futuristic infrastructure development. PM Modi also detailed focus areas, including the new Manufacturing Mission, maritime and port development, shipbuilding, and a rapidly expanding civil aviation sector. The Indian government has launched the Manufacturing Mission to boost the country's manufacturing sector, focusing on sectors like electronics, information technology, semiconductors, biotech, and green development, he said. This initiative aims to make India a global hub for semiconductor manufacturing and promote economic growth. "We are investing more than a hundred billion dollars annually in developing futuristic infrastructure in India. In this year's budget, we have started the Manufacturing Mission. Our focus is on maritime and port development. We are also giving priority to shipbuilding and shipbreaking. A new policy is also being brought for this. The civil aviation sector is also moving forward rapidly. Innovation has become a strong pillar of India's economic strength. Our more than 1 lakh startups sell solutions, not just dreams," said PM Modi. PM Modi invited investors to take advantage of India's growth story, emphasising the country's favourable policies, thriving market, and growing talent pool. He encouraged companies to co-develop, co-design, and co-produce in India, leveraging economic and technological growth. 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. "After twenty-three years, the Prime Minister of India has arrived in Cyprus. And the first program is being organised for the Business Round Table. This is an indication of the importance of people's association with the economic world in the relationship between India and Cyprus. I have listened very carefully to your thoughts," PM Modi said. PM Modi said that India realises Cyprus' commitment to building economic ties. "I have realised your commitment to India-Cyprus economic ties. There is immense potential for advancement in our relationship. Cyprus has been our trusted partner for a long time, which you also mentioned. And significant investment has also been made in India from here," he said. PM Modi said that the Indian economy is growing in the civil aviation and start-up sectors, with hundreds of unicorns. "It is also growing rapidly in the civil aviation sector. Indian companies have placed new orders for more than 1,000 aircraft. Innovation has become a strong pillar of India's economic strength. More than one hundred thousand of our start-ups. Not just dreams sell solutions. Of these, hundreds have become unicorns. India is in the balance of economy and ecology," he added. PM Modi said India is committed to securing a sustainable future. "India believes, and we are committed to paving the way for a clean and green future. By 2030, we are moving very fast toward the target of 500 gigawatts of renewable energy. Growth of green shipping and up to 2030. They are working fast to make the railways 100 per cent carbon neutral. AI Mission, Quantum Mission, Semiconductor Mission, Critical Mineral Mission, Nuclear Power Mission are becoming the new engine of our growth engine," he added. PM Modi is currently on a two-day visit to Cyprus from June 15 to 16, at the invitation of President Nikos Christodoulides, the first by an Indian Prime Minister in more than 20 years.
NDTV
21 minutes ago
- NDTV
PM Modi Makes Historic First Visit To Cyprus, Gets Warm Welcome
Limassol (Cyprus): Prime Minister Narendra Modi on Sunday received a heartfelt and warm welcome from the Indian diaspora in Limassol, as he arrived in Cyprus as part of his three-nation tour. PM Modi was seen being greeted by the diaspora with bouquets as he arrived at his hotel and the Prime Minister also engaged with the diaspora, exchanging greetings and acknowledging their support. It is the first-ever visit by an Indian PM to the Mediterranean nation. His arrival is being described as a historic moment by both Indian and Cypriot diplomatic sources. PM Modi, accompanied by a large delegation of around 100 officials, is visiting Cyprus at the invitation of President Nicos Christodoulides. Earlier, PM Modi was received with a ceremonial welcome at Larnaca International Airport by the President Christodoulides. "Landed in Cyprus. My gratitude to the President of Cyprus, Nikos Christodoulides, for the special gesture of welcoming me at the airport. This visit will add significant momentum to India-Cyprus relations, especially in areas like trade, investment and more," PM Modi said in a post on X. During the visit, Prime Minister Modi is scheduled to hold delegation-level talks with the President of Cyprus. Key issues on the agenda include expanding cooperation in trade and investment, IT and innovation, defence, shipping, renewable energy, and people-to-people ties. Both leaders are also expected to exchange views on global and regional developments, including maritime security and the situation in West Asia. Ahead of his arrival, the Indian diaspora in Cyprus was brimming with excitement at PM Modi's much-anticipated visit. India and Cyprus have traditionally enjoyed strong diplomatic relations since the establishment of ties in 1962. Cyprus has consistently supported India's position on Kashmir and other key issues at international platforms, including the United Nations. Apart from official meetings, Prime Minister Modi is also expected to address and interact with members of the Indian diaspora in Cyprus. Although small in number, the Indian community plays a vital role in local education, healthcare, and business sectors. The pictures of his arrival in Cyprus were shared by Prime Minister Narendra Modi on his official X account. PM Modi was received and given a warm welcome at the airport by the Cyprus President Nikos Christodoulides as well as Finance Minister Constantinos Kombos, reflecting the deep-rooted historic ties between the two nations. Cyprus President also took to X to welcome PM Modi, as he wrote: "Welcome to Cyprus Prime Minister Narendra Modi! Here, at the EU's southeastern frontier and gateway of the Mediteranean. A historic visit... A new chapter in a strategic partnership that knows no limits. We make a promise to advance, transform, prosper more. Together." Prior to his departure for three-nation tour, PM Modi described Cyprus as "a close friend and an important partner in the Mediterranean region and the EU". He added that the visit was an opportunity to build on the historical friendship between the two nations and promote people-to-people exchanges. Cyprus, a member of the European Union is set to assume the 'rotating presidency' of the EU, early next year. PM Modi's visit is seen as part of India's consistent diplomatic outreach to Europe. After Cyprus visit, PM Modi will head to Canada to attend the G7 Summit and will then travel to Croatia for meetings with President Zoran Milanovic and Prime Minister Andrej Plenkovic.
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Business Standard
21 minutes ago
- Business Standard
G7 summit opening in Canada with focus on trade, wars, not riling Trump
When US President Donald Trump last came to Canada for a Group of Seven summit, the enduring image was of him seated with his arms folded defiantly as then-German Chancellor Angela Merkel stared daggers at him. If there is a shared mission at this year's G7 summit, which begins Monday in Canada's Rocky Mountains, it is a desire to minimise any fireworks at a moment of combustible tensions. The 2018 summit ended with Trump assailing his Canadian hosts on social media as he departed on Air Force One, saying he had instructed the US officials who remained in Quebec to oppose the G7 joint statement endorsed by the leaders of Japan, France, the United Kingdom, Italy, Germany and, of course, Canada. I have instructed our US Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market! Trump posted on the site then known as Twitter. This time, Trump already has hit several dozen nations with severe tariffs that risk a global economic slowdown. There is little progress on settling the wars in Ukraine and Gaza and now a new and escalating conflict between Israel and Iran over Tehran's nuclear programme. Add to all of that the problems of climate change, immigration, drug trafficking, new technologies such as artificial intelligence and China's continued manufacturing superiority and chokehold on key supply chains. Asked if he planned to announce any trade agreements at the G7 as he left the White House on Sunday, Trump said: We have our trade deals. All we have to do is send a letter, This is what you're going to have to pay.' But I think we'll have a few, few new trade deals." At stake might be the survival of the G7 itself at a time when the Trump administration has sent mixed signals about whether the president will attend the November Group of 20 summit in South Africa. What Trump opposed at the 2018 summit in Quebec wasn't just tariffs, but a focus on having alliances with a shared set of standards seeking to shape policies. The big dispute in Quebec were the references to the rules-based international order and that's where that famous photo comes from, said Peter Boehm, Canada's counselor at the 2018 G7 summit in Quebec and a veteran of six G7 summits. I think it gave everyone the idea that G7s were maybe not business as usual. The German, U.K., Japanese and Italian governments have each signalled a belief that a friendly relationship with Trump this year can reduce the likelihood of outbursts. Well, I have got a good relationship with President Trump, and that's important," UK Prime Minister Keir Starmer said Saturday as he flew to Canada. There is no plan for a joint statement this year from the G7, a sign that the Trump administration sees no need to build a shared consensus with fellow democracies if it views such a statement as contrary to its goals of new tariffs, more fossil fuel production and a Europe that is less dependent on the U.S. military. The Trump administration almost certainly believes that no deal is better than a bad deal, said Caitlin Welsh, a director at the Center for Strategic and International Studies think tank who was part of Trump's team for the G7 in Trump's first term. The White House has stayed decidedly mum about its goals for the G7, which originated as a 1973 finance ministers' meeting to address the oil crisis and steadily evolved into a yearly summit that is meant to foster personal relationships among world leaders and address global problems. The G7 even briefly expanded to the G8 with Russia as a member, only for Russia to be expelled in 2014 after annexing Crimea and taking a foothold in Ukraine that preceded its aggressive 2022 invasion of that nation. Trump will have at least three scheduled bilateral meetings during the summit with other world leaders while in Canada, staring on Monday morning with Canadian Prime Minister Mark Carney. The US president is also expected to have bilateral meetings with Mexican President Claudia Sheinbaum and Ukrainian President Volodymyr Zelenskyy, according to an administration official. The US president has imposed 25% tariffs on steel, aluminum and autos, all of which have disproportionately hit Japan. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. The United Kingdom reached a trade framework with the U.S. that included quotas to protect against some tariffs, but the 10% baseline would remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 US-Mexico-Canada Agreement signed during Trump's first term. The Trump administration has insisted that its broad tariffs will produce trade agreements that box out China, though it's unclear how antagonizing trade partners would make them want to strengthen their reliance on the U.S. Carney, the Canadian leader, has been outspoken in saying his country can no longer look to the U.S. as an enduring friend. That might leave Trump with the awkward task of wanting to keep his tariffs in place while also trying to convince other countries that they're better off siding with the U.S. than China. Trump will try to coordinate the group against China's economic coercion, Josh Lipsky, chair of international economics at the Atlantic Council, wrote in an analysis. But the rest of the leaders may turn back to Trump and say that this kind of coordination, which is at the heart of why the G7 works, would be easier if he weren't imposing tariffs on his allies.
