By The Sampadak Express
India is on track to become the world’s third-largest economy, Prime Minister Narendra Modi said during his address at a business roundtable in Limassol, Cyprus, as part of his three-nation tour. The event, attended by Cypriot President Nikos Christodoulides and leading business figures, underscored growing economic cooperation between India and Cyprus.
Highlighting India’s rapid economic transformation over the past 11 years, Prime Minister Modi emphasized the country’s strong growth, driven by next-generation reforms, policy stability, tax rationalization, ease of doing business, and investor-friendly governance. “India has become the fastest-growing major economy in the world and will soon become the third-largest economy globally,” he said.
The Prime Minister detailed India’s focus on innovation, digital revolution, start-ups, and futuristic infrastructure, citing sectors like manufacturing, AI, quantum computing, semiconductors, and critical minerals as key drivers of growth. He also noted that India’s thriving start-up ecosystem and skilled workforce continue to attract global investors.
Modi pointed to India’s booming digital payments sector as a symbol of this transformation. “Today, around 50% of the world’s digital transactions happen in India, thanks to the Unified Payments Interface (UPI). Countries like France have already partnered with us, and discussions are underway with Cyprus as well,” he added.
During the roundtable, Modi welcomed Cyprus’s role as a significant partner in India’s foreign direct investment (FDI) inflows and highlighted the immense scope for further bilateral trade and investment. “Cyprus has been a reliable partner to India for a long time now,” he said.
Tourism was also a key focus area, with Modi noting the opportunity for joint collaboration between Indian and Cypriot tour operators. “Cyprus is a renowned tourist destination, and India is also developing its tourism infrastructure. Joint efforts in destination development will be mutually beneficial,” he added.
A key development during the visit was the signing of a Memorandum of Understanding between the NSE International Exchange (GIFT City, Gujarat) and the Cyprus Stock Exchange, aimed at enhancing financial sector cooperation. In another milestone, India’s NPCI International Payments Limited (NIPL) reached an agreement with Eurobank Cyprus to introduce UPI-based cross-border payments, benefiting both tourists and businesses.
Modi also welcomed the launch of the India–Greece–Cyprus (IGC) Business and Investment Council, which aims to promote trilateral cooperation across sectors like shipping, logistics, renewable energy, civil aviation, and digital services.
Cyprus, soon to take over the EU Council Presidency, reaffirmed its commitment to strengthening ties with India. Both leaders expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year, which is expected to give a major boost to economic relations.
PM Modi concluded by stating that the business roundtable had produced valuable suggestions for creating a structured roadmap to deepen collaboration in trade, innovation, and strategic sectors. “With shared aspirations and a future-oriented approach, India and Cyprus are entering a new era of dynamic economic cooperation,” the joint statement said.
After the meeting, Modi posted on X, “Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs to strengthen commercial ties between India and Cyprus. Sectors like innovation, energy, and technology offer immense potential. I also spoke about India’s reform journey over the past decade.”
The roundtable saw participation from diverse industries, including banking, manufacturing, defence, logistics, shipping, technology, AI, IT services, tourism, and mobility.
