India’s Prime Minister Narendra Modi, who arrived in Cyprus, addressed the important progress and economic strength of India while addressing the Indo-Cyprus CEO Forum on Sunday (local time). Narendra Modi said, “Cyprus has been a reliable partner for India and has made significant invested in the country. Many Indian companies have also established their presence in Cyprus, which is seen as the entrance to Europe.”
Mutual trade between India and Cyprus has reached US $ 150 million, but PM Modi believes that there is a lot of potential for development and cooperation.
‘India is the fifth largest economy in the world …’
Prime Minister Modi said, “Cyprus has been a reliable partner for a long time and has made significant investment in India from here. Many Indian companies have also come. Cyprus has come. In a way, Cyprus is seen as the entrance to Europe. Today mutual trade has reached $ 150 million, but our relationship capacity is more than that.”
He spoke on India’s growing economic strength, with which the country is going to become the third largest economy in the world in future. Addressing the Indo-Ciprus CEO Forum, Prime Minister Modi emphasized India’s rapid development and its ability to cooperate with Cyprus.
PM Modi said, “India has become the fifth largest economy in the world in the last decade and in the coming times we are moving very fast towards becoming the third largest economy in the world. Today India is one of the fastest growing economies in the world. Today India has a clear policy.”
Like France, the Prime Minister welcomed the conversation to include Cyprus in UPI and said, “Many countries like France are connected to it. Negotiations are going on to include Cyprus in it and I welcome it.”
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PM Modi also explained in detail about the focus sectors including the new manufacturing mission, marine and port development, shipbuilding and rapidly growing citizen aviation sector.
PM Modi also said that the Cyprus Stock Exchange and the National Stock Exchange (NSE) have agreed to cooperate in Gujarat International Finance Tech-City (Gift City), which will promote economic support and investment opportunities.
The Prime Minister said that India is committed to the European Union by the end of this year to make a free trade agreement (FTA), which will be based on the speed and speed gained on the ambitious FTA with Britain last month.
Prime Minister Modi welcomed the establishment of the Council of India, Cyprus and Greece Trade and Investment, which can serve as an important platform for economic cooperation and development.
Prime Minister Modi is on a visit to Cyprus from June 15-16 on the call of President Christodolidase. This is the first Cyprus visit of an Indian Prime Minister in 20 years.