Prime Minister Narendra Modi addressed the India-Cyprus CEO Forum on Sunday, highlighting India’s rapid economic transformation and inviting Cypriot businesses to invest in the country’s growth story.

Modi outlined India’s key reforms over the past decade, including the introduction of GST, corporate tax cuts, and the decriminalization of several business laws. He emphasized the government’s commitment to ease of doing business, clear policymaking, and building trust with investors.

“In the last ten years, India has become the world’s fifth-largest economy and is moving swiftly towards the third. We’ve launched a Manufacturing Mission and are investing over $100 billion annually in futuristic infrastructure,” PM Modi said.

He noted that 50% of the world’s digital transactions now happen in India via UPI and welcomed Cyprus’ interest in joining the platform, similar to France.

The Prime Minister stressed India’s innovation-driven economy, mentioning the rise of over 1 lakh startups and hundreds of unicorns. He also highlighted sectors such as green energy, AI, semiconductors, and shipbuilding as key growth drivers.

Cyprus was acknowledged as a long-time economic partner, especially in foreign direct investment. Modi and President Christodoulides welcomed an MoU between NSE International Exchange (GIFT City) and the Cyprus Stock Exchange and an understanding between NIPL and Eurobank Cyprus to facilitate UPI-based cross-border payments.

The two leaders also supported the launch of the India–Greece–Cyprus Business and Investment Council to boost trilateral cooperation in areas like shipping, logistics, and digital services.

As Cyprus prepares to lead the EU Council next year, both countries reaffirmed their intent to strengthen the India-EU strategic partnership and finalize the India-EU Free Trade Agreement.