PM Modi Begins Cyprus Visit, Bats for Stronger Economic Ties and EU Free Trade Deal

Prime Minister Narendra Modi on Sunday began his three-nation tour with a historic stop in Cyprus, marking the first visit by an Indian Prime Minister to the Mediterranean nation in over 20 years. PM Modi was warmly welcomed at the Larnaca International Airport by Cypriot President Nikos Christodoulides, setting the tone for a visit focused on enhancing economic and strategic ties.

A key highlight of the visit was PM Modi’s address at the India-Cyprus CEO Forum in Limassol, where he pitched India as a global hub of digital innovation, infrastructure development, and startup-driven growth. He emphasized India’s economic transformation over the past decade and presented a strong case for deeper collaboration between Indian and Cypriot businesses.

“In the past 10 years, India has seen a digital revolution. Today, over 50% of the world’s digital transactions happen in India through UPI. Countries like France are already associated with UPI, and discussions are ongoing with Cyprus as well,” Modi said. He welcomed Cyprus’s potential inclusion in the growing global UPI network, calling it an example of India’s digital success.

Highlighting infrastructure as another pillar of India’s economic strength, Modi noted that the country is investing over USD 100 billion annually in sectors such as ports, shipbuilding, shipbreaking, and aviation. He also announced that a new shipbuilding policy is in the works to boost India’s capabilities in maritime trade and logistics.

India’s dynamic startup ecosystem was also a major talking point. “Our more than 1 lakh startups do not just sell dreams, they offer solutions,” he said, reinforcing India’s global position as a startup powerhouse.

In a significant announcement, the Prime Minister said that India and the European Union are committed to concluding a free trade agreement (FTA) by the end of this year. “There is strong momentum in negotiations. A successful agreement will unlock enormous trade potential for both sides,” he said.

The forum also witnessed the launch of the India-Cyprus-Greece Business and Investment Council. PM Modi called the initiative “an excellent platform” for trilateral cooperation and assured that ideas and suggestions from the forum would be followed up through a concrete action plan.

He further noted that the Cyprus Stock Exchange and India’s NSE have agreed to collaborate via GIFT City in Gujarat, inviting Cypriot investors to explore India’s emerging financial and tech ecosystem.

Cyprus is the first leg of Modi’s five-day, three-nation tour, with stops in Croatia and Canada scheduled next. The visit is expected to strengthen India’s outreach to key partners in Europe and North America.

IT.