‘Startups don't just deliver dreams, they…’: What PM Modi said in Cyprus business meet | Full speech

Prime Minister Narendra Modi on Sunday joined a business roundtable in Cyprus alongside Cypriot President Nikos Christodoulides, urging deeper cooperation in trade, investment, and defence.

Modi, who arrived earlier in the day, addressed business leaders from both countries. “Further cementing investment, technology & business linkages,” MEA spokesperson Randhir Jaiswal posted on X, sharing photos from the event.

First of all, I want to express my gratitude to the President that today he himself came to receive me at the airport. I am very grateful that he organized such a big round table with the business leader. I thank you from the bottom of my heart for the positive thoughts he has given me and our partnership.

Here is the full text of PM Modi’s speech as he addressed the business community

Friends,

The Prime Minister of India is visiting Cyprus after 23 years. And the first program is the Business Round Table. This is an indication of the importance of economic players in the relations between India and Cyprus. I have listened very carefully to your thoughts. I have felt your commitment to India-Cyprus economic relations. I can feel not only the possibility in your thoughts but also the resolve. It is clear that there is immense potential for moving forward in our relations.

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Friends,

Cyprus has been our reliable partner for a long time, which you also mentioned. And there has also been significant investment from here in India. Many Indian companies have also looked at Cyprus and, in a way, Cyprus as the gateway to Europe. Today, bilateral trade has reached 150 million dollars. But the true potential of our relationships is much more than that. Most of you have been associated with India and have seen India’s growth story in the last 11 years. In the last decade, India became the fifth largest economy in the world and in the very near future we are moving at a very fast pace towards becoming the third largest economy in the world. Today, India is one of the fastest growing emerging economies in the world.

Peers

You know very well, we have done tax reforms. One Nation One Tax system has been brought in with GST and corporate tax rationalization has been done. We have done the work of decriminalization of thousands of laws. We have laid equal emphasis on ‘Trust of Doing Business’ along with ‘Ease of Doing Business’. Today there is a clear policy in India, along with that there is stable politics. It has happened after six decades that the same government has been elected for the third consecutive time. You are well aware of India’s demographic dividend and talent and it has also been mentioned in your conversation. In the last 10 years, there has been a digital revolution, financial inclusion has become an example. Today, 50% of the world’s digital transactions through Unified Payments Interface (UPI) take place in India. Many countries like France are associated with it, Cyprus is also being talked about joining it and I welcome it. We are investing more than $100 billion annually in developing futuristic infrastructure in India. In this year’s budget, we have launched the Manufacturing Mission. India is one of the world leaders in the manufacturing of vaccines, generic medicines and medical devices in the world. Our focus is on maritime and port development. We are also prioritizing shipbuilding and shipbreaking. A new policy is also being introduced for this. The civil aviation sector is also growing rapidly. Indian companies have placed new orders for more than a thousand Aricrafts. Innovation has become a strong pillar of India’s economic strength. Our more than 100,000 startups don’t just deliver dreams, they deliver solutions. Of these, 100 have become unicorns. India believes in the balance of economy and ecology and we are committed to it. The path to a clean and green future is being paved. By 2030, we are moving very fast to the target of 500 gigawatts of renewable energy. We are working rapidly towards the development of green shipping and making railways 100% carbon neutral by 2030. AI missions, quantum missions, semiconductor missions, critical mineral missions, nuclear power missions, are becoming the new engines of our growth engine. I am happy to know that the Stock Exchange of Cyprus and NSE have agreed to collaborate on GIFT City in my home state of Gujarat. Cyprus is a famous tourist destination. In India too, we are emphasizing on destination development and management. Close cooperation between our tour operators may vary. There are many other areas in which there is a lot of potential for mutual cooperation.

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Friends,

Last month, an ambitious FTA was agreed between India and the UK. We are now committed to concluding the Free Trade Agreement between India and the EU by the end of this year. Its negotiation has gained momentum and all of you friends will definitely get the benefit of it. I welcome the establishment of the India, Cyprus and Greece Business and Investment Councils. This is a very good initiative and can become an important platform for economic cooperation. Friends, the views and suggestions given by all of you have been noted by my team, we will follow up on them by making an action plan. I also invite you to visit India. In the end, I would like to thank Mr. Rashtrapati once again for taking out his time for this meeting. I also express my gratitude to Cyprus, the Chamber of Commerce and Industry and Investment Cyprus for organizing this Round Table in a well-planned manner. Thank you very much.