First of all, I would like to express my gratitude to the President for personally coming to the airport to receive me today. I am very thankful to him for organizing such a large roundtable with business leaders. I also sincerely thank him for the positive thoughts he shared about me and our partnership.
Friends,
It is after 23 years that a Prime Minister of Bharat has visited Cyprus. And the very first program is a business roundtable. This signifies how important economic stakeholders are in the relationship between Bharat and Cyprus. I have listened to your views very carefully. I have sensed your commitment to strengthening Bharat-Cyprus economic relations. In your ideas, I have felt not just potential, but resolve. It is clear that there are immense opportunities for our relations to grow further.
Friends,
Cyprus has long been a reliable partner for us, as many of you have also mentioned. Significant investment has come to Bharat from Cyprus. Several Indian companies have also invested in Cyprus and, in a way, view Cyprus as a gateway to Europe. Today, bilateral trade has reached 150 million dollars. But the true potential of our relationship is far greater than this. Most of you are connected with Bharat and have witnessed Bharat’s growth story over the past 11 years. In the last decade, Bharat has become the world’s fifth-largest economy, and we are moving rapidly toward becoming the third-largest economy in the near future. Today, Bharat is recognized globally as one of the fastest-growing emerging economies.
Friends,
You are well aware that we have undertaken major tax reforms. With GST, the One Nation, One Tax system has been implemented. Corporate tax has been rationalized. Thousands of laws have been decriminalized. Along with "Ease of Doing Business," we have also emphasized "Trust of Doing Business" equally. Today, Bharat has a clear policy and a stable polity. For the first time in six decades, the same government has been elected for a third consecutive term. You are familiar with Bharat’s demographic dividend and talent, which also came up in your discussions. In the past 10 years, Bharat has seen a digital revolution. Financial inclusion has become a global benchmark. Through the Unified Payments Interface (UPI), 50% of the world's digital transactions now take place in Bharat. Countries like France have joined this platform, and discussions are underway for Cyprus to join as well—I welcome this.
Bharat is investing over $100 billion annually in the development of futuristic infrastructure. In this year's Budget, we have launched a Manufacturing Mission. Bharat is among the world leaders in manufacturing vaccines, generic medicines, and medical devices. We are also focusing on maritime and port development. Shipbuilding and shipbreaking are being given priority, and a new policy is being introduced for this. The civil aviation sector is growing rapidly. Indian companies have placed new orders for more than a thousand aircraft. Innovation has become a strong pillar of Bharat’s economic strength. Our over 100,000 start-ups are not just dreamers—they are delivering solutions. Among these, 100 have become unicorns. Bharat believes in balancing the economy with ecology, and we are committed to this path. A clean and green future is being built. We are moving rapidly toward our target of 500 gigawatts of renewable energy by 2030. We are also accelerating work on green shipping and making Indian Railways 100% carbon-neutral by 2030.
Our AI Mission, Quantum Mission, Semiconductor Mission, Critical Minerals Mission, and Nuclear Power Mission are becoming the new engines of our growth. I am pleased to know that the Cyprus Stock Exchange and the National Stock Exchange (NSE) of Bharat have agreed to collaborate in GIFT City, in my home state of Gujarat. Cyprus is a renowned tourist destination. In Bharat too, we are focusing on destination development and management. Close cooperation between our tour operators can take many forms. There are many such areas where there is immense potential for mutual cooperation.
Friends,
Last month, Bharat and the UK reached an agreement on an ambitious Free Trade Agreement (FTA). We are now committed to concluding the Bharat-EU Free Trade Agreement by the end of this year. The pace of negotiations has picked up, and all of you will certainly benefit from it. I welcome the establishment of the Bharat-Cyprus-Greece Business and Investment Council. This is a very good initiative and can become an important platform for economic cooperation. Friends, the ideas and suggestions you all have shared have been noted by my team. We will develop an action plan and follow up on them. I also extend an invitation for you to visit Bharat. In conclusion, I once again thank the President for taking the time to attend this meeting. I also express my gratitude to the Cyprus Chamber of Commerce and Industry and Investment Cyprus for organizing this roundtable in such a well-coordinated manner. Thank you all very much.
