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Modi, Narendra

Cyprus Conferes Highest Honour to Prime Minister Modi Amid Business Engagement

Strategic Insights

— 1 min read

Prime Minister Narendra Modi was conferred Cyprus's highest honour during his visit to the country, which marked the beginning of his two-day diplomatic engagement. The event came as Modi emphasized India's rapid economic transformation in the last 11 years, with the country now considered the fastest-growing major economy globally. Cyprus, a significant economic partner for India, was praised by Modi for its keen interest in new investments in the Indian economy, while he also welcomed the launch of the India-Greece-Cyprus Business and Investment Council.

Key Takeaways:

  • The Prime Minister of India, Narendra Modi, was conferred Cyprus's highest honour during his visit to the country.
  • Modi highlighted India's rapid economic transformation in the last 11 years, attributing it to next-generation reforms, policy predictability, stable polity, and Ease of Doing Business.
  • India is now the fastest-growing major economy in the world.
  • The country has seen steady growth in sectors such as civil aviation, ports, shipbuilding, digital payments, and green development, providing opportunities for Cypriot companies to partner with India.
  • Modi noted the significance of Cyprus as an economic partner, particularly in Foreign Direct Investment, and welcomed its interest in new Indian investments.
  • The India-Greece-Cyprus Business and Investment Council was launched to foster trilateral cooperation in sectors such as shipping, logistics, renewable energy, civil aviation, and digital services.
  • Cyprus and India reaffirmed their commitment to strengthening their Strategic Partnership and expressed optimism about concluding the India-EU Free Trade Agreement by the end of the year.
  • India and Cyprus are poised for a new era of dynamic economic cooperation.

Statistics:

  • India is now the fastest-growing major economy in the world.
  • The country has seen steady growth in sectors such as civil aviation (upswing in the last 11 years).
  • The Ease of Doing Business has been a significant contributor to India's economic transformation.
  • The FDI sector is a significant area of cooperation between India and Cyprus.
  • Cyprus is set to assume the EU Council Presidency next year.

Sources:

  • Nicosia/IBNS, June 16
  • Published by HT Digital Content Services with permission from India Blooms.

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