Nicosia/Limassol: India will soon become the third-largest economy in the world, Prime Minister Narendra Modi has said, highlighting myriad economic opportunities the country offers to companies from Cyprus.

Modi, who is in Cyprus on the first leg of his three-nation tour, made the remarks as he, along with Cypriot President Nikos Christodoulides, attended a business roundtable on Sunday, in Limassol, a city on the southern coast of Cyprus.

“The Prime Minister highlighted India’s rapid economic transformation in the last 11 years and noted that the country, propelled by next-generation reforms, policy predictability, stable polity and Ease of Doing Business, has become the fastest-growing major economy in the world,” the External Affairs Ministry in New Delhi said in a statement.

Emphasising the primacy being given to innovation, digital revolution, start-ups and futuristic infrastructure development, Modi expressed confidence that India, the fourth largest economy in the world, was well positioned to become the third largest in a few years’ time.

“India will soon become the third-largest economy in the world. India is one of the biggest emerging economies. We have implemented tax reforms, Goods and Services Tax, rationalised corporate tax, decriminalised laws, and are focussing on ‘trust of doing business’, along with ease of doing business,” the PM said. He said that steady growth in India’s civil aviation, port, shipbuilding, digital payments and green development sectors has opened myriad opportunities for companies from Cyprus to partner with India, according to the statement. “For the first time in 23 years, an Indian Prime Minister has visited Cyprus, and the first event that has been organised is the business roundtable meeting. This shows the importance of business leaders in the India-Cyprus relationship,” the Prime Minister said.

He also underlined the strengths of India’s skilled talent and start-up ecosystem and highlighted manufacturing, AI, quantum, semiconductor and critical minerals as new and emerging areas contributing to India’s growth story. “You all (business leaders) are aware of India’s talent and demographic dividend. In the last 10 years, a digital revolution has taken place in India. Around 50% of the world’s digital transactions take place in India, thanks to the Unified Payments Interface or UPI. Countries like France are associated with this, and talks are also under way with Cyprus for this, and I welcome this move,” he said. Prime Minister Modi noted that Cyprus was a significant economic partner for India, particularly in the Foreign Direct Investment sector and welcomed the keen interest in Cyprus for new investments into the Indian economy. PM Modi highlighted the “immense potential for growth” in bilateral ties. Cyprus has been a “reliable partner to India for a long time now,” he said.