We are receiving the highest ever FDI flows in our history: S Jaishankar

Addressing a business meeting in Cyprus, Jaishankar said: "We are receiving the highest ever FDI flows in our history."

"Last year we received $81 billion as FDI. We have become home to one of the world's largest start-up ecosystems. We host close to a 100 unicorns, 40 of them (inaudible) just in 2021 alone. In fact we have the third largest number of Unicorns currently," he said.

He said: "Our trade has expanded very substantially. In year 2021-22, for the first time our exports crossed US $ 400 billion level. And this year we have set ourselves a target of US$ 470 billion and the export target for Europe is little in excess of US$ 90 billion. And I say this because a larger trade presence and stronger trade performance will clearly have significance for a lot of other services and industry, particularly for shipping."

Jaishankar has met his Cypriot counterpart Ioannis Kasoulides and the House of Representatives President of Cyprus during his three-day visit to the country.

Speaking on climate action issues, he said: " I think wherever you go in the world today, that is a common concern. The last year, two years have actually brought home to each one of us today that this is not a hypothetical threat, this is not something which we said would happen one day in the future, I think it has already happened last week and last month and last year."

"And certainly I think for fragile topographies, it is something which is of growing concern. What I again want to emphasize here is, as a country which is home to 17% of world’s population, we today contribute about 5% of world’s emissions. We may be contributing 5% to emission but our commitment to tackle climate change is 100%. And we have led not just by expanding massively our renewables at home," he said.

Jaishankar said: "One of the big initiatives we are currently working on, we want to use the G20 presidency to advance that, is actually to advocate the change of lifestyle."