Eurobank and the Indian Chamber of Commerce (ICC) signed a Memorandum of Understanding (MoU) yesterday, September 16, 2024, to work towards the establishment of the India-Greece-Cyprus Business Council (IGC). The MoU was signed in the presence of the Ambassador of India, Shri Rudrendra Tandon, at the Indian Embassy in Athens.

Eurobank CEO, Mr. Fokion Karavias, welcomed the signing of the MoU and said that Greece and Cyprus can be strategic entry points to the EU for Indian businesses and investors. He also highlighted Cyprus' unique advantages as a dynamic technology and research hub and investment gateway to the European Union, as well as Greece's diversified economy, which offers a wide range of investment opportunities for Indian investors. In addition, he pointed out that this strategic partnership with ICC is just one of the many initiatives undertaken by Eurobank Group to strengthen economic and investment cooperation between India, Greece, and Cyprus. It is noted that Eurobank plans to establish a representative office in Mumbai after obtaining the required regulatory approvals.

As the first initiative of its kind, the IGC Business Council will lay the foundation for strong bilateral business contacts and strategic partnerships, ICC Chairman Mr. Ameya Prabhu said on his part. Mr. Ammay Prabhu underlined that the appointment of Mr. Anthony Fiorakis as ICC Head of Greece highlights the ICC's deep commitment to the country. 

The Ambassador of India, Shri Rudrendra Tandon, said that the MoU includes possible synergies with the IMEC—India-Middle East-Europe Economic Corridor, the resolution for which was adopted at the G20 meeting in India and supported at the recent G7 meeting in Italy.

With Greece and Cyprus acting as strategic sea gateways to Europe and the Gulf, their geographical advantages offer India enhanced access to these markets, as do the opportunities for cooperation in many economic sectors, including energy. Cyprus is among the top 10 investors in India, with cumulative investments exceeding $12.64 billion between April 2000 and March 2023, particularly in the services, IT, real estate, and pharmaceuticals sectors.

Trade between Greece and India has witnessed remarkable growth, increasing from about $690 million in 2021 to $1,950 million in 2023, with estimates calling for it to reach $5 billion by 2030. India's main exports to Greece included aluminium, organic chemicals, electrical machinery, iron and steel, garments, plastic products, and spices, while Greece exported fossil fuels, aluminium, iron and steel, and fruits to India.