Eurobank signs MoU with Indian Chamber to establish India-Greece-Cyprus (IGC) Business Council

Eurobank S.A. and the Indian Chamber of Commerce (ICC) signed a Memorandum of Understanding (MoU) on 16 September to work towards establishing the India-Greece-Cyprus (IGC) Business Council.

The MoU was signed by Ameya Prabhu, President ICC, and Fokion Karavias, CEO of Eurobank in the presence of Indian Ambassador Shri Rudrendra Tandon and Enterprise Greece CEO Marinos Giannopoulos at the Indian Embassy in Athens, Greece, marking a significant milestone in strengthening strategic ties between the three nations.

Karavias welcomed the MoU’s signing, stressing how Greece and Cyprus can be used as strategic gateways to the EU for Indian businesses and investors.

He added that Cyprus’ unique advantages as a vibrant tech and research hub, and a gateway for investments in the EU, along with Greece’s diversified economy, offer a broad range of investment opportunities for Indian investors. As he said, this strategic collaboration is one of many initiatives the Eurobank Group has been taking to boost economic and investment cooperation between India, Greece and Cyprus.

It is noted that Eurobank plans to open a Representative Office in Mumbai after receiving the required regulatory approvals.

As a first-of-its-kind initiative, the IGC Business Council will lay the foundation for strong bilateral business contacts and strategic partnerships, ICC President Ameya Prabhu said on his part. Prabhu underlined that the appointment of Antonios Fiorakis as head of the ICC in Greece, highlights the ICC's deep commitment to the country.

The Ambassador of India, Shri Rudrendra Tandon, emphasised that the Memorandum includes possible synergies with the economic corridor IMEC - India-Middle East-Europe, the resolution for which was adopted at the G20 summit in India and supported at the recent G7 summit in Italy.

According to Eurobank’s press release, with Greece and Cyprus acting as strategic maritime gateways to Europe and the Gulf, their geographic advantages offer India enhanced access to these markets as well as opportunities for cooperation in many economic sectors, including energy. Cyprus, it said, 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 seen remarkable growth, rising from about $690m in 2021 to $1,950m in 2023, with estimates forecasting it to reach $5 billion by 2030. India's main exports to Greece included aluminium, organic chemicals, electrical machinery, iron and steel, clothing, plastic products, and spices, while Greece exported fossil fuels, aluminium, iron and steel, and fruits to India.

The three countries have pledged to build further strategic partnerships in areas such as shipping, culture, tourism, security and trade, with the aim of doubling their trade by 2030. It is noted that opportunities are also being explored in areas such as energy, infrastructure, pharmaceuticals, agriculture and innovation. The aim of this cooperation is to create new avenues for trade, investment and economic development, the press release concluded.