The India-Greece-Cyprus (IGC) Business & Investment Council was officially launched today at the Taj Mahal Palace in Mumbai, marking a significant milestone in strengthening the economic ties between the three nations. This landmark initiative follows the signing of a Memorandum of Understanding (MoU) between Eurobank S.A. and the Indian Chamber of Commerce (ICC) in September 2024.
The event was graced by representatives of the Hon’ble Ambassadors of Greece & Cyprus, and eminent business leaders, including Mr. Abhyuday Jindal, President, ICC & Managing Director, Jindal Stainless Ltd. and Mr. Fokion Karavias, CEO, Eurobank S.A..
The newly launched IGC Business & Investment Council aims to accelerate trade, investment, and strategic cooperation across diverse sectors including infrastructure, shipping, technology, financial services, and SMEs, and to create a robust platform for companies from all three countries to work together and thrive.
Strengthening Cross-Border Trade & Investment
With India emerging as a global economic powerhouse and Greece and Cyprus serving as strategic gateways to Europe, the IGC Business & Investment Council will promote structured engagement through trade missions, policy dialogues, and investment facilitation. The initiative is also in line with India’s expanding global footprint and commitment to fostering deeper international partnerships.
President, ICC, Mr Abhyuday Jindal, highlighted the strategic importance of the Council, and said: “India-Greece economic relations have deepened significantly, underpinned by robust trade and growing investment flows. In 2022–23, bilateral trade between India and Greece was estimated at approximately US$1.9 billion. I understand that both countries aim to double their trade by 2030. 17. The FDI from Cyprus to India in FY24 was estimated at $0.8 billion, now accounting for approximately 2% of India’s total inflows. We encourage businesses from Greece and Cyprus to explore India’s transformative initiatives, such as ‘Make in India’ and ‘Digital India,’ while we look forward to learning from your expertise in sectors like maritime infrastructure and sustainable development.”
CEO, Eurobank S.A., Mr Fokion Karavias, emphasising the financial sector’s role in fostering trade relations, mentioned: ” “India’s dynamic economy presents immense opportunities for cross-border investment and collaboration. At Eurobank, we are excited to partner with the ICC team to establish a strategic gateway for Indian businesses, leveraging our deep expertise and strong synergies. Through this initiative, we aim to provide the financial solutions and strategic backing needed for enterprises looking to expand their global footprint, particularly in Greece and Cyprus. The IGC Business Council will be instrumental in bridging investors with high-potential opportunities across key sectors such as energy, shipping, tourism, construction, and entertainment, including fostering direct air connectivity and deeper cultural ties like Bollywood collaborations. Strengthening bilateral business relations between India and Greece will unlock significant economic growth, and we are committed to facilitating this journey.”
A New Chapter in Economic Diplomacy
The launch of the IGC & Investment Business Council comes at a time when India’s trade with Greece and Cyprus is experiencing significant growth, driven by increasing investment and policy cooperation. The partnership between Eurobank S.A. and the Indian Chamber of Commerce further consolidates the momentum by enabling structured financial cooperation and investment facilitation for businesses in the three countries.
A Vision for Sustainable Growth
The IGC Business & Investment Council will focus on promoting sustainable economic growth in line with global priorities such as digital transformation, climate-smart investments, and resilient trade ecosystems. The initiative will also support SMEs and emerging businesses, ensuring that enterprises of all sizes benefit from the enhanced economic corridor between the three countries.
Looking Ahead
The IGC Business & Investment Council will now embark on its first set of strategic initiatives, including trade delegations, business matchmaking forums, and knowledge sharing platforms, to ensure that businesses across India, Greece, and Cyprus can maximise the benefits of this collaboration.
