The agreement, signed on September 16, aims to establish the India-Greece-Cyprus Business Council (IGC), marking a significant step towards strengthening trilateral business ties. The MoU was signed in the presence of the ambassador of India, Shri Rudrendra Tandon.  

Notably, Eurobank CEO Fokion Karavias welcomed the move, stressing the “strategic role Greece and Cyprus can play as entry points into the EU for Indian businesses and investors”. Furthermore, he elaborated on Cyprus’ “unique advantages as a dynamic technology and research hub and investment gateway to the European Union.” He also highlighted Greece’s diversified economy, saying that it offers a wide range of opportunities for Indian investors. Additionally, he emphasised that this collaboration is just “one of the many initiatives undertaken by Eurobank Group to strengthen economic and investment cooperation between India, Greece, and Cyprus”. Eurobank also announced plans to open a Representative Office in Mumbai, pending regulatory approval.  

According to ICC Chairman Ameya Prabhu, the IGC Business Council “will be the first initiative of its kind, laying the foundation for stronger bilateral business links and partnerships.” Moreover, he further emphasised the ICC’s commitment to Greece, highlighting the appointment of Antoniou Fiorakis as ICC Head of Greece as a clear signal of its deep engagement in the country. 

On his part, Indian ambassador Shri Rudrendra Tandon said that “the MoU also includes potential synergies with the India-Middle East-Europe Economic Corridor (IMEC).” He added that “the resolution for this corridor was adopted during the G20 meeting in India and later endorsed at the recent G7 summit in Italy”.

According to the announcement, with Greece and Cyprus positioned as strategic sea gateways to Europe and the Gulf, their geographical advantages offer India enhanced access to these regions. Additionally, these nations offer ample opportunities for cooperation across various sectors, including energy. Notably, Cyprus ranks among the top 10 investors in India, having made cumulative investments exceeding $12.64 billion between April 2000 and March 2023, particularly in services, IT, real estate, and pharmaceuticals. Trade between Greece and India has also surged in recent years, growing from approximately $690 million in 2021 to $1.95 billion in 2023.  Moreover, current estimates suggest it could reach $5 billion by 2030. India’s exports to Greece have largely comprised aluminium, organic chemicals, electrical machinery, iron and steel, garments, plastic products, and spices.  Meanwhile, Greece has exported fossil fuels, aluminium, iron and steel, and fruits to India. 

Going forward, the three nations remain committed to expanding strategic partnerships in key areas such as shipping, culture, tourism, security, and trade, with the goal of doubling trade by 2030. Further opportunities are also being explored in fields such as energy, infrastructure, pharmaceuticals, agriculture, and innovation, with the ultimate aim of creating new avenues for trade, investment, and economic growth.