How trade relations between Greece and India, was the subject of a discussion moderated by author Pranjal Sharma, India Innovates, at the 11th Delphi Economic Forum being held in Delphi on April 22-25.
“We are, at European Union, are in a phase of strategic realignment, increasingly turning our attention to India as traditional relations with the United States show increased volatility and geopolitical pressures intensify,” said the CEO of Eurobank, Mr. Fokion Karavias.
As he noted, the EU-India Free Trade Agreement under negotiation is of key importance for Europe as a whole, as it is estimated to cover up to 99% of exports and will include critical sectors such as industry, agriculture, defence, investment and mobility. “The key challenge now is to ensure its effective implementation to substantially strengthen bilateral economic ties,” he added.
In this context, Karavias noted that in the new strategy that Eurobank has outlined, they see both Greece and Cyprus as key gateways for Indian companies to enter the European market, with growing interest in investing in ports, infrastructure and logistics. “At the same time, we see significant prospects for cooperation in sectors such as shipping, the pharmaceutical industry – where a significant proportion of raw materials already come from India – construction – the construction of an airport in Crete is being implemented by an Indian company – and aviation, with plans for direct connections also by Aegean, while an Indian carrier already operates a direct air link between the two countries.” Karavias said that there are prospects for cooperation even in the field of Bollywood film production in Cyprus and in sectors such as education.
He also mentioned the expansion of the Cypriot and Greek Eurobank in the Indian market, with the establishment of an office in Mumbai, as well as the promotion of innovative services, such as the adoption of the UPI payment system for Indian companies that want to invest in our country and in Europe. “Our bank is the first to introduce the UPI payment system in Greece, while our country is the first to introduce this system in Europe,” he added.
“In India, we are increasingly looking at Europe as an important investment destination at a time when the Indian economy continues to grow rapidly and is entering a new phase. Since the 1990s to date, we have made significant progress, reducing extreme poverty and enhancing prosperity, and as a result there is now a strong ‘thirst’ for further growth at all levels: business, government and social.” Gautam Chikermane, Vice President, Observer Research Foundation, India.
He noted that his country’s interest is mainly geared towards sectors such as pharmaceuticals, banking and digital services, and is already investing heavily in infrastructure such as ports and airports. “At the same time, we are operating with a model that emphasizes speed and flexibility,”
“Despite our strong interest, we recognize that there are still challenges in cooperation with the European Union, mainly due to tariff barriers and complex regulatory frameworks. We believe that unless there is progress towards greater flexibility, there is a risk that alternative markets will be sought for Indian businesses,” he warned.
