The India-Greece-Cyprus (IGC) Business & Investment Council was officially launched today at the Taj Mahal Palace in Mumbai, marking a significant step in fostering economic cooperation between the three nations. This initiative follows the Memorandum of Understanding (MoU) signed between Eurobank S.A. and the Indian Chamber of Commerce (ICC) in September 2024.
The event witnessed the presence of distinguished guests, including representatives from the Greek and Cypriot embassies, Abhyuday Jindal, President of ICC & Managing Director of Jindal Stainless Ltd., and Fokion Karavias, CEO of Eurobank S.A. The IGC Business & Investment Council aims to accelerate trade, investment, and collaboration in key sectors such as infrastructure, shipping, technology, financial services, and SMEs. It provides a platform for companies from India, Greece, and Cyprus to engage in structured business partnerships and economic growth. With India’s expanding global economic footprint and Greece & Cyprus serving as gateways to Europe, the council will drive structured engagement through trade missions, policy dialogues, and investment facilitation.
Abhyuday Jindal, President, ICC, emphasized the significance of this collaboration:
*”India-Greece economic relations have seen remarkable growth, with bilateral trade reaching approximately US$1.9 billion in 2022-23. Both nations aim to double this by 2030. Meanwhile, FDI from Cyprus to India stood at $0.8 billion in FY24, contributing around 2% to India’s total inflows. We encourage businesses from Greece and Cyprus to explore transformative initiatives such as ‘Make in India’ and ‘Digital India,’ while we look forward to leveraging expertise in *maritime infrastructure and sustainable development.”
Fokion Karavias, CEO, Eurobank S.A., highlighted the financial sector’s role in fostering cross-border trade “India’s dynamic economy presents vast opportunities for in vestment and collaboration. At Eurobank, we are committed to establishing a strategic gateway for Indian businesses looking to expand in Greece and Cyprus. The IGC Business Council will serve as a vital bridge, unlocking growth in key sectors such as energy, tourism, construction, and entertainment—including direct air connectivity and Bollywood collaborations.”
The launch of the IGC Business & Investment Council comes at a time of rising trade and investment flows between India, Greece, and Cyprus. The partnership between Eurobank S.A. and ICC will further strengthen financial cooperation, facilitating seamless investments and structured business collaborations.
The IGC Business & Investment Council will focus on sustainable economic growth, promoting digital transformation, climate-smart investments, and resilient trade ecosystems. SMEs and emerging businesses will receive support, ensuring broad-based benefits across the three economies. The council will soon roll out trade delegations, business matchmaking forums, and knowledge-sharing platforms to maximize the benefits of this trilateral collaboration. This marks the beginning of a new era of economic diplomacy between India, Greece, and Cyprus.
