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 The
Minister of Finance and National Economy of Greece, Mr. Georgios
Alogoskoufis made an official visit to Delhi during 7-11 February
2007, leading a large business delegation (about 40 companies from
Greece). He met with the Union Finance Minister Mr. P. Chidambaram,
the Commerce and Industry Minister, Mr. Kamal Nath, and Minister for
External Affairs, Mr. Pranab Mukherjee. He also addressed a business
meeting organized by FICCI, focusing on the business environment in
Greece, and opportunities for Indian business in Greece.
Business meetings were organized by the
Federation of Indian Chambers of Commerce and Industry with Indian
companies. Separately, the CII and SEV signed an MOU for collaboration
during the visit.
Alagoskoufis’s visit indicated the high importance being attached by
the Greek government to boosting economic linkages with India. It
represents a good opportunity for Indian business to further develop
their business not only in Greece, but also through Greek partners, in
the Balkan/South Eastern European region, which is likely to witness
significant growth. Sectors that are especially promising for
cooperation are – shipping, tourism, IT, chemicals, pharmaceuticals,
food processing, and renewable energy.
In the energy sector, Alogoskoufis cited
Athens' interest in supplying liquefied natural gas to India and in
participating in projects to develop renewable forms of energy in that
country (wind, biofuels etc.) Air transport was also discussed,
particularly with the establishment of direct flights between Greece
and India and the likelihood of a London-Athens-New Delhi route.
India and Greece are likely to soon sign
agreements on avoidance of double taxation and investment protection.
"We will soon sign an agreement on avoidance of double taxation and
another on bilateral investment protection with India," Greek Minister
of Economy and Finance George Alogoskoufis said here today after
meeting Finance Minister P Chidambaram.
Greece has cordial and friendly
relations with India. Recent visits of Mr. Anand Sharma, Minister of
State for External Affairs in August 2006, and a Parliamentary
delegation led by the Mr. Somnath Chatterjee, Speaker Lok Sabha had
underlined the many commonalities between Greece and India. However,
there is considerable potential for further boosting economic
relations. Greece is a member of the EU, the Eurozone, the Schengen
Group, and has been playing an active role in the integration of South
eastern European and Balkan countries into the EU.
Indian exports to Greece reached $ 467 mn (Jan-Sep 2006), compared to
$ 286 mn (Jan-Sept 2005), an increase of 63 % . Greece’s total imports
were $ 47 bn (Jan-Sep 2006) and $ 41 bn ( Jan-Sep 2005). Greek exports
to India were $ 44 mn (Jan-Sep 2006) and $ 31 mn (Jan-Sep 2005),
increasing by 43 %.
About 13,000 Indian migrants, mostly
from Punjab are in Greece, working mostly on farms.
Partnerships between Greek and Indian
companies have been increasing. Greek banks have contracted IT
services from Indian companies such as i-Flex solutions, Infosys, and
TCS. Eurodyn, a Greek IT company has set up a subsidiary in Bangalore.
Pisani Group of Greece has set up a 50 % joint venture in Dindigul for
exports of speciality stone and granite products. M. J. Mailis of
Greece has set up a joint venture in Gujarat for production of
secondary packaging materials. Jain Irrigation Systems has invested in
Eurodrip, a Greek company, through the Athens stock exchange.
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