India and Greece Forge Strategic Partnerships to Boost Trade and Welfare

PM Narendra Modi with his Greek counterpart Kyriakos Mitsotakis in Athens

In a significant development aimed at bolstering trade and fostering mutual welfare, India and Greece have solidified their strategic partnership, paving the way for expanded economic cooperation and collaborative ventures.

The recent visit of Greek Prime Minister, Mr. Kyriakos Mitsotakis to India has laid the groundwork for a comprehensive partnership, with a focus on trade expansion and humanitarian development. During the visit, both nations underscored their strategic proximity and identified key areas for cooperation, including defense, migration, and mobility.

Over the past two years, India-Greece trade has seen a remarkable surge, fueled by a realignment of global supply chains and concerted efforts to identify mutually beneficial trade opportunities. Trade between the two nations has witnessed an exponential increase, rising from USD 569 million in FY 2020 to USD 1944 million in FY 2023.

India’s exports to Greece have seen a significant uptick, driven by the export of aluminum, organic chemicals, electrical machinery, and fish products, among others. Meanwhile, India has emerged as a major importer of mineral fuels, aluminum products, edible fruits, and iron and steel from Greece.

The burgeoning economic ties between India and Greece have attracted interest from businesses on both sides. Greek companies are eyeing opportunities to export olive oil, wine, cheese, and consumer goods to India, while Indian conglomerates have made substantial investments in Greece, further fueling bilateral trade relations.

During the recent high-level talks, both countries agreed to enhance cooperation in key sectors such as pharmaceuticals, medical devices, technology, and space. Additionally, the proposed migration and mobility pact is set to facilitate the movement of skilled Indian labor to Greece, opening up avenues in sectors such as agriculture, manufacturing, and construction.

In his remarks, Greek Prime Minister, Mr. Kyriakos Mitsotakis, hailed India as a global power and emphasized the importance of the Indo-Greek partnership in promoting peace, security, and environmental sustainability.

Looking ahead, India and Greece are poised to deepen their strategic partnership, with a focus on addressing common challenges and priorities. The new initiatives, including defense co-production, migration agreements, and collaboration in higher education, are expected to usher in a new era of cooperation, driving economic growth, and creating employment opportunities for both nations.

As both countries gear up to capitalize on their synergies and strengthen supply chains, the future holds immense promise for the expansion of trade trajectory and the realization of mutual welfare objectives. With a shared vision and commitment to partnership, India and Greece are set to chart a path towards sustainable economic development and prosperity.

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