India-Greece discuss stronger trade, investment and supply chain cooperation: Piyush Goyal
New Delhi, June 29
Union Commerce Minister Piyush Goyal held a productive meeting with Greece's Minister of Development Takis Theodorikakos to discuss strengthening economic ties, as per a statement by the Minister.
Taking to his X account he shared that he "Had a productive meeting with Mr. Takis Theodorikakos, Minister of Development of Greece."
Goyal said both sides discussed boosting the India-Greece economic partnership through greater trade, investment, industrial cooperation and resilient supply chains.
"Discussed strengthening the India-Greece economic partnership through greater trade, investment, industrial cooperation, and resilient supply chains," he said.
He added that the discussions also focused on expanding cooperation in manufacturing, start-ups and emerging technologies for mutual growth.
"We also explored opportunities to deepen collaboration in manufacturing, start-ups, and emerging technologies for the shared prosperity of both nations," he said.
In a further development, Goyal shared he met Haris Theoharis, Deputy Foreign Minister of Greece.
"We discussed expanding trade & investment cooperation, advancing maritime & connectivity partnerships, and exploring new opportunities in emerging sectors to further strengthen the India-Greece Strategic Partnership," he said in a social media post.
As per data shared by the Directorate General of Commercial Intelligence and Statistics, India and Greece are deepening economic ties, with both sides targeting a doubling of bilateral trade to USD 4 billion by 2030, supported by strategic cooperation, including under the India-Middle East-Europe Economic Corridor (IMEC).
Key trade flows include machinery, chemicals and textiles from India to Greece, and petroleum, aluminium and agricultural products from Greece to India. The two countries are also looking to expand investment collaboration in pharmaceuticals, renewable energy, agriculture and technology, alongside growing cooperation in connectivity, defence, digitalisation and tourism.
The report further said, bilateral trade between India and Greece rose from USD 689.33 million in FY21 to USD 1,682.26 million in FY25, reflecting steady growth in economic engagement. India maintained a trade surplus over most of this period, except in FY23 when a deficit of USD 372 million was recorded.
In FY25, Greece ranked 55th among India's export destinations, accounting for around 0.24 per cent of India's total exports.
— ANI
Reader Comments
The doubling of bilateral trade to $4 billion by 2030 is ambitious but achievable. Indian pharma and Greek agri products have natural synergy. Hope the startups angle gets real traction, and not just remain talking points.
Interesting to see the Indian-Australian perspective here. Greece is rapidly becoming a European hub for renewable energy. India's expertise in solar manufacturing could be a perfect match. Always good to see multi-continental partnerships!
Modi ji's foreign policy is truly multi-aligned. While everyone is focused on China or the West, we're building bridges with smaller but significant European nations. Greek ports could be crucial for India's exports to Eastern Europe. Smart diplomacy.
As someone from the UK, it's refreshing to see India forging ties with EU nations directly rather than only through Brussels. The focus on supply chain resilience post-COVID is very practical. Hope the maritime connectivity comes with real investments.
Accha hai! But I wish we also talked about tourism. Greece has Santorini, we have Kerala. Imagine the cultural exchange opportunities! Though the $4 billion target seems small compared to our trade with UAE or USA. Still, every rupee counts. 🙂
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