New Delhi [India], February 21 : Trade volumes between India and Greece have grown from approximately USD 690 million in the financial year 2021 to USD 1,950 million in 2023, said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, in a press statement issued on Wednesday.
Going ahead, the trade numbers are expected to touch USD 5 billion by 2030, said Agrawal, at a time when Greece Prime Minister Kyriakos Mitsotakis is in India.
India-Greece trade surged in post-pandemic years and it more than doubled in the last two years, said the industry body PHDCCI.
India and Greece have strategic advantages in the realm of global interconnectedness. Greece serves as an excellent entry point for India to access Europe, while India acts as a gateway for Europe to tap into the Asian market.
The post-pandemic years have witnessed the resilience of supply chains, leading to a significant increase in trade.
"There are significant complementarities in trade between the two countries, with India exporting primary, semi-finished, and finished goods, and importing mainly primary products, especially energy commodities like mineral fuels and related products," said Sanjeev Agrawal.
The main export items from India to Greece are aluminium and articles thereof, organic chemicals, electrical machinery and equipment and parts thereof, fish and crustaceans, iron and steel, articles of apparel and clothing accessories, plastic and articles thereof, paper and paperboard; other made up textile articles, and coffee, tea, mate and spices, said Agrawal.
The main import items from Greece are mineral fuels, mineral oils and products, aluminium and articles thereof, pulp of wood or of other fibrous cellulosic material, edible fruit and nuts, iron and steel, copper and articles thereof, salt, miscellaneous chemical products, cotton, organic chemicals, he said.
"It is highly appreciable that Indian investments are attracting attention from numerous Greek companies, with various Greek conglomerates expressing interest in engaging in business activities in India. This includes exporting olive oil, olives, wine, cheese, fruits, fruit juice, consumer goods, construction materials, and aluminum products to India," said Sanjeev Agrawal.
Significant investments in Greece have been made by several Indian conglomerates, and it is projected that these investments will serve as a catalyst for further growth in the coming year. The expanding areas of cooperation between the two countries are expected to play a pivotal role in driving this progress, he said.
Going ahead, the future holds a promising outlook for the trade trajectory, as the strengthening of supply chains and the advancement of bilateral economic relations between the two countries are set to propel its growth. Anticipated to double every five years, the trade trajectory will be fueled by the growing people-to-people connections and the reinforced bilateral economic ties, said Agrawal.
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