India, Greece & Cyprus Business & Investment Council launched in Greece | strengthening economic and business ties between the three countries
On May 14, 2025, the second India-Greece-Cyprus Business & Investment Council (IGC) took place at the Headquarters of the Hellenic Federation of Enterprises (SEV) in Athens, Greece, following the inaugural event that took place on 13 February 2025 in Mumbai.
At the event, GIBA was represented by the Public Relations Director and Member of the Board of Directors, Mr. James Mimikos.
This important initiative by Eurobank, with the participation of SEV, and the Indian Chamber of Commerce (ICC) constitutes a substantial step towards strengthening economic and business ties between the three countries.
Mr. Fokion Karavias, Eurobank CEO, introduced the bank’s commitment to developing business in India, primarily in four corridors to begin with: Logistics and FDI; Data Centers; Business Promotion/Networks; and Efficient movement of people (scheduled flights). Eurobank, a major Greek bank, has been expanding its presence in India through partnerships, initiatives, and a planned representative office. Eurobank aims to strengthen economic and investment ties between India and Greece/Cyprus, particularly by connecting Indian businesses with European markets.
Indian Ambassador to Greece, Mr. Rudendra Tandon, welcomed the IGC initiative and emphasized that the political will is expressed by all three countries, and now it must move into creating business.
Cyprus Ambassador to Greece, Mr. Stavros Avgoustides emphasized that the trilateral cooperation of IGC creates a commercial corridor.
Deputy Minister of Foreign Affairs Mr. Anastasios Chatzivasileiou stated that commercial ties between the three countries will increase trade, investment and create strategic partnerships. Greece and Cyprus are gateways for India into the EU.
A Panel Discussion on IGC Council Vision and Business/Investment Opportunities included:
Dr. Rajeev Singh, Director General, ICC: said that his organization helps Indian companies that want to enter the global market. He also emphasized that Greece and Cyprus are seen in India as natural gateways into Europe.
Mr. Sanjay Tugnait, President and CEO Fairfax Digital & Member of the Cyprus-India Business Association. He emphasized that democracy is Greece’s #1 export and India took its democracy from Greece. He said that Eurobank is a digital payments leader and this will help Indian companies expand into the Europe through Greece and Cyprus. He said that cooperation will include tourism and maritime defense e.g., drones.
Ms. Rania Ekaterinari, President of the Executive Committee and Vice-President of the Board, Hellenic Federation of Enterprises. She mentioned several areas for cooperation to include defense and drones; AI platforms, hi-tech manufacturing to solve housing problems in India; all this and more provide enormous potential.
Mr. Marinos Giannopoulos, CEO, Enterprise Greece said that more collaboration is needed, and that Enterprise Greece is there to assist in coordination with the ICC.
Mr. Eleftherios Vlachogiannis, AGM, Head of Transaction Banking, Eurobank. He said that collaboration is the new competition in the world and that Eurobank finance is there to assist.
This first panel was moderated by Mr. F. Karzis, Journalist
A second panel consisted of specific companies active in Greece and India including construction of the Crete Airport with Terna; Aegean Airlines set to start direct flights late 2026 or early 2027; coffee expansion franchise from Greece into India; and finally, Eurobanks presence in India today.