MOU signed between Greek Indian Business Association (GIBA) and Indian Economic Trade Organization (IETO)

An IETO Delegation will visit Greece in 2020 to enhance cooperation in trade, tourism and investment

A Memorandum of Understanding (MΟU) was signed between the Greek Indian Business Association (GIBA) and the Indian Economic Trade Organization (IETO)  to mark the beginning of their collaboration on several key projects.

The Indian Economic Trade Organization is an independent, non-governmental organization based in Bangalore, India, that engages political, business, cultural and other corporate leaders of society to shape various local, regional and international commercial and economic activities. Read more about IETO

This MOU is a very positive development since it will help to enhance business cooperation, trade and investment in areas such as tourism, shipping, manufacturing and infrastructure. The agreement would also help to strengthen the cultural and academic relations between the corporate members of the two organizations in India and Greece.

Under this agreement, the parties are to exchange information and provide mutual support for the benefit of their members and clients and thus contribute to the economic development of both Greek and Indian societies.

In addition, the MOU seeks to encourage each party to exert its influence for the promotion of commercial and industrial partnership between Greek and Indian companies and support foreign direct investment (FDI) from its nationals to the other country.

Another clause of the MOU stipulates that the parties will coordinate to joint research and training programs and to help empower women entrepreneurs in particular.

The MOU also includes a commitment for assisting each other in organizing fairs, seminars and business missions, and co-operation in creating awareness on the investment environment, policies and regulations.

Each party is to provide the other with available and relevant information on initiatives with the purpose of increasing business for Greek and Indian companies in each other’s markets.

The MOU between the two parties was signed by GIBA President Dr. Dimitrios Vassiliadis and IETO President Dr. Asif Iqbal and came into effect on November 4th, 2019.