Why Greece aspires to be India’s natural gateway to Europe – How diplomatic and economic channels were opened – The new moves by Titan and Eurobank, the expansion of Aegean’s network, and the chains that are building a network of stores. New Money answers all the questions.
India, one of the world’s fastest-growing economies, is a strategic partner for Greece, offering opportunities in trade, investment, and tourism. With a population of over 1.4 billion and a growing middle class, the country is emerging as a key player in the global economy. Greece, for its part, as a hub in the Eastern Mediterranean and the European Union, can act as a bridge for Indian businesses wishing to penetrate the European market.
Prime Minister Kyriakos Mitsotakis’ trip to India in early 2024, accompanied by over 70 Greek business leaders, marked a new era in bilateral relations, with an emphasis on investment, shipping, technology, and energy.
It was preceded, in August 2023, by the trip of Indian Prime Minister Narendra Modi to Athens. This marked the first visit by an Indian prime minister to Greece in 40 years since Indira Gandhi’s visit in 1983.
The goal was clear at the time: to support the two countries strategic partnership and double bilateral trade by 2030.
Greece’s goals
Since then, contacts between the two countries have become closer, and Athens and New Delhi have strengthened their bilateral relations through important agreements and partnerships.
A year ago, during the 2nd “CII India Europe Business & Sustainability Conclave” in New Delhi, Deputy Foreign Minister Costas Fragogiannis announced the launch of cooperation between the two countries, with an emphasis on shipping and the blue economy.
Similarly, in April 2024, the Chief of the Hellenic National Defence Staff, General Dimitrios Houpis, signed a military cooperation agreement with India, strengthening cooperation in the defense sector.
Furthermore, in March 2024, at the 4th Meeting of the Extroversion Council under the chairmanship of the Secretary General of the Hellenic Transport and Logistics Organization of the Ministry of Foreign Affairs, Maira Myrogianni, recent business missions to countries such as India were discussed, with the aim of strengthening the extroversion of Greek businesses.
Last September, the international conference “Horasis India Meeting 2024” was held in Athens under the auspices of the Confederation of Indian Industry (CII) and in collaboration with the Hellenic-Indian Chamber of Commerce and Economy, which explored the possibilities of closer cooperation between Greece and India in sectors ranging from trade, technology, and tourism to attracting specialized workers and students.
Given this, just a few days ago, the Minister of Foreign Affairs, Giorgos Gerapetritis, during his visit to India, once again emphasized the importance of implementing the India-Middle East-Europe Economic Corridor (IMEC) and further strengthening cooperation between Greece and India in shipping, emphasizing that Greece aspires to be India’s natural gateway to Europe.
Greece seeks to attract Indian investment, especially in sectors such as renewable energy and infrastructure, to become a tourist destination for Indians. At the same time, it wishes to increase its exports to India, mainly in agricultural products and industrial goods.
There is also a particular interest in Greek shipbuilding, as India seeks trade cooperation in the shipping sector. Overall, the prospects for cooperation are particularly promising as both countries seek new trade routes and investment opportunities, strengthening their strategic relationship.
At the same time, the Indian economy continues to show remarkable growth, with forecasts for further strengthening in the coming years. According to the IMF, India is expected to become the fourth-largest economy in the world, surpassing Germany and Japan.
The country’s strong advantage is its middle class, which currently amounts to 31% of the total population. This percentage is expected to increase significantly in the coming years as the country records a stable and strong growth rate.
Titan: Based in India in South Asian markets
Now, it seems that the time has come for the initial intentions to become reality, and with the diplomatic and economic channels having been opened, Greek businesses have taken the lead.
Yesterday, TITAN Group revealed that it is entering the South Asian market through a new joint venture in India focusing on low-carbon construction materials. In collaboration with JAYCEE, a major player in the cementitious materials (SCM) sector, Atlas EcoSolutions Private Limited was established, with TITAN Group holding the majority shareholding. The new company will focus on supplying, processing, marketing, and distributing cementitious materials (SCM) in global markets.
According to executives of the multinational Group, this decision strengthens Titan’s geographical presence and is aligned with the company’s strategic priority to expand its green product portfolio and aim for a carbon-neutral footprint.
At the same time, the new company’s location creates opportunities to meet both domestic and global demand for low-carbon construction materials.
Eurobank’s design
Coincidentally, yesterday, Eurobank CEO, Mr. Fokion Karavias, within the framework of the India-Greece-Cyprus Business Council (IGC) that was officially inaugurated, underlined the role of the financial sector in promoting trade relations, noting that “Eurobank as a regional banking group with a leading presence in both Greece and Cyprus, has as a strategic priority to become a reference point and partner of choice for Indian businesses wishing to operate in the European Union.”
Eurobank’s main shareholder, Fairfax Financial of Indo-Canadian investor Prem Watsa, has a deep knowledge of the Indian market, where it maintains a presence in the insurance and financial sectors, among others, which facilitates the presence of the Greek banking group in the country.
As part of what was agreed in the 2024 business mission, Eurobank plans to create a tech hub in India in collaboration with the multinational IT services and consulting solutions group LTI Mindtree, headquartered in Mumbai. The Indian group is a subsidiary of the Larsen & Toubro group, employs more than 86,000 employees, and serves over 700 customers in more than 40 countries.
Aegean is preparing for India
The planned expansion of Aegean’s network to longer-distance destinations, including India, will naturally bring the two markets closer. The airline has ordered four Airbus A321 neo-LR aircraft, an upgraded version of the A321neo capable of longer-range flights lasting four to seven and a half hours.
Two months ago, the company’s president, Eftychios Vassilakis, stated at the annual conference of the Hellenic Airlines Association (SETE) that by the end of 2026, Aegean will be flying to the South Asian country.
It is not excluded that this will happen earlier if certain initiatives of the company come to fruition and conditions allow. In any case, Aegean, with these new aircraft, will be able to cover existing destinations in the Gulf region (Riyadh, Jeddah, Dubai), possible new additions to the region (e.g., Bahrain, Doha, Oman) as well as new potential destinations in Central Africa (e.g. Lagos, Nairobi, Addis Ababa) or even in Asia with the possibility of covering destinations such as Delhi and Mumbai or Almaty in Kazakhstan.
Coffee Island and Mikel build a network of stores
A few days ago, the well-known coffee chain Coffee Island opened its first store in the country, in the city of Gurgaon, one of the country’s largest business and technological centers. This move is a joint project with master franchisee Pratyush Kumar Sureka, owner of the company Vita Nova, who has the rights to develop the brand in India. The goal is to create a network of 20 stores by 2025 in major cities (Delhi, Mumbai, Bangalore, Hyderabad, etc.).
Correspondingly, Mikel Coffee signed a master franchise agreement with Greko India, and the goal is for its first store in the country to operate in the spring in New Delhi. Three stores will have opened by the end of 2025, and another five will open in 2026.
In the near future, the plans of other Greek companies that plan to gain a presence in the country will be made known, where groups such as Goldair (present at Nagpur, Bagdogra, and Udaipur airports), Alumil (has exhibition spaces and a trading company), ST Bakery Foods, etc. are already present.
Accordingly, Taizun Korakiwala’s Switz Group has been steadily investing in our country for the last eight years, making a series of acquisitions.
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