Updated February 22nd, 2024 at 23:34 IST

India-Greece trade expected to touch $5 billion by 2030: PHD Chamber

India and Greece have strategic advantages in the realm of global interconnectedness.

Reported by: Business Desk
PM Modi, his Greek counterpart Mitsitakis. | Image:X
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Go Greece: The trade between India and Greece has surged in post-pandemic years, while the trade trajectory more than doubled in the last two years, says industry body PHDCCI. 

In a communique, the Chamber said, India and Greece have strategic advantages in the realm of global interconnectedness, adding that 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. 

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“The post-pandemic years have witnessed the resilience of supply chains, leading to a significant increase in trade. The trade between the two nations has grown from approximately $690 million in FY 2021 to $1950 million in FY 2023,” said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry in a press statement.

Going ahead, trade trajectory is expected to touch $5 billion by 2030, said Agrawal.

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“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,” the PHDCCI President added.

Core exports 

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 Agrawal.

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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, the PHDCCI President said.

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Published February 22nd, 2024 at 23:34 IST