This article sets out trade and investment links between India and Greece: the bilateral trade figure for 2022-23, the structure of trade in each direction, Indian investments in Greece, and the Joint Economic Committee. It is based on the Ministry of External Affairs (MEA) bilateral brief on India-Greece relations, an undated document whose latest entries refer to 2024 and February 2025. Figures are as the brief gives them.

Trade in 2022-23

According to the MEA brief, citing Department of Commerce figures, India-Greece bilateral trade in FY 2022-23 was US$ 1943.62 million, which the brief rounds to approximately US $2 billion. Indian exports were US$ 785.72 million, while imports from Greece were US$ 1157.90 million.

The trade values come from India's Department of Commerce, while the product shares below come from the Hellenic Statistical Authority, so the two sets of figures are drawn from different sources.

Structure of trade

The brief reviews the top five export and import products, using data from the Hellenic Statistical Authority, as an indication of the structure of trade. The shares below are as the brief gives them.

Indian exports to Greece:

  • non-alloyed aluminium and alloyed aluminium: 36.06% (33.58% and 2.48%)
  • shrimps and molluscs: 4.95% (3.29% and 1.66%)
  • electrical components and equipment: 2.61%
  • aluminium alloys: 2.48%
  • salts and nucleic acids: 2.15%

Indian imports from Greece:

  • petroleum oils and oils from bituminous minerals: 36.77%
  • aluminium waste and scrap, and aluminium foil: 10.73% (8.02% and 2.71%)
  • paper or paperboard, and unbleached paper or paperboard: 7.73% (4.70% and 3.03%)
  • ferrous waste and scrap: 4.59%
  • medicaments: 2.71%

Indian investment in Greece

The brief names several flagship business partnerships and investments by Indian companies in Greece:

  • GMR Airports Ltd. has entered into a Euro 850 million joint venture with the Greek company GEK-Terna for the construction and operation, under a 30-year concession, of a new international airport at Kasteli on the island of Crete.
  • United Phosphorous Limited has opened a Greek subsidiary, UPS Hellas, which the brief says plays a dominant role in the Greek domestic market for plant protection products, fertiliser and bio-solutions.
  • The Dubai-based SWITZ group, owned by Indian businessman T. Khorakiwala, has invested US$ 600 million in various bakery companies in Greece.
  • UTI India has entered into a partnership with Euro Bank Greece to sell two of its international mutual fund products.

Joint Economic Committee

The 8th Session of the Joint Economic Committee (JEC) was co-chaired in Athens on April 15, 2022 by Minister of State for Commerce and Industry Mrs. Anupriya Patel and Deputy Minister for Foreign Affairs of the Hellenic Republic Mr. Konstantinos Fragkogiannis.

The brief's annexure lists all eight sessions:

  • 1st JEC, October 1986, New Delhi: Mr. Prem Kumar, Commerce Secretary, and Mr. George Kandalepas, Secretary General, International Economic Relations
  • 2nd JEC, June 1995, Athens: Mr. Tejandra Khanna, Secretary, Ministry of Commerce, and Mr. George Kandalepas
  • 3rd JEC, October 1996, New Delhi: Mr. Tejandra Khanna and Mr. Nicolaos Zachariadis, General Secretary, Ministry of National Economy
  • 4th JEC, July 1999, Athens: Mr. P.P. Prabhu, Commerce Secretary, and Mr. Stefanos Avgouleas, Secretary General for International Economic Relations
  • 5th JEC, November 2007, New Delhi: Mr. O.P. Arya, Additional Secretary, Department of Commerce, and Amb. P.D. Mantzouranis, Director General for Economic Relations
  • 6th JEC, March 2011, Athens: Mr. Jyotiraditya Scindia, MoS (C&I), and Mr. Spyros Kouvelis, Deputy Foreign Minister
  • 7th JEC, November 2016, New Delhi: Ms. Rita Tiotia, Commerce Secretary, and Mr. George Katrougalos, Alternate Foreign Minister
  • 8th JEC, April 2022, Athens: Ms. Anupriya Patel, MoS (C&I), and Mr. Konstantinos Fragkogiannis, Deputy Foreign Minister

The Strategic Partnership announced in August 2023, described in the relations article of this guide, includes enhanced cooperation in the economic field.