Factors are responsible for strengthening the relationship between Greece and India

Source: The post factors are responsible for strengthening the relationship between Greece and India has been created, based on the article “Greece’s gateway to Asia, India’s gateway to Europe” published in “The Hindu” on 20th February 2024.

UPSC Syllabus Topic: GS Paper 2-International Relations-Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

News: The article discusses the strengthening relationship between Greece and India. Greek Prime Minister Mitsotakis is visiting India to deepen ties in various areas. Both countries see each other as important strategic partners, with cooperation in business, military, and culture. This partnership is becoming increasingly important globally. Relationship between India and Greece

What factors are responsible for strengthening the relationship between Greece and India?

Strategic Geographic Positions: Both India and Greece are situated in key geopolitical locations, making each country an important strategic partner for the other in their respective regions.

Military Cooperation: Joint military exercises between the Indian Navy and Air Force and the Greek armed forces demonstrate growing strategic and defense collaboration.

Economic and Infrastructure Development: Economic reforms in Greece, combined with the potential India-Middle East-Europe Economic Corridor (IMEC), open new avenues for business collaborations.

For information on IMEC read here

Advocacy for Broader Relations: Greece’s support for the EU-India Bilateral Trade and Investment Agreement and its role as a reliable partner in the EU and NATO, strengthen its relationship with India.

Interconnected Regional Stability: The security of the East Mediterranean and the Indian Ocean regions are interlinked, emphasizing the importance of the Greece-India partnership in global stability.

Cultural and Educational Exchanges: Efforts to enhance people-to-people ties through student exchange programs, cultural events, and media cooperation play a vital role in deepening mutual understanding and respect.

What business opportunities are emerging?

Infrastructure Projects: An Indian construction company is collaborating with a Greek firm to build a new airport on the island of Crete, showcasing cross-border infrastructure cooperation.

Banking and Finance: A major systemic bank in Greece has partnered with a prominent Indian financial institution to sell mutual fund products globally, indicating a growing financial relationship.

Investment by Business Leaders: Notable investments include those by an Indian business family in the Greek food industry, demonstrating the potential for cross-industry investment.

Shipping Industry Expansion: An Indian shipping company has opened a brokerage firm in Athens, aiming to become a key player in the trans-Atlantic shipping market, highlighting opportunities in maritime trade.

Support from Influential Investors: Indian-Canadian billionaire Prem Watsa, a major foreign investor in Greece, endorses the potential of Greek-Indian business cooperation, emphasizing the investment appeal of both countries.

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Way forward

Moving forward, Greece and India should focus on expanding their strategic partnership, emphasizing business collaborations like infrastructure projects and financial sector ties. It’s crucial to boost people-to-people connections through more student exchanges, cultural events, and media collaboration. Think tanks should collaborate for deeper understanding. This approach aligns with the urgency shown by both countries’ leaders, marking 2024 as a pivotal year for their strategic relationship.

Question for practice:

Examine the key factors driving the strengthening relationship between Greece and India, and their significance in enhancing bilateral cooperation.