Kostas said that with agreements for Protection and Promotion of Investments and Scientific and Technological Cooperation in place, institutional frameworks are getting firmly established between the two countries, he said. The countries are targeting doubling bilateral trade to one billion euros by 2010.
Friday, January 11, 2008 New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, has stated that bilateral trade in the services sector holds great promise,Minister stated that bilateral investment flows have seen an uptrend and major Indian IT companies like Infosys, TCS already have a presence in Greece. Similarly, Greek companies such as Eurodyn, Pisani Group MJ Mailis, have invested in India.PIB press release further adds.
During the Luncheon meeting ,Prime Minister of Greece, stated that, “our bilateral trade volume keeps up a steady growth. Nevertheless, we firmly believe that it remains beneath the two countries potential and can be further developed and diversified. The target to double the volume of our bilateral trade by 2010, seems attainable and viable”. He added that Greek economy is being transformed into a more dynamic, more open and more competitive economy….And as a result, FDI in Greece has reached 4.3 billion in 2006, nine times higher than in 2005…. Greece is a safe market with modern infrastructure in the fields of combined transportation, telecommunications and a complete legal framework which offers incentives, such as tax or grant exemptions for attracting foreign investors. He drew the attention of the gathering and said that Greek products with good export potential to the Indian market are machinery, lubricants, tobacco, pharmaceuticals, cosmetics, packaging and construction materials, processed food and beverages, clothing, informatics and services.
Commerce Minister stated that the current visit of the Greek Prime Minister with a strong business delegation could help both sides in building upon the strong bilateral relationship that exits. He said that during the visit of the Indian President to Greece, a commitment was made by both sides to double trade between the two countries to reach and exceed 1 billion Euros by 2010. “A large potential exists and both sides have to actively undertake measures to realise this potential. Bilateral trade between the two countries has shown a robust growth during the last two years”, he added.
“We consider that institutional framework between India and Greece needs to be completed. Priority should be given to the conclusion of the agreement on Air Transport Services,” Greek Prime Minister Kostas Karamanlis said at another meeting organised by apex industry chambers at New Delhi on Friday.
Establishment of a direct air connection between Greece and India would contribute in increasing tourist exchange between the two nations, he said.
Signing of the revised Double Taxation Avoidance Agreement also needs to be prioritised as it would encourage investment flows, he added.
Inviting Indian companies to use Greece as a gateway to the markets of Europe, eastern Mediterranean and the Middle East, Karamanlis said there is great potential to explore partnerships in areas of tourism, renewable energy, shipping and agriculture.
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