Eurobank has announced that the India-Greece-Cyprus (IGC) Business & Investment Council was officially launched on Thursday at the Taj Mahal Palace in Mumbai.

The announcement mentioned that this marks “a significant milestone in strengthening the economic ties between the three nations”.

It added that this “landmark initiative” follows the signing of a Memorandum of Understanding (MoU) between Eurobank S.A. and the Indian Chamber of Commerce (ICC) in September 2024.

The event was attended by representatives of the ambassadors of Greece and Cyprus in India, as well as various business leaders, including Abhyuday Jindal, President, ICC & Managing Director, Jindal Stainless Ltd. and Eurobank S.A. CEO Fokion Karavias.

The announcement stated that the newly launched IGC Business & Investment Council “aims to accelerate trade, investment, and strategic cooperation across diverse sectors“.

These sectors include infrastructure, shipping, technology, financial services, and SMEs.

Moreover, it seeks to “create a robust platform for companies from all three countries to work together and thrive“.

“With India emerging as a global economic powerhouse and Greece and Cyprus serving as strategic gateways to Europe, the IGC Business & Investment Council will promote structured engagement through trade missions, policy dialogues, and investment facilitation,” the announcement said.

“The initiative is also in line with India’s expanding global footprint and commitment to fostering deeper international partnerships,” it added.

In his address, Jindal highlighted the strategic importance of the council, saying that “this partnership is a testament to the shared vision of India, Greece, and Cyprus in fostering economic growth and strengthening bilateral trade relations”.

“The IGC Business & Investment Council will act as a catalyst for unlocking new business opportunities, particularly in sectors such as infrastructure, technology, renewable energy, and shipping, where our nations have immense potential to collaborate,” Jindal added.

On his part, Karavias underlined the financial sector’s role in fostering trade relations.

“At Eurobank, as a regional banking group with a leading presence in both Greece and Cyprus, our strategic priority is to become a hub for businesses opening-up to the European market,” he said.

“Through this initiative, we aim to provide the necessary financial expertise and become the partner of choice for companies looking to establish a presence in the EU,” Karavias added.

Furthermore, the Eurobank CEO said that “the potential for cross-border investment between India, Greece and Cyprus is vast and the IGC Business Council can play a crucial role in bridging the gap between investors and opportunities”.

In its announcement, the bank further stated that the “launch of the IGC & Investment Business Council comes at a time when India’s trade with Greece and Cyprus is experiencing significant growth, driven by increasing investment and policy cooperation”.

“The partnership between Eurobank S.A. and the Indian Chamber of Commerce further consolidates the momentum by enabling structured financial cooperation and investment facilitation for businesses in the three countries,” it added.

Moreover, it was mentioned that the IGC Business & Investment Council “will focus on promoting sustainable economic growth in line with global priorities such as digital transformation, climate-smart investments, and resilient trade ecosystems”.

The initiative, the announcement explained, will also support SMEs and emerging businesses, “ensuring that enterprises of all sizes benefit from the enhanced economic corridor between the three countries“.

In terms of the future, the bank said that “the IGC Business & Investment Council will now embark on its first set of strategic initiatives”.

These include trade delegations, business matchmaking forums, and knowledge sharing platforms.

In turn, these actions will seek to “ensure that businesses across India, Greece, and Cyprus can maximise the benefits of this collaboration”.