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Indo-Greek bilateral trade to double by 2010
New Delhi, January 14, 2008
Kamal Nath, Union Minister of Commerce and Industry, has
stated that bilateral trade in the services sector holds great
promise, as India is emerging as a global services provider
especially in the information technology and software sector.
While addressing at the Luncheon Meeting with the Prime
Minister of Greece, Mr. Kostas Karamanlis, here today, the
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, he added. The Foreign Affairs Minister of Greece,
senior officials from both the sides besides a business
delegation was present on the occasion.
The Minister mentioned about the agreement on Cooperation in
Science & Technology signed during the visit of the President
of India to Greece in April 2007 and hoped that it will
provide a basis for greater engagement in innovative areas and
lay the foundation for enhanced cooperation.
During the meeting, the 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.
Kamal Nath observed that both governments have a crucial role
to play in bringing together businesses. “Our commitment is to
provide a positive business environment to foster the
bilateral trading relationship. The effort made by the
industry associations on both sides to enhance the levels of
contacts among businesses is heartening and they deserve to be
congratulated for their efforts”, he further stated.
The 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.
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