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Indian Prime Minister Narendra Modi waits to receive Greece Prime Minister Kyriakos Mitsotakis, for a delegation level meeting, in New Delhi, India, on Feb. 21, 2024. [Manish Swarup/AP]
India is exploring strategic investments in Greece, targeting defense industries, ports, tourism, and potential labor agreements, as part of its broader effort to strengthen its presence in Europe.
New Delhi has shown interest in investing in Greece’s defense sector, particularly the Hellenic Aerospace Industry (EAB) and Hellenic Defense Systems (EAS). This aligns with broader European defense rearmament trends, and follows Athens’ recent strategic partnerships with countries like Israel.
Indian defense firms have expressed preliminary interest, while military cooperation between the two nations has intensified in recent years.
Beyond defense, India is focusing on Greek ports and tourism. The port of Thessaloniki has emerged as a strategic alternative to Piraeus, particularly in the context of the India-Middle East-Europe Economic Corridor (IMEC), supported by the US, which seeks to limit China’s influence in European infrastructure.
The effort to acquire a foothold in Greece is not solely based on geopolitical analogies between India-Pakistan and Greece-Turkey, but on a broader strategic calculus.
On the US side, the Development Finance Corporation (DFC) has increased its involvement in Greece, investing $125 million in the Elefsina shipyard through ONEX, and showing interest in the port of Volos and a freight center in Thriasio. The DFC has also expressed readiness to support the now-suspended Great Sea Interconnector electricity project.
In the private sector, the India-Greece-Cyprus Business Council has been active since late 2024, based on an MoU signed between Eurobank and the Indian Chamber of Commerce. Greece is also discussing a potential bilateral labor agreement with India, modeled after the seasonal farm worker deal with Egypt. While discussions are ongoing, no concrete results have yet been achieved.
A cross-party delegation of Indian MPs is expected in Athens this week, to reinforce bilateral ties as Greek-Indian political relations remain excellent, as confirmed by reciprocal visits between Prime Ministers Kyriakos Mitsotakis and Narendra Modi.
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