Why the Middle East Crisis Shouldn’t Disrupt the India-Middle East Economic Corridor: Insights from the Greek Foreign Minister

Greece strongly supports the India Middle East Economic Corridor (IMEC), calling it a “project for peace.” Foreign Minister George Gerapetritis pointed out that planning for the project has faced delays since its launch in September 2023 due to ongoing conflicts in the Middle East, especially the Israel-Gaza war. During his visit to Delhi for Foreign Office Consultations, he mentioned plans to open two new consulates in Mumbai and Bengaluru, aiming to boost trade and investment with India.

In a conversation, Gerapetritis emphasized the importance of Greece and India’s relationship, celebrating 75 years of diplomatic ties this year. He will meet Indian External Affairs Minister Dr. S. Jaishankar to explore opportunities in areas like maritime security, trade, culture, and tourism. Both nations are seen as pillars of stability in their regions, with Greece being the oldest democracy and India the largest.

Despite current trade between India and Greece sitting at about $1.9 billion, there’s potential for much more. Gerapetritis highlighted key areas for growth, such as construction materials, food, beverages, and renewable energy. He expressed optimism about doubling trade by 2030, especially with the establishment of a Free Trade Agreement between India and the EU, which should boost economic cooperation further.

The ongoing Israel-Gaza conflict has impacted IMEC’s progress. However, Greece believes that this corridor is vital not only for economics but also for peace and stability in the region. Gerapetritis remains hopeful that despite the current challenges, collaboration among participating countries will prevail to realize this vision.

Connectivity is another focus. Currently, there are no direct flights between Greece and India, but the recent Air Services Agreement aims to change this. Gerapetritis is optimistic about future direct flights, which would greatly enhance people-to-people connections and strengthen economic ties.

On the topic of port investments, Greece is open to discussions with Indian companies, particularly as it seeks to modernize its ports. Strategic locations like Kavala and Volos are seen as crucial hubs connecting Europe with the Middle East and beyond.

Migration is a pressing issue for Greece, which is at the forefront of managing this challenge. Gerapetritis noted efforts to improve conditions for migrants while also addressing illegal migration. The new agreement between Greece and India on Migration and Mobility aims to facilitate legal migration pathways and support tourism, education, and business exchanges.

As Greece holds a position on the UN Security Council, it’s focusing on several priorities, including climate change and maritime security. Gerapetritis has been actively engaging with Middle Eastern leaders to foster peace and stability in the region while advocating for a just resolution to the ongoing Ukraine conflict. Greece aims to bridge divides and uphold international law, contributing to global security in these turbulent times.

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