A Memorandum of Understanding (MΟU) was signed between the Greek Indian Business Association (GIBA) and Federation of Worldwide Chambers of Exporters and Importers (Fowcham) to mark the beginning of their collaboration on several key projects.
The Greek Indian Business Association (GIBA) is established in Athens (Greece) with the support of Indo – Hellenic Society for Cultural and Development (ELINEPA) is a member driven non-profit organization that fosters knowledge – Sharing and Networking among Greek and Indian Businessmen and investors. GIBA and FOWCHAM are dedicated to encourage the development Greek Indian relations by providing cross – border legal and professional facilities to interested entrepreneurs.
This MOU is a very positive development since it will help to enhance business cooperation, trade and investment in areas such as Export – Import - Tourism Shipping – Manufacturing. The agreement would also help to strengthen the cultural and academic relations between the corporate members of the two organizations in India and Greece.
Under this agreement, both GIBA and FOWCHAM are to exchange information and provide mutual support for the benefit of their members and clients and thus contribute to the economic development of both Greek and Indian societies. In addition, the MOU seeks to encourage each party to exert its influence for the promotion of commercial and industrial partnership between Greek and Indian companies and support foreign direct investment (FDI) from its nationals to the other country.
Another clause of the MOU stipulates that the parties will coordinate to joint research and training programs and to help empower women entrepreneurs in particular.
The MOU also includes a commitment for assisting each other in organizing fairs, seminars and business missions, and co-operation in creating awareness on the investment environment, policies and regulations.
Each party is to provide the other with available and relevant information on initiatives with the purpose of increasing business for Greek and Indian companies in each other’s markets.
The MOU between the two parties was signed by GIBA President Dr. Dimitrios Vassiliadis and FOWCHAM chairman Mr. Sanjeev Upadhyay and came into effect on January 10,2020.