Crete Anchors India’s Expanding Investment Ties with Greece
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The 2025–2026 Annual Report of the Economic & Commercial Affairs Office (ECA) of New Delhi outlines a year of strengthened institutional and business engagement between Greece and India. Crete stands out as a focal point of India’s growing investment interest, driven by the landmark participation of GMR Airports in the new Heraklion International Airport at Kastelli and the island’s expanding role in logistics, tourism infrastructure and regional connectivity. The report captures India’s robust economic trajectory and highlights the emerging strategic depth of Greece–India relations.
The 2025–2026 Annual Report of the Economic & Commercial Affairs Office of New Delhi provides a comprehensive overview of India’s economic performance and the evolution of Greece–India economic and trade relations. The bilateral relationship strengthened both institutionally and commercially during the period, though it has yet to fully reflect the potential of the two economies—leaving significant room for further expansion.
Greek exports to India remain concentrated in petroleum products, recycling materials, marble, animal feed, pharmaceuticals and selected agri food products. Within the agri food sector, notable presence is maintained by kiwifruit, Corinthian raisins, animal feed preparations and, at a smaller scale, apples, olives, olive oil, feta cheese and bakery products.
Indian exports to Greece display greater sectoral diversification, with strong representation in aluminum, organic chemicals, electrical and mechanical equipment, pharmaceuticals, textiles and other industrial goods. The increase in imports during 2025 widened Greece’s trade deficit once again, underscoring the need for a more balanced bilateral trade structure.
Trade in services remains a critical pillar of Greece–India economic interaction, primarily due to maritime transport. Shipping continues to be the strongest channel of economic engagement, supported by substantial flows and stable cooperation in logistics and transport.
A landmark development in 2026 was the launch of direct air connectivity between Greece and India. IndiGo inaugurated the Mumbai–Athens route on 23 January 2026 and the New Delhi–Athens route on 24 January, with three weekly frequencies per line using Airbus A321XLR aircraft. Through the IndiGo–Aegean cooperation, connectivity from Athens to Thessaloniki and Heraklion has been enhanced, while Aegean has postponed the launch of direct flights to India to 2027.
Bilateral investment relations remain limited in officially recorded flows and stocks, yet they show a clear trend of expansion and greater sectoral diversification. Greek business presence in India is concentrated in industrial products, construction materials, technology and services, while financial linkages are gradually strengthening.
Indian investment presence in Greece demonstrates stronger momentum, expanding beyond traditional investments in services and real estate. The most emblematic project remains GMR Airports’ participation in the development of the new Heraklion International Airport at Kastelli—a strategic infrastructure project for Crete and a flagship example of long term Indian involvement in Greece.
The report notes that official statistics do not fully capture the breadth of Indian business activity in Greece. Indian interest companies or investment entities are already active in airports, food and bakery production, technology, IT, pharmaceuticals and services. At the same time, private investor interest from India in the Greek real estate market is rising, including through the Golden Visa program, with a 37% increase in property purchases by Indian investors during July–August 2024.
Prospects for attracting additional Indian investment are particularly strong in sectors where Greece holds comparative advantages and Indian conglomerates are expanding internationally. High potential sectors include ports and logistics, tourism infrastructure, real estate, energy and renewables, ICT and digital services, life sciences, pharmaceuticals and advanced manufacturing.
The report emphasizes that aligning trade policy with investment and transport strategy could transform Greece—and especially Crete, through its new airport and growing logistics ecosystem—into a European hub for Indian flows of capital, goods, data and energy. Initiatives such as the India AI Impact Summit, the EU–India TTC, India’s potential association with Horizon Europe and the rapid growth of India’s startup ecosystem create fertile ground for joint projects among universities, research centers and companies in AI, quantum technologies, clean tech, digital services and maritime technology.
The 2025–2026 Annual Report concludes that Greece–India relations are entering a new phase of maturity, with Crete emerging as a strategic anchor point in bilateral cooperation across infrastructure, tourism, logistics and investment. The economic dynamism of both countries provides a foundation for a partnership with real depth and long term potential.
