We have been very positive towards India on political issues and fully support India's participation in the United Nation's Security Council,” Yannis-Alexis Zepos, Ambassador of Greece to India, told The Financial Express.

Economically, 11 million strong Greece is among the 30 top wealthiest countries in the world. According to the recent classification of the United Nations Index of Human Prosperity and Growth, Greece holds the 25th position in the world. Greece possesses 16 per cent of the globalcommercial fleet.

Materialistic Greece has retained its spiritually distinct identity as a culture worthy of emulation: The Greeks have kept Americanism at bay.

With the establishment of the Athenian democracy in 508 BC, Greece gave birth to the unique notion of democracy that humanity has ever known. The participation in the common affairs, the idea of equality and freedom have rendered the democratic norms and institutions universally distinguished,” a Hellenic Foreign Trade Board brochure proudly proclaims.

Even so, the ground reality vis-a-vis India, in terms of economic and commercial links between the two ancient civilisations, is unworthy of emulation. According to a paper prepared by the Confederation of Indian Industry (CII), Greece accounts for less than 0.1 per cent of the total foreign collaborations approved by the government of India.

During 1981-1994, Indo-Greek industrial collaborations were only three and Greek investment in India was barely Rs 11.76 lakh;only two joint venture proposals worth Rs 6 million were approved by the Indian government in 1995. The only Indian joint venture in Greece is Mahindra-Hellas SA, established in 1984 for manufacture of jeeps.

The product is not doing well in Greece because of changes in local laws and they are exporting their products and diversifying into producing tractors”, the CII paper states.

There is not a single Indian restaurant in Greece. Nonetheless, belatedly though, positive signals are emanating from Athens. Alert to business opportunities worldwide, the Greeks, a nation of seafarers, are looking at India afresh, from the viewpoint of a market for their products. The Embassy of Greece in New Delhi will open a commercial wing this month. Greek companies have started probing the Indian market for joint venture partners, investment outlets and commercial possibilities. Pragmatic Athens is planning to carry on the Greek interest in India to its logical conclusion. Come November 1999, and the Greekprime minister will arrive in New Delhi with top businessmen and industrialists in tow.

Excerpts:

India and Greece are ancient civilisations and have no known differences in the arena of international politics. In fact, the two governments have been actively cooperating on various international issues. Yet, economic cooperation is at a pathetically low level. Why is it so? What initiatives have Athens and New Delhi taken to enhance the level of economic cooperation?

My Indian friends tell me that they get pleasant warmth and friendship in Greece that surprise them. I believe an inexplicable chemistry has been working between Indians and Greeks for a very long time at the cultural, political and human level. We have the same wave-length on all sorts of global issues. The only thing we need to do is to translate it into business and economic cooperation.

Why has it not happened so far?

I think, one can find an explanation in the distance and the size of Greek companies. We havefew large companies. Most of our enterprises are small or medium sized. If you are of medium size, the choice you make has to be very precise. You cannot afford to make mistakes.

The Arab world has been the basic Greek market for many years. Since the break-up of the Soviet Union, the Balkan market has emerged for Greek enterprises. It has easy access, an EU dimension. It is an obvious market and aggressive Greek businessmen have successfully penetrated it. We are among the top three investors in the Balkans.

Greeks have also reached the Caucasus region and have made important investments in Armenia and Georgia. Now, we have decided to move into Asia.

We have selected India as the base to penetrate the Asian market. Our Prime Minister's official visit to New Delhi from November 23 to 27, 1999 will provide the impetus. Top Greek businessmen will be coming along with the Prime Minister. The Confederation of Indian Industry (CII) will provide the support. I am confident business-to-business meetings willresult in the formation of a number of joint ventures.

What are Greece's objectives for the Indian market as well as short, medium and long term strategies?

We are definitely interested in the Indian market. In the movement towards Asia, India will be the base for Greek companies. We have a very little presence in China. Our strategy, built up in the past five years, is now closing in to deliver results. Initially, we just want to be present in the Indian market. Our companies have to find the right partners. We are very clear on one point. We will come only in areas where India is interested. The project should be interesting to both sides; where we have the technology and the expertise.

How do you assess the Indian market? Can you identify the negative and positive factors that in your opinion will encourage or discourage Greek companies from choosing India as an investment destination?

It is too early to assess the Indian market for Greek products. I cannot give an opinion at thisstage. However, we have decided to open our commercial office at the Embassy this month, staffed by three Greek officers, on the assumption that India is our next stop. It comes naturally, and goes along with the idea that India is our next target. Greek businessmen have heard from their European contacts that Indian business is not going to be a quick buck business. The Indian government does take decisions in specific fields. It would, I feel and hear, make life easier if implementation speeds up. I definitely believe there is a lot of potential in this country. Undoubtedly, it is a big market. But one should not commit the mistake of thinking it is a ready market. It is a special market. Indian people will not switch over to Western trends and products overnight.

Indians work at their own speed. They will continue to do so. India has a long-standing tradition of opening very slowly. One should follow the trends and work with reality of India, that is, not only, how government reacts but how, peoplereact. It is not merely a matter of pricing your product right.

What is the image of India in Greece?

India's image in Greece is of a very big, developing country with an immense population. The Greeks respect India for its political structure, history and culture, for what it stands for. The fact is India has been moving along a custom-built road. The Greeks respect this and will try to find a niche in the market as it develops. Greeks believe this is a country of the future. It is a cautious market nonetheless, though I am not going to project myself as a Protestant missionary. You do not have all good Greek companies and all bad Indian companies. We have been positive towards India on political issues. We fully support India's participation in the Security Council.

Greece is a powerful shipping nation. Here too, the cooperation with India is at a very low level? Your comments, please.

In terms of ownership of the commercial fleet, Greece is the first nation in the world and third inflag. In the past few years, Indian authorities have been giving preference to Indian ships for transportation of cargo. I feel they should relook at Greek shipping capabilities and examine ways and means to increase Greece's share in carrying Indian cargo.