Ahead of the Horasis India Meeting held in Athens on 15-16 September, Dr. Frank-Jürgen Richter, the founder and chairman of Horasis, shared his insights with Modern Diplomacy. The meeting, which is co-hosted by the Hellenic-Indian Chamber of Commerce and Economy and the Confederation of Indian Industry (CII), promises to bring together some of the most prominent thought leaders from both countries.
We’ve seen several high-level diplomatic interactions between Greece and India recently, with Modi’s trip to Athens in August 2023 and Mitsotakis’ visit to New Delhi this February. Does this increase in diplomatic activity herald closer ties between the two countries?
Yes, we’ve seen both prime ministers of Greece and India meet twice in the past year, which has sparked a series of strategic and business-level engagements. On the strategic front, the two countries are aligning their geopolitical interests, with India supporting Greece in Mediterranean affairs and Greece backing India’s potential bid for a seat on the United Nations Security Council.
On the other hand, we have Turkey and Pakistan where there is a clear alignment with both countries.
India and Greece are exploring deeper ties, particularly in foreign direct investment (FDI). Indian companies are looking to invest in Greece, while Greek companies, especially in the shipping industry, are also seeking opportunities in India. The Greece-India shipping sector is highly competitive, and there is great potential for collaboration, particularly around Greek ports and Indian trade routes. This growing relationship is progressing on multiple levels.
In what areas do Greece and India’s strategic interests most closely align?
Greece and India align on both strategic and business fronts. On the business side, we’re seeing growing investment opportunities as well. Major Indian companies like TCS (Tata Consultancy Services), Infosys, and Wipro are considering Greece as a hub for their IT delivery centers. Greece, similar to India, has a young, well-educated population eager for employment, making India’s investment in IT a natural fit for fostering economic cooperation.
Mitsotakis has sought to position Greece as ‘India’s gateway to Europe’. What qualities does Greece have that would make it an attractive ‘gateway’ for India? How might India act as a gateway to Asia for Greece?
Most large Indian companies had their European headquarters in London. However, with Brexit, they are now seeking a stronger presence within the European continent.
Greece is competing with other European countries, but it has strong potential to benefit from this shift, positioning itself as an attractive destination for Indian companies looking for new bases in Europe.
The two prime ministers have discussed Greece’s role as a gateway for India, enabling Indian companies to access the broader European market but also to the Middle East and Africa. And this kind of gateway function, I think, is the most discussed approach now.
This explains why the Horasis India meeting has attracted such a high-level delegation of Indian business leaders seeking new opportunities in Greece.
And how might India escape into Asia for Greece? The other way around, of course, India could serve as a gateway for Greek companies into Asia, particularly South Asia and Southeast Asia. Greece could leverage India’s position to expand into neighboring countries like Sri Lanka, Nepal, and even Southeast Asian markets such as Myanmar, using Indian cities like Kolkata as stepping stones. This concept of mutual gateway opportunities is now being actively explored by businesses in both countries.
Many international relations scholars and practitioners have identified India as a rising great power. Do you agree with this assessment and what does it mean for the rest of the world?
I fully agree. India has significant ambitions and growing confidence, especially after years of slower economic growth. It’s clear that India’s time has come, and it is emerging as a global soft power.
This soft power extends to various areas, particularly the movie industry. Bollywood, much like Hollywood, influences global audiences, enhancing India’s cultural reach. This soft power is a key factor in India’s rise.
India is also making significant strides diplomatically, with new think tanks and institutions positioning the country as a major player on the international stage. It’s a kind of renaissance for India. Historically, India was a major power over 150 years ago before British colonization led to its decline. Now, India is reclaiming its position.
As the world’s most populous country, India is undeniably a great power. In the past, we saw the dominance of the U.S., with Russia and then China as counterparts. Today, India is a rising great power.
However, India distinguishes itself by not positioning itself as a counterpart. Instead, it follows a non-alignment philosophy, striving to maintain good relations with all nations. This approach, along with India’s democratic governance, is a significant advantage. While democracy may slow decision-making compared to China’s top-down system, it ensures long-term stability by involving the people. This will bolster India’s continued rise as a global power.
What can attendees expect at this year’s Horasis India meeting in Athens?
This year, we have around 220 speakers participating, with about 60% of them being either from India or Indian professionals living abroad. Many Indian leaders are at the helm of multinational companies due to their high level of education. We also have large Indian corporations, like the Transport Corporation of India, and Apollo Hospitals, India’s largest healthcare chain, represented at the CEO level.
In addition, venture capitalists and private equity leaders will be attending, along with a key political figure—the Minister of Digital Affairs from Tamil Nadu, one of India’s most promising states. Greek representation is equally strong, with top companies such as Eurobank and others participating.
The Greek government is also actively involved, with two ministers and two deputy ministers attending. Our local partner, the Hellenic India Chamber of Commerce, has been instrumental in organizing this summit, creating a dynamic platform for collaboration between the two nations.
How has Horasis helped to foster global cooperation on important economic and social issues since its foundation in 2005?
We started in 2005, initially focusing on China with our first meeting. Over the years, we expanded our scope and now host five meetings annually. We believe strongly in dialogue and global engagement, aiming to break down cultural barriers and foster understanding.
For example, during a meeting in the UAE, we had an Indian minister and a Pakistani minister on the same panel. It was a productive discussion, as both sides discovered more commonalities than differences. These kinds of initiatives help people better understand one another and, ultimately, promote investment and cooperation.
Our approach is rooted in the belief that enhancing economic well-being contributes to peace and reduces the risk of conflict.
What sets Horasis apart from other think tanks with similar areas of focus?
What distinguishes Horasis is our commitment to neutrality. We aim to stay impartial, acting as a platform for dialogue and collaboration. In this sense, we embrace a “Swiss” approach—focusing on neutrality without pushing our own agenda. Instead, we provide a space for our members to voice their thoughts and share their insights with the global community.
Additionally, Horasis is not just a conference organizer. We’re more of a hybrid between event hosting and a think tank. This combination allows us to emphasize the importance of research behind decision-making while actively driving collaboration and initiatives. We’re not just a “Think Tank”—we see ourselves as a “Do Tank,” fostering real-world action.
Our focus is heavily on emerging countries. While many other think tanks concentrate on the U.S. or Europe, we believe the future lies in Asia, Africa, and Latin America. Our global outlook is centered on these regions, as they hold immense potential for shaping the future.
