Egypt, Greece, Cyprus establish joint business council

The business chambers of Egypt, Greece, and Cyprus on Thursday signed a cooperation protocol to establish a joint business council. The agreement was formalised on the sidelines of the Egypt-Greece-Cyprus Business Forum, held at the headquarters of the Federation of Egyptian Chambers of Commerce in Cairo. The initiative aims to strengthen collaboration and boost trade and investment among the three nations.

Dr. Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, highlighted the importance of the summit, held in Cairo on Wednesday between Egyptian, Cypriot and Greek leaders, in addressing increasing regional and international challenges. She underscored the value of unified efforts and coordinated policies, stating, “Over the past years, the trilateral partnership between Egypt, Greece, and Cyprus has proven to be a cornerstone for achieving security, stability, and sustainable development in the region.”

Dr. Al-Mashat noted that the joint communique of the summit outlines promising prospects for closer cooperation across various sectors, including trade, investment, energy, and water security. She emphasised Egypt’s ambitious initiatives in diversifying water resources, preserving existing supplies, and expanding renewable energy projects.

The minister also stressed the importance of continuing joint projects, particularly in renewable energy and electricity, which she said benefit not only the three nations but also enhance energy security across Europe and the Middle East.

Dr. Al-Mashat highlighted the pivotal role of the private sector in driving sustainable economic growth. She pointed to Egypt’s ongoing efforts to strengthen partnerships with private entities in implementing major strategic and developmental projects. These initiatives are part of the country’s broader goal of creating an attractive investment environment, aligned with its national development agenda, investment plan, and Vision 2030.

Serious steps have been taken to facilitate private sector participation in key areas such as renewable energy, transport, and manufacturing, Dr. Al-Mashat explained. These efforts aim to boost Egypt’s economic competitiveness, generate job opportunities for youth, and open new avenues for cooperation with friendly nations like Greece and Cyprus.

Dr. Al-Mashat also highlighted the importance of concessional financing, revealing that Egypt secured $4.2 billion in such funding for local and foreign private sectors in 2023, the highest level since 2020. This reflects the region’s potential despite prevailing challenges. She stressed that investment guarantees provided by the European Union and multilateral institutions could further increase funding for priority projects in Egypt, benefitting both the nation and its European partners.

The joint council is expected to serve as a platform for fostering economic growth and strengthening ties among Egypt, Greece, and Cyprus, while opening doors for broader international collaboration.

Attribution: Amwal Al Ghad English