Egypt, Cyprus, Greece Unite for business council

CAIRO – 9 January 2025: The Chambers of Commerce of Egypt, Greece, and Cyprus have formalized their collaboration by signing a cooperation protocol to establish a joint business council. This initiative is aimed at bolstering trilateral cooperation, enhancing trade exchange, and encouraging joint investments among the three nations.

The signing took place during the Egyptian-Greek-Cypriot Business Forum, hosted at the Egyptian Federation of Chambers of Commerce, in conjunction with the 10th Trilateral Cooperation Summit between the three countries.

Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasized that the partnership has become a cornerstone for fostering security, stability, and sustainable development in the region. She noted that this collaboration spans various sectors, including energy, natural resource management, trade, and cultural and environmental initiatives.

The minister highlighted the promising opportunities presented by the joint declaration issued at the summit. These include strengthening ties in economic, trade, and investment sectors, as well as addressing energy and water security. She also underscored Egypt’s proactive measures to diversify water resources, conserve them, and expand renewable energy initiatives.

Al-Mashat stressed the importance of continuing joint projects, especially in electricity and renewable energy, which serve not only the three nations but also support energy security for Europe and the Middle East. She further underlined the vital role of the private sector in achieving sustainable economic growth, a priority for Egypt.

Additionally, the minister detailed the $4.2 billion in concessional financing provided by development partners to the local and foreign private sectors in Egypt, the highest since 2020. She affirmed that investment guarantees from the European Union and multilateral institutions could significantly boost financing for companies investing in priority sectors for both Egypt and the EU.