Thursday 09 Jan
Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, delivered the keynote speech at the opening session of the Egyptian-Cypriot-Greek Business Forum. The Forum, held at the headquarters of the General Federation of Egyptian Chambers of Commerce, coincided with the tenth summit of the tripartite cooperation mechanism between Egypt, Greece, and Cyprus. This reflects the strong strategic partnership and ongoing coordination among the three countries amidst regional and international challenges.
The participants were Dr. Mahmoud Essmat, Minister of Electricity and Renewable Energy, Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, George Papanastasiou, Minister of Energy, Trade and Industry of Cyprus, Yiannis Panayiotou, Minister of Labor and Social Insurance of Cyprus, Kostas Frangogiannis, Deputy Minister of Foreign Affairs of Greece, and Ahmed Al-Wakil, President of the Federation of Egyptian Chambers of Commerce, along with officials of the Chambers of Commerce in Greece and Cyprus, and the ambassadors of the two countries to Egypt.
During the forum, Dr. Al-Mashat
witnessed the signing of a cooperation protocol between the Egyptian, Greek,
and Cypriot Chambers of Commerce. This protocol establishes a joint business
council to enhance trilateral cooperation and increase the volume of trade and
joint investments. The protocol was signed by Ahmed El Wakil, President of the
Egyptian Federation of Chambers of Commerce, on behalf of Egypt, and by the
Presidents of the Cypriot and Greek Chambers of Commerce.
She added that this trilateral
summit serves as a model for fruitful and constructive regional cooperation. It
is a fundamental mechanism for strengthening partnerships among the three
countries, serving the interests of their peoples and enhancing stability and
development in the Eastern Mediterranean region.
The convening of the summit takes
place amidst growing regional and international challenges. This reflects the
three countries' shared understanding of the importance of uniting efforts and
coordinating policies to address these challenges effectively. Over the past
years, the trilateral partnership between Egypt, Cyprus, and Greece has proven
to be a cornerstone for achieving security, stability, and sustainable
development in the region.
This trilateral cooperation
encompasses a wide range of fields, including energy, natural resource
exploitation, economic and trade cooperation, as well as cultural and
environmental issues. Dr. Al-Mashat commended the progress in the energy
sector, where the three countries have established a model for exploiting
shared resources in a manner that ensures mutual benefit while adhering to the
United Nations' Sustainable Development Goals.
She emphasized that the joint
declaration issued by the trilateral summit presents promising prospects for
strengthening the close partnership between the three countries. This
partnership will be particularly enhanced in various fields, including
economic, trade, investment, energy security, and water security. She explained
that Egypt has implemented ambitious measures to diversify water sources,
conserve water resources, and expand renewable energy projects. She underscored
the importance of continuing to implement joint projects, especially in the
fields of electricity and renewable energy. These projects not only benefit the
three countries but also contribute significantly to enhancing energy security
for both Europe and the Middle East.
Dr. Al-Mashat highlighted the concessional financing provided by development partners to the local and foreign private sector in Egypt, which reached $4.2 billion, the highest level since 2020. This significant achievement reflects the abundant opportunities available despite the ongoing regional challenges. She affirmed that the investment guarantees provided by the European Union, along with multilateral institutions, have the potential to substantially increase the financing volume for companies investing in Egypt in priority sectors for both Egypt and the European Union.
