Download logoH.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered the keynote speech at the opening session of the Egypt-Greece-Cyprus Business Forum, held at the headquarters of the Federation of Egyptian Chambers of Commerce. The forum coincided with the tenth summit of the trilateral cooperation mechanism between Egypt, Greece, and Cyprus, reflecting the strategic partnership and ongoing coordination amidst regional and international challenges.
The session was attended by H.E. Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy, Eng. Karim Badawy, Minister of Petroleum and Mineral Resources, Mr. George Papannastasiou, Minister of Energy, Commerce, and Industry of Cyprus, Mr. Yiannis Panayiotou, Minister of Labor and Social Insurance of Cyprus, Mr. Kostas Frangogiannis, Deputy Minister of Foreign Affairs of Greece, Mr. Ahmed El-Wakeel, President of the Federation of Egyptian Chambers of Commerce, in addition to officials from the chambers of commerce of Greece and Cyprus, and the ambassadors of both countries to Egypt.
During the forum, Dr. Rania Al-Mashat witnessed the signing of a cooperation protocol between the chambers of commerce of Egypt, Greece, and Cyprus to establish a joint business council aimed at enhancing trilateral cooperation and increasing trade exchange and joint investments. The protocol was signed on behalf of Egypt by Mr. Ahmed El Wakil, Chairman of the Federation of Egyptian Chambers of Commerce, along with the Chairman of the Cypriot Chamber of Commerce and the Deputy Chairman of the Greek Chambers.
In her speech, Dr. Rania Al-Mashat praised the fruitful and ongoing cooperation between the Arab Republic of Egypt, Greece, and Cyprus across a wide range of sectors and strategies, explaining that this trilateral summit serves as a model for fruitful and constructive regional cooperation. It is an essential mechanism for strengthening partnerships between the three countries, benefiting their peoples, and promoting stability and development in the Eastern Mediterranean region.
Dr. Al-Mashat further noted that the summit takes place amid increasing regional and international challenges, reflecting the three countries' understanding of the importance of unifying efforts and coordinating policies to confront these challenges. She pointed out that, 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.
Al-Mashat highlighted that this trilateral cooperation spans a wide range of fields, including energy, natural resource utilization, economic and trade cooperation, and collaboration on cultural and environmental issues. She commended the progress made in the energy sector, where the three countries have become a model for shared resource utilization that ensures mutual benefit while adhering to the United Nations Sustainable Development Goals.
She affirmed that the joint declaration issued by the trilateral summit offers promising prospects for strengthening close partnerships between the three countries in various fields, particularly in economic, commercial, investment, energy, and water security sectors. She also noted that Egypt has taken ambitious steps to diversify water resources, conserve natural water reserves, and expand renewable energy projects.
The Minister of Planning, Economic Development, and International Cooperation emphasized the importance of continuing joint projects, especially in electricity and renewable energy, stating that these projects benefit not only the three countries but also contribute to enhancing energy security for Europe and the Middle East.
She also highlighted the significant role the Egyptian government attaches to the private sector as one of the main pillars of achieving sustainable economic growth. Al-Mashat pointed out the government’s efforts to strengthen partnerships with the private sector in implementing major strategic and development projects. These efforts are part of creating an attractive investment environment that contributes to comprehensive development and expands the private sector’s role in the Egyptian economy, aligning with the national sustainable development agenda and Egypt's Vision 2030.
Dr. Rania Al-Mashat added that serious steps have been taken to facilitate private sector participation in supporting Egypt’s investment plan in various sectors, including renewable energy, transportation, and manufacturing. These efforts boost the competitiveness of the Egyptian economy and provide job opportunities for young people. She expressed confidence that this approach enhances international partnerships and opens new horizons for cooperation with friendly and sister countries, such as Cyprus and Greece, while attracting foreign direct investment and enabling local and foreign companies to expand and increase their competitiveness in local and international markets.
Al-Mashat also mentioned that the Egyptian economy has undergone multiple reforms in recent years, making it an attractive destination for new investments in a wide range of sectors that serve national development goals and the strategic vision for 2030. These sectors include infrastructure, food and agricultural industries, the green economy, new and renewable energy, healthcare, and human capital development. She stressed that the Egyptian government prioritizes creating an encouraging investment environment through a series of reforms and policies that provide a fertile ground for foreign direct investment and enhance macroeconomic stability.
The Minister added that Egypt has witnessed remarkable progress in various sectors in recent years, laying a strong foundation for future investment. She confirmed that Egypt welcomes new trade and investment opportunities and seeks to explore new horizons in diverse sectors, particularly the green economy, including renewable energy projects such as solar and wind energy and green hydrogen. With the global shift towards sustainable development, Egypt’s abundant natural resources make it an ideal location for green investments, meeting local energy needs and serving export markets. Healthcare, education, and food and agricultural industries also remain of special importance and form an integral part of the national development plan and the strategic vision for 2030.
She also touched on concessional financing from development partners for both local and foreign private sectors in Egypt, which reached $4.2 billion, the highest since 2020. This reflects opportunities despite regional challenges, confirming that the investment guarantees provided by the European Union, along with multilateral institutions, can increase financing for companies investing in Egypt in priority sectors for both Egypt and the EU.
Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
