Conceding with the 10th Tripartite Summit between Egypt, Greece, and Cyprus, Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered the keynote address at the opening session of the Egyptian-Greek-Cypriot Business Forum. The forum, held at the Egyptian General Union of Chambers of Commerce, underscores the deepening strategic partnership and continuous coordination between the three nations amidst regional and international challenges.
The forum saw the participation of Dr. Mahmoud Asmat, Minister of Electricity and Renewable Energy, Eng. Karim Badawy, Minister of Petroleum and Mineral Resources, and other key officials from the three countries, including Mr. George Papanastasiou, Minister of Energy, Commerce, and Industry of Cyprus, and Mr. Yiannis Panayiotou, Minister of Labor and Social Insurance of Cyprus, as well as Mr. Kostas Frangogiannis, Deputy Minister of Foreign Affairs of Greece. Ahmed Wakil, President of the Egyptian Federation of Chambers of Commerce, and other chamber officials from Greece and Cyprus, were also present.
Protocol Signing and Strengthening Tripartite Cooperation
During the forum, Dr. Rania Al-Mashat witnessed the signing of a cooperation protocol between the chamber federations of Egypt, Greece, and Cyprus to establish a joint business council aimed at promoting tripartite collaboration and increasing trade and investment flows between the three nations. The protocol was signed by Ahmed Wakil, President of the Egyptian Federation of Chambers of Commerce, and the heads of the Cypriot and Greek chambers.
A Vision for Regional Cooperation and Economic Growth
In her address, Minister Al-Mashat praised the ongoing fruitful cooperation between Egypt, Greece, and Cyprus across a wide range of sectors, highlighting that the Tripartite Summit is a prime example of regional cooperation that contributes to stability and sustainable development in the Eastern Mediterranean.
She emphasized that, despite regional and global challenges, the three countries’ partnership continues to strengthen and evolve. Al-Mashat pointed out that their collaboration spans sectors such as energy, natural resources, economic and commercial cooperation, as well as cultural and environmental matters. Notably, she commended the energy sector, where the three countries have become leaders in resource utilization while aligning with the UN Sustainable Development Goals.
Strategic Projects and Investment Initiatives
The Minister underscored that the joint announcement from the summit opens up promising avenues for deepening the economic, trade, and investment ties between the three countries, as well as fostering greater collaboration in energy security, water management, and sustainable development. Al-Mashat also stressed that Egypt has made ambitious strides to diversify its water sources and expand renewable energy projects, notably in solar and wind energy.
She reiterated the importance of continuing to implement joint projects, particularly in the fields of electricity and renewable energy, as these projects not only benefit the three countries but also contribute to energy security for both Europe and the Middle East.
Private Sector Role and Investment Climate
Minister Al-Mashat further highlighted Egypt’s strong commitment to the private sector, recognizing it as a cornerstone for achieving sustainable economic growth. She noted the country’s focus on strengthening private sector partnerships for executing major strategic and developmental projects. This is part of Egypt’s broader efforts to create a conducive investment environment that drives inclusive growth and expands the role of the private sector in the economy, in line with Egypt’s Vision 2030.
Enhancing Investment Opportunities
Al-Mashat mentioned that Egypt has taken significant steps to facilitate the participation of the private sector in investment projects across various sectors, including renewable energy, transport, and manufacturing. These efforts aim to enhance the competitiveness of the Egyptian economy and provide new job opportunities for youth, while also increasing foreign direct investment (FDI) and fostering international partnerships.
The Minister pointed out that Egypt’s economy has undergone significant reforms in recent years, making it an attractive destination for new investments in a wide range of sectors, including infrastructure, food and agricultural industries, green economy, renewable energy, healthcare, and human capital development. She reaffirmed Egypt’s focus on creating a supportive environment for investment through the implementation of reforms and policies aimed at promoting FDI and ensuring macroeconomic stability.
Green Economy and Future Opportunities
Minister Al-Mashat also touched on Egypt’s efforts to explore new opportunities in the green economy, especially in sectors like solar energy, wind energy, and green hydrogen. She noted that Egypt’s abundant natural resources make it an ideal location for green investments that meet local energy needs while serving export markets.
In line with global shifts towards sustainable development, Egypt’s commitment to green energy and its strategic location provide fertile ground for investment in renewable energy. The Minister also emphasized the continued importance of sectors such as healthcare, education, and food and agriculture, which are integral to Egypt’s national development plan and Vision 2030.
Financing and Support for Private Sector Growth
The Minister highlighted the $4.2 billion in concessional financing from development partners for local and foreign private sector investments in Egypt, the highest since 2020. She stressed that EU guarantees and support from multilateral institutions can significantly enhance financing for companies investing in Egypt in priority sectors.
Al-Mashat concluded by affirming that Egypt is eager to explore new trade and investment opportunities, particularly in green sectors and renewable energy, which align with the country’s long-term goals for sustainable development and energy transformation.
