Theoharis, a member of the Hellenic Parliament and the former tourism minister and deputy finance minister, also discussed the strategic partnership between Greece and Egypt and their expanding cooperation across multiple fields.
"Strong Greek-Egyptian cooperation enhances confidence for investment and security for citizens," Theoharis said.
Eman Youssef: You are leading an important business delegation to Egypt in December. What are the main goals of this visit? What sectors offer the most potential for new partnerships?
Harry Theoharis: Our delegation’s primary goal is to reinforce the strong momentum in Greek-Egyptian economic relations and translate our strategic ties into tangible business deals.
We aim to further strengthen the Greek-Egyptian business presence and cooperation through high-level meetings and a dedicated Business Forum in Cairo.
On the agenda are discussions with senior Egyptian officials (from ministries and investment authorities) and matchmaking sessions that bring Greek and Egyptian companies together.
The Greek business community expects to sign or advance agreements that facilitate trade and investment, especially in sectors where Greece excels and where Egypt’s market presents opportunities, such as energy, infrastructure, shipping, financial services, and agri-food.
These areas have been identified as high-potential due to recent successes: bilateral trade is at a record high, with over 2 billion euros in 2024, a 12 percent increase from 2023, and Greek exports to Egypt increased by nearly 80 percent in value.
By focusing on these sectors and fostering direct B2B contacts, we anticipate new partnerships that will benefit both economies and meet our objective of deepening economic diplomacy.
EY: Greece and Egypt share a historic and deep-rooted relationship. How do you see this evolving, and what new initiatives are being explored to strengthen bilateral ties?
HT: The Greece-Egypt friendship, rooted in millennia of shared history, has never been stronger. We have recently elevated our relationship to a formal Strategic Partnership, marked by a Joint Declaration signed by our leaders.
This upgrade means our historic bond is evolving into structured, future-oriented cooperation. We now hold regular high-level consultations and have established a High-Level Cooperation Council to oversee initiatives across numerous fields.
At the inaugural meeting of this council, we signed new agreements, for example, on shipping, cultural cooperation, and communications and information technology, opening important new avenues of collaboration.
We are exploring fresh initiatives in areas such as technology innovation, educational exchange, and entrepreneurship, building on the solid foundation of trust between us.
I see our special bond growing even closer through these projects. We will continue to consult each other on regional issues and support one another in international forums. Every step of our cooperation is guided by mutual respect and shared benefit.
This historic friendship is expanding into new domains and becoming even more productive, always grounded in our common values and the deep affinity between the Greek and Egyptian people.
EY: The Greek economy is growing steadily. What are the key developments, and what is your message to international investors?
HT: Indeed, Greece’s economic recovery has been impressive. From a country once in crisis, we have transformed into a stable and promising economy, gaining the trust of markets and investors.
Several key developments underpin this success.
First, Greece restored its investment-grade credit rating after 15 years, a milestone reflecting disciplined fiscal management and pro-growth reforms.
We have achieved robust growth rates, often outpacing the EU average, and maintained healthy primary budget surpluses, steadily reducing our public debt.
Our banking sector has been stabilized, and non-performing loans have dropped dramatically, enabling banks to finance the real economy again.
Equally important, we have carried out structural reforms, cutting red tape, digitizing public services, and creating a business-friendly environment that has attracted record foreign direct investment.
Major multinationals in technology and renewable energy have established operations in Greece, and total FDI has surged, over 30 billion euros in recent years, signalling strong confidence in our prospects.
My message to international investors is clear: Greece is back as a pillar of stability and growth.
We offer political stability, a government committed to reforms, a highly skilled workforce, and opportunities across sectors, from green energy and infrastructure to tourism, technology, and shipping.
Greece today is an outward-looking, investment-ready economy, and we welcome investors to join us in this growth journey. Those who invest in Greece now are investing in one of Europe’s success stories in the making.
EY: Energy cooperation is a cornerstone of the Greece-Egypt Strategic Partnership, with projects like the GREGY electricity interconnector. What is your vision for the future of this energy collaboration, and what benefits do you foresee for both nations and the wider region?
HT: Energy collaboration between Greece and Egypt is indeed pivotal. Our vision is to create a true energy bridge between North Africa and Europe, with Greece serving as the gateway for green energy to the continent.
The GREGY electricity interconnector is a flagship project in this regard, a planned 3 GW undersea cable directly linking Egypt’s vast renewable energy capacity to the European grid via Greece.
We view GREGY not only as a bilateral initiative but as a strategic endeavor with regional and international significance, ushering in a new era of cross-continental energy integration.
The project has been included in the Global Gateway flagship actions for 2023 and in the EU’s first list of Projects of Mutual Interest (PMI).
The benefits will be substantial: energy security, diversification, and sustainability.
Greece will gain access to affordable green electricity, helping us meet climate goals and further cementing our role as an energy hub for Southeast Europe. Egypt will be able to export surplus renewable energy, generating revenue and reinforcing its position as a regional renewable powerhouse.
Together, we will also enhance regional stability; energy interdependence is a powerful incentive for peace and cooperation.
Beyond electricity, our countries are deepening cooperation in natural gas, through the East Med Gas Forum, and exploring emerging fields such as hydrogen.
We envision a future where Greece and Egypt are key partners in the Eastern Mediterranean energy network, driving benefits for our peoples and strengthening energy resilience across the region.
EY: Maritime and shipping are vital for both Greece and Egypt. How would you describe current cooperation, and what more can be done?
HT: Maritime cooperation between Greece and Egypt is on an excellent footing and continues to expand.
Both countries understand the importance of shipping. Greece is the world’s leading shipping nation, and Egypt is the guardian of the Suez Canal, so, naturally, we work closely in this field.
Recently, our countries convened a Joint Committee on Maritime Affairs in Alexandria, producing very positive results.
Following this meeting, our competent authorities are examining the possibility of establishing a new direct sea freight route between the port of Volos and Alexandria to boost trade connectivity through faster, cost-effective shipping of goods.
Additionally, all funding options are being considered for implementing the memorandum of understanding on establishing a regular roll-on/roll-off ferry line for both freight and passengers between our ports.
We also agreed to deepen cooperation between our port authorities, including plans for a trilateral sea link connecting Greek, Egyptian, and Cypriot ports, further integrating Eastern Mediterranean transport networks.
EY: The Strategic Partnership between Greece and Egypt is a pillar of stability in the Eastern Mediterranean. How do you see this contributing to regional prosperity in the years to come?
HT: I firmly believe that the closer the cooperation between Greece and Egypt, the more secure and prosperous the Eastern Mediterranean will be.
Our partnership is widely viewed as a pillar of stability in a volatile region, rooted in our shared commitment to international law, dialogue, and peaceful cooperation.
For example, the maritime boundary agreement we reached a few years ago, achieved through legal negotiation and mutual respect, stands as a model for peaceful dispute resolution in the region. When countries observe that Greece and Egypt can reach agreements and deepen ties, it sets a positive precedent.
Practically, our strategic partnership contributes to regional prosperity by fostering cooperation frameworks.
We are co-founders of the East Mediterranean Gas Forum, which brings neighbouring countries together to develop energy resources.
We also engage in trilateral schemes, with Cyprus and others, that promote economic projects, from electrical interconnections to tourism packages, linking our economies.
Moreover, Greece and Egypt often act jointly to defuse tensions and address crises in our vicinity. Whether coordinating humanitarian assistance, as we have for Gaza, or supporting political stability in neighbouring states, our partnership is a force for peace and development.
In the coming years, I see us championing initiatives that safeguard sea lanes, promote sustainable resource use, and lead regional climate action.
Strong Greek-Egyptian cooperation enhances confidence for investment and security for citizens. Our strategic partnership will remain a cornerstone of a more prosperous and stable Eastern Mediterranean.
EY: Beyond the established areas of cooperation, what new and innovative sectors do you believe hold the most promise for future partnerships between both countries?
HT: Beyond traditional collaboration, several innovative sectors offer great promise for Greece-Egypt partnerships.
A key area is the digital economy and technology. Both countries are investing heavily in digital transformation, and we see opportunities in artificial intelligence, cybersecurity, and advanced engineering, fields increasingly important in the global economy.
We have complementary strengths: Greece has robust expertise in software, telecommunications, and a growing startup scene, while Egypt has a large pool of talented youth and a vibrant tech innovation ecosystem.
Cooperation in ICT is already underway through a recent MoU on digital cooperation, and this could extend to joint AI research or smart-city solutions.
Another promising sector is innovation in renewable energy and environmental technology. Both countries are committed to green growth, so collaboration on solar and wind technologies, energy storage, or emerging areas like green hydrogen could be highly beneficial.
Agri-tech and food innovation also hold strong potential. Egypt’s large agricultural sector and Greece’s agro-technology know-how, such as irrigation and drought-resistant crops, could improve food security and exports.
Health and biotech similarly provide room for cooperation, from pharmaceuticals and medical research to telemedicine.
Finally, education and entrepreneurship are growth areas. By connecting our universities, research centres, and incubators, we build foundations for innovation across all sectors.
We are encouraging partnerships between Greek and Egyptian universities and tech parks, so young entrepreneurs can collaborate on new ideas.
The future of our partnership lies in knowledge-based sectors, from digital tech to green tech, where combining our strengths can produce cutting-edge solutions and shared economic growth.
EY: How can the youth of both countries be more involved in the Strategic Partnership, perhaps through entrepreneurial exchanges?
HT: Engaging our youth is essential for the future of the Greek-Egyptian partnership. Young people bring fresh ideas and entrepreneurial energy that can elevate our cooperation.
We are exploring several ways to involve them more actively. One idea is to establish entrepreneurial exchange programmes, allowing young Greek and Egyptian startup founders to spend time in each other’s countries, work in local incubators, and learn from each other’s markets.
This could be facilitated through our chambers of commerce or under EU programmes for young entrepreneurs. Such exchanges would spark innovation and create personal networks among the next generation of business leaders.
Another avenue is to organize joint Youth Innovation Forums or hackathons. Imagine a tech competition where Greek and Egyptian youths form mixed teams to address challenges in fintech or green technology, initiatives that could be coordinated by our ministries in partnership with the private sector.
We also want to expand academic and cultural exchanges. More scholarships and student exchange agreements can be offered so Egyptian students can study in Greek universities and vice versa. These students often become professionals who naturally act as bridges between our countries.
Our Strategic Partnership framework explicitly mentions cooperation in innovation and entrepreneurship, which inherently includes the younger generation.
Lastly, involving youth also means highlighting success stories. We will showcase examples of young Greek and Egyptian entrepreneurs already working together or investing in each other’s markets as role models.
In essence, by providing platforms, removing barriers, and offering support, we aim to empower the youth of both countries to take ownership of the partnership and drive it forward.
EY: What role can economic diplomacy and tourism play in further strengthening the ties between Greece and Egypt?
HT: Economic diplomacy is one of the central tools we have to bring our countries closer.
As the deputy minister responsible for economic diplomacy, I focus on using every diplomatic lever to promote trade, investment, and economic links.
This means organizing business missions, like the one to Egypt in December, fostering contacts between our chambers of commerce, and streamlining agreements, for example, double taxation avoidance or investment protection treaties that make it easier for our companies to cooperate.
Economic diplomacy also involves identifying new opportunities and helping resolve obstacles businesses encounter. By doing so, we create a dense web of economic interdependence underpinning our political friendship.
When Greek and Egyptian companies partner and succeed together, it creates jobs and growth on both sides and builds goodwill at a societal level. Every deal signed and every investment made strengthens our bilateral ties.
Meanwhile, tourism plays a uniquely people-centered role in our ties. Both Greece and Egypt are cradles of civilization with world-renowned attractions, and tourism is a major part of our economies.
Every Greek who visits Egypt, whether to marvel at the Pyramids and the new Grand Egyptian Museum or to enjoy a Nile cruise, becomes an informal ambassador of friendship, and the same is true for every Egyptian tourist in Greece, exploring our islands or heritage sites.
Increasing tourist flows between our countries deepens mutual understanding and affection at the grassroots level. I am happy to note that tourism exchange is growing; for instance, over 15,000 Greek tourists visited Egypt in 2024, and we anticipate even more in the future.
Our two governments are working together to capitalize on this.
In essence, tourism and economic diplomacy reinforce one another. Economic diplomacy sets the policy foundations, such as open-skies agreements, investment frameworks, and tourism MoUs, while tourism builds on this groundwork, creating real people-to-people connections and expanding economic opportunities.
Those human connections often spark new business ideas and cultural exchanges. So, by vigorously promoting both economic diplomacy and tourism, we reinforce a virtuous cycle: a closer political and economic partnership that in turn encourages more travel and exchange, further knitting our nations together.
EY: Prime Minister Kyriakos Mitsotakis recently attended the opening of the Grand Egyptian Museum (GEM). What are your views on this cultural milestone and on Egypt’s economic reforms and major projects under the leadership of President El-Sisi?
HT: Watching the images on television reminded me of the procession of mummies that I had the honour of witnessing firsthand, following the kind invitation of President El-Sisi, the then minister of tourism, and the current UNESCO Secretary-General Dr. Khaled El-Anany.
The GEM is truly a monumental achievement, not only for Egypt but for world culture. Standing at the foot of the Giza Pyramids, it is the largest archaeological museum on the planet and a marvel of modern architecture and design.
I sincerely congratulate our Egyptian friends on realizing this decades-long vision. The opening of the GEM marks a new era in preserving and presenting Egypt’s extraordinary heritage.
Prime Minister Mitsotakis’ presence at the opening underscores how significant this is for Greece as well. As a fellow cradle of civilization, we celebrate Egypt’s cultural renaissance.
Greece, with its own rich cultural heritage, looks forward to potential collaborations between our museums and archaeologists.
Regarding Egypt’s economic reforms and mega-projects under President El-Sisi, we are closely following Egypt’s efforts to stabilize and modernize its economy under the Vision 2030 roadmap.
Major development initiatives are transforming infrastructure and supporting long-term growth, even in a challenging global environment.
These steps show a clear commitment to addressing current needs while planning for the future. A stable and prosperous Egypt is of strategic importance for our wider region, and Greece welcomes progress that serves this objective.
Greek businesses are eager to participate in sectors such as renewable energy, construction, and logistics, which are central to Egypt’s development plans.
Confidence between our economies is growing, reflected in rising investment and trade.
Greece, as a steadfast friend and partner, will continue working closely with Egypt through our strategic partnership so that both countries and our wider region, can thrive in the years ahead.
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