Egypt signs economic cooperation protocols with Greece, Cyprus on sidelines of Nostos week

Ahram Online , Tuesday 1 May 2018

Egyptian, Greek and Cypriot officials sign economic cooperation protocols on 1 May 2018 (Photo: Ahram)

Egypt signed a number of bilateral cooperation protocols with Greece and Cyprus during an economic forum held Tuesday in Alexandria on the sidelines of the week-long heritage event "Nostos: Reviving Roots."

The protocols aim to strengthen Egypt's economic, industrial and commercial relations with its two Mediterranean neighbours.

A number of Egyptian, Greek and Cypriot officials attended the signing of the protocols, including Egypt's Minister of Trade and Industry Tarek Kabil and Alexandria's Governor Mohamed Sultan.

In his speech at the forum on Tuesday, Kabil said that the total value of trade between Egypt and Greece reached 400 million euros.

Kabil explained that trade between Egypt and Cyprus has recently increased by 43%.

Kabil added that there had been an increase in Egyptian goods exported to Cypriot markets, including steel, furniture, food products and plastics.

He also said that the Egyptian exports to Greece increased in 2017 especially in fertilizers, potatoes, steel, textiles, olives and vegetables.

Egypt is currently importing fruits, wheat, plastic products and oils from Greece.

Kabil stated that the Greek investments in Egypt reached USD 155 million in 160 projects in industry, services, construction, tourism, telecommunication, finance, information technology and agriculture.

The Egyptian minister encouraged further Greek and Cypriot investment in the country.

On Monday, the Nostos cultural heritage week was inaugurated by President of Cyprus Nicos Anastasiades, Greek President Prokopis Pavlopoulos and Egypt's President Abdel-Fattah El-Sisi.

Nostos is being held from 30 April to 6 May in Alexandria, Cairo and the Red Sea resort of Sharm El-Sheikh with the participation of Greeks and Cypriots who once lived in Egypt.

The Greek word “nostos,” for which the festival is named, means “return to the roots," and is a theme prominent in ancient Greek literature.

Egyptian, Cypriot and Greek ties have strengthened since President El-Sisi assumed office in 2014.

The three partners are cooperating closely on several regional and international issues, chief among them security in the Mediterranean.

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