Papanastasiou added that "Egypt is a crucially important partner in the region", noting that discussions between the two countries focus mainly on energy issues such as the possibility of transporting natural gas from Cyprus' exclusive economic zone (EEZ) to Egypt for liquefaction.

Papanastasiou, who could not travel to Cairo to attend Saturday's Conference, said that Cypriot companies participated in the conference and had contacts with several companies in Egypt.

He noted that he plans to meet with the Egyptian petroleum, electricity, and trade ministers soon.

In response to a question about the nature of these meetings, Papanastasiou said he and the Minister of Commerce will discuss trade between the two countries, noting that Cypriot companies invest in Egypt mainly in fish farming.

As for the meeting with the Minister of Petroleum, Papanastasiou said he will continue discussing energy issues with the Egyptian minister, especially transporting gas from Cyprus to be liquefied in Egypt before exporting to the markets.

Furthermore, Papanastasiou's meeting with the Egyptian Minister of Electricity will focus on the possibility of a Cyprus-Egypt electricity interconnection.

He noted, however, that technical discussions are underway on a limited scale pending the availability of large quantities of energy, which Egypt would generate from renewable energy sources and channel to Europe.

On Saturday and Sunday, Cairo hosted the Egypt-EU Investment Conference 2024 titled "Unleashing Egypt's Potential in a Rapidly Changing World,” during which Egypt signed agreements worth over €40 billion of investments with European partners.

The conference also saw the signing of the first tranche of the EU's financing package for Egypt worth €1 billion out of a total of €7.4 billion.