The economic relations of the EU with Mediterranean countries in general, and the support of small to medium sized enterprises (SMEs) were the issues examined during the seventh FEMIP Ministerial Conference that was held in Limassol.
The two-day meeting was organized by the Republic of Cyprus, the German Presidency and the European Investment Bank with the participation of Finance Ministers or their representatives of the 27 EU member states and nine Mediterranean partner countries.
During the meeting, participants decided on the Facility for Euro-Mediterranean Investment and Partnership (FEMIP)’s strategic framework and its place in the European Neighborhood Policy in the years ahead, so taking forward the European Council’s decision of December 2006 to reinforce FEMIP.
According to a press release issued by the EIB, the FEMIP “is now the key player in the economic and financial partnership between Europe and the Mediterranean: in four years it has invested some EUR 6 billion in support of the economic development of the nine Mediterranean partner countries . This has served to finance around one hundred large-scale infrastructure schemes and development programmes, 40 major private sector projects and over 1 600 SMEs, as well as 63 technical assistance operationsâ€.
Speaking at a press conference after the conference concluded, Cypriot Finance Minister Michalis Sarris said they examined the economic relations between the EU and Mediterranean countries and ways the economic development of these countries can be speeded up. It also dealt with providing support to SMEs and investment in the private sector of these countries.
He also said that Cyprus was chosen as the venue for the conference because before 2004 it was sitting on the opposite side of the table as a Mediterranean country while now it is also an EU country.
Sarris further noted that Cyprus’ successful course in the EU has been welcomed by all delegates as well as its contribution as a bridge of communication between the EU and Mediterranean countries.
On his part, German deputy finance minister, Thomas Mirow, said the future aims of FEMIP were examined, noting its course is impressive.
He also expressed the conviction of member states to strengthen their cooperation to face the challenges in the Mediterranean region.
Philippe Maystadt, President of the European Investment Bank thanked Cyprus for hosting the conference, noting that the further support of SMEs was decided as well as undertaking more initiatives on the part of the FEMIP towards this direction.
