CYPRUS: Egyptian Investment Minister reaffirms resolve for cooperation

Cyprus House speaker Demetris Syllouris and Egypt Minister of Investments and International Cooperation Sahar Nasr, reaffirmed their country’s willingness to work together in the field of investments during a meeting in Cairo.

In a short statement afterwards Nasr said, “the excellent level of relations between our two countries is well known.”

She added that the recent exchange of many visits constitutes proof of the excellent ties between our countries.

Nasr added that investments is a sector Egypt is very much interested in and noted that it was discussed at trilateral summit level between Cyprus, Greece and Egypt.

Syllouris is heading a parliamentary delegation visiting Egypt to promote business ties.

Cyprus Investment Promotion Agency chairman Michalis Michael told CNA that two memorandums of understanding have been signed with Egypt on a bilateral and a trilateral level.

The MoU philosophy is to “make the most of the information we have in the field of investments and to see how to develop relations in areas where Egypt could help Cyrus and vice versa.”

Michael said, “the key outcome of the meeting is to coordinate in order to establish these two working groups, as is provided for in the memorandum and to go forward from there with the exchange of information between the two countries.”

He said that Egypt is interested in investing in fish farms and agriculture while Ayia Napa Marina is a project constructed entirely by Egyptian investors.

According to CIPA Chairman, Cyprus exports its traditional halloumi cheese and pharmaceutical products to Egypt while interest has been expressed by Cypriot companies to do business in Egypt, something, he expects they will be able to pursue more easily now that a new investment-friendly legislation has been passed in the neighbouring country.