The two ministers discussed organizing an Egyptian trade
mission to Cyprus and opened the joint business forum.
Cairo- Mar 28, 2022
Minister of Trade and Industry Nevine
Gamea has received Cypriot Minister of Energy, Commerce and Industry Natasa
Pilides, where they discussed means to expand economic cooperation between Egypt
and Cyprus as well as with Greece.
The meeting discussed organizing an
Egyptian trade mission to Cyprus during the second half of the year, in
coordination between the Federation of Egyptian Chambers of Commerce and the
Cyprus Chamber of Commerce and Industry.
“We are looking forward to
strengthening cooperation with Cyprus in various economic sectors,” Gamea said,
citing a number of current and potential joint projects including: electrical
interconnection, exporting natural gas to Europe, in addition to food
processing, fisheries, tourism and ship building.
The minister also invited Cypriot
companies to invest in Egypt, a hub for Arab and African markets, and to
benefit from its free trade agreements which offer access to a 1.8 billion
Moreover, the two ministers opened
the Egypt-Cyprus Business Forum, with the participation of a host of companies
from both countries.
According to official data,
bilateral trade hit $66 million in 2021, with Egyptian exports amounting to $42
million and imports $24 million. Chemicals, iron, plastics, paper, fertilizers,
vegetables, ceramics, machinery and leather are among the top goods exchanged.
Cypriot investments in Egypt stand
at $358 million in 191 projects in the services, manufacturing, construction, IT
and communications, tourism and agriculture sectors.