Cypriot Investments in Egypt recorded $400 million with the existence of 224 Cypriot companies working in fields of industry, tourism, service and energy, according to Chairman of the board of directors of Cyprus Investment Promotion Agency Michaelis Michael.
Michael added that his agency is encouraging investors to pump new investments in Egypt.
This came during a meeting held between Egypt’s Minister of Investment Sahar Nasr and a delegation from Cyprus headed by President of the Cypriot Parliament Demetris Syllouris in the presence of Chairman of the board of directors of Cyprus Investment Promotion Agency and a number of members from the Cypriot Parliament.
The minister stressed Egypt’s keenness to strengthen its relations with Cyprus and increase the volume of investment between the two countries, noting that the Egyptian government welcomes Cypriot investors in Egypt and has worked continuously on legislative reforms to improve the investment climate.
She noted that the Egyptian Parliament, headed by Ali Abdel Aal, supports the investment climate.
Nasr pointed to the areas of cooperation between the two countries, where three memoranda of understanding have been signed in the last joint committee between Egypt and Cyprus, including one to strengthen the bilateral investment relations between the two countries to facilitate foreign direct investment procedures and encourage parties to exchange business delegations and promote joint investment-related activities.
For his part, the president of the House of Representatives of Cyprus affirmed his country’s full support for Egypt’s efforts to achieve economic progress, emphasizing the strength of relations between the two countries.
He praised the development of the tripartite economic cooperation mechanism between Egypt, Cyprus and Greece, which is a regional model for cooperation in economic, investment and development projects between the neighboring countries, benefitting the peoples of the three countries.
“We will cooperate to develop investments in both countries,” Syllouris said, elaborating that the Parliament encourages Cypriot investors to invest in Egypt, in view of the favorable environment for investors. He stressed that Egypt is a central partner of Cyprus and a key pillar for establishing security and stability in the region.
He also pointed out to his aspiration to take concrete steps that contribute to strengthening bilateral cooperation and friendship between the two countries and thanked Egypt for supporting Cyprus in all international forums.
Moreover, the Cypriot delegation visited the Investors Services Center and praised the speedy provision of the services by the center, which includes representatives from more than 65 entities, issuing all licenses and responding to investors’ inquiries.