Egyptian Minister of Planning, Economic Development and International Cooperation Rania Mashat asserted Egypt’s keenness to deepen partnership with the Greek side, especially in the fields of innovation, technology localization, and industry.
She made the remarks during a meeting on Wednesday with Harry Theoharis, the Deputy Minister of Foreign Affairs of Greece, on the sidelines of the Future Investment Initiative Conference, held in Riyadh under the slogan “Key to Prosperity.”
The meeting tackled ways to enhance economic and investment cooperation, on the sidelines of the ninth edition of the Future Investment Initiative Conference held in Riyadh under the slogan “Key to Prosperity.”
Mashat said “The meeting witnessed discussions on strengthening joint relations, especially in light of the great importance Egypt attaches to Egyptian-European relations, which have seen increasing development under the leadership of President Abdel Fattah El Sisi, manifested in the recent Egypt-Europe summit held in Brussels and the elevation of relations.”
She added “Egypt and Greece seek to enhance economic relations, which is reflected in the electrical interconnection project aiming to achieve integration in the energy sector between the two countries,” emphasizing that the state seeks to focus on higher productivity sectors through the ‘National Narrative for Economic Development.'”
She reviewed the English version of the executive summary of the National Narrative for Economic Development, which includes a roadmap for the Egyptian economy until 2030, contributing to integration between Egypt’s Vision 2030, the government’s work program, sectoral strategies, and strengthening policies supporting growth and employment through shifting towards higher productivity sectors, enhancing macroeconomic stability, and redefining the state’s role in economic activity.
The minister confirmed the state’s keenness to expand partnerships between the public and private sectors in priority sectors for sustainable growth, such as the shift towards the green economy, transport, health, and education, contributing to enhancing the investment environment and enabling international partners and the private sector to contribute to realizing Egypt’s development vision.
She pointed out that the meeting discussed priority cooperation areas in advanced engineering, artificial intelligence, cybersecurity, with appreciation for Greece’s expertise in scientific research, higher education, maritime industries, and digital infrastructure, which are complementary elements of the innovation ecosystem in Egypt.
In this context, both sides emphasized the importance of mobilizing sustainable financing to support knowledge sectors and the green economy, and commitment to using innovative financing tools to direct investments toward productivity-stimulating industries, within a shared vision aimed at building strong economies capable of withstanding global changes.
Regarding economic and investment cooperation, she pointed to the great potential for expanding Greek investments in Egypt, especially in renewable energy, logistics, construction, and communications, clarifying that the European investment guarantee mechanism in Egypt, valued at 1.8 billion euros, represents an opportunity to expand the scope of European investments.
It is noteworthy that the trade volume between the two countries reached about 2.1 billion dollars in 2023, and the number of Greek tourists who visited Egypt during 2024 reached about 15,462 tourists with a total of 158,258 tourist nights.
The total Greek capital invested in Egypt until September 30, 2024, reached about 256.93 million dollars through 224 companies.
