Trade and Industry Minister Nevine Gamea discussed on Monday with her Cypriot counterpart Natasa
Pilides ways of enhancing economic ties.

The meeting was attended by Cypriot Ambassador to Egypt Homer Mavrommatis, and from the Commercial Representation Service Minister Plenipotentiary of Trade Yahya Al Wathiq Billah and Director of the European Union Department Minister Plenipotentiary Nasser Hamed.

They discussed the possibility of organizing a visit by an Egyptian businessmen delegation to Cyprus during the second half of this year and in coordination between the Federation of Egyptian Chambers of Commerce and the Cyprus Chamber of Commerce and Industry, the Trade and Industry Ministry quoted Gamea as saying.

Gamea pointed out to the importance of promoting cooperation in various economic sectors, including the energy sphere through the power linkage project and exporting natural gas to the European continent.

The minister also invited Cypriot businessmen to do business in Egypt, which is considered a hub to the Arab and African markets.

Talking about the volume of trade exchange between the two countries, the minister said that last year, it reached about dlrs 66 million, including dlrs 42 million in exports and dlrs 24 million in imports.

The most important items of trade exchange between the two countries include iron and steel products, and vegetables, added the minister.

The total Cypriot investments in Egypt amount to dlrs 358 million in 191 projects in the fields of services, industry, services, construction, tourism and agriculture, she further said.

Cyprus is keen on boosting cooperation in Egypt in the various spheres, said Pilides during the meeting.

Egypt is one of the most important countries in the Middle East and the African continent, added the Cypriot minister.

The minister also pointed out to the importance of attaining economic integration between Egypt and Cyprus along with Greece, as part of the trilateral cooperation between them.

Source: State Information Service Egypt