The Federation of Industries signed Tuesday a memorandum of cooperation with the Union of Southern Greece Industries to enhance trade and investment cooperation between the two countries and exchange information, considering Egypt as the gateway to enter the African markets.

"The agreement paves the way for a lot of mutual visits between the private sector in the two countries in light of the historical and political relationship between the two countries," said Mohammed al-Suwaidi, president of the union.

Greek Economy Minister Anastasios Garakiros stressed the strength of the Egyptian-Greek relations, stressing the importance of enhancing cooperation and mutual relations between the two countries to maintain the stability of the eastern Mediterranean.

He pointed out that there are many possible areas of cooperation between the two countries in the areas of logistics, agriculture, energy, digital technology, infrastructure and tourism, which contributes to the service of the two countries and the entire Mediterranean region.

Athanasius MacRandou, commercial attache at the Greek Embassy in Cairo, said that Egypt is considered one of the most important economic partners of Greece. He pointed out that his country can export to Egypt the short staple cotton, which is not the same as the Egyptian staple cotton. , Which contributes to make the Egyptian industry more competitive.

Among the commodities that Egypt can import from Greece are construction materials, cigarettes, electrical appliances and rope products used in construction work. Greece imports from Egypt fertilizers, organic products, potatoes, oil products and derivatives, which account for two thirds Greece imports from Egypt.

He pointed out that the areas of cooperation between the two countries could include real estate investment. Egypt is the fourth country whose citizens buy real estate in Greece, pointing out that the Greek Golden Residence program enables anyone to buy a residence in Greece for 2500 euros.

Athanasius called on Egyptian businessmen to invest in the Eastern Mediterranean Pipeline Project to provide alternative energy, which will pass through a number of European countries to Azerbaijan.

The trade volume between the two countries is 400 million euros in 2018, while the volume of Greek investments in Egypt is 155 million dollars in the number of 160 companies.
 

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The Chamber is established by the Republican Decree No. 453 of 1958, which is one of the 20 industrial chambers of the Federation of Egyptian Industries, which includes about 4000 members, by virtue of the establishment decision, it covers the engineering industries sector in Egypt through 10 divisions.

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