"Al-Mashat" Discusses with the Greek Side Boosting Cooperation in the Field of Industry Localization, Technology, and Exchange of Expertise
H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, held a bilateral meeting with H.E. Mr. Harry Theoharis, the Greek Deputy Minister for Foreign Affairs, during her participation in the 9th edition of the "Future Investment Initiative" (FII9) Conference, held in Riyadh under the theme "The Key to Prosperity." The meeting included discussions on strengthening economic and investment relations between the two countries.
The two sides also discussed strengthening joint relations, especially in light of the utmost importance the Egyptian state attaches to Egyptian-European relations, which are witnessing increasing development under H.E. President Abdel Fattah El-Sisi, President of the Republic. This was embodied in the Egyptian-European Summit recently held in Brussels and the upgrading of relations.
Dr. Al-Mashat noted that Egypt and Greece seek to enhance economic relations, which is evident in the electrical interconnection project to achieve energy integration between the two countries.
The Minister of Planning, Economic Development, and International Cooperation indicated Egypt's keenness to deepen the partnership with the Greek side, especially in the fields of innovation, technology, and industry localization, as the state seeks to transition to higher productivity sectors through “Egypt’s Narrative for Economic Development: Reforms for Growth, Jobs & Resilience”.
In this context, the Minister reviewed the English version of the Executive Summary of “Egypt’s Narrative for Economic Development, pointing out that it includes a roadmap for the Egyptian economy until 2030. It contributes to achieving integration between Egypt Vision 2030 and the Government's Action Program, sectoral strategies, and strengthening policies supporting growth and employment, through transitioning to higher productivity sectors, enhancing macroeconomic stability, and redefining the state's role in economic activity.
Dr. Al-Mashat reaffirmed the state's keenness to expand partnerships between the public and private sectors in priority sectors for sustainable growth, such as the transition towards a green economy, transport, health, and education, contributing to strengthening the investment environment and enabling international partners and the private sector to contribute to achieving Egypt's development vision.
The discussions highlighted priority areas of cooperation in the sectors of advanced engineering, artificial intelligence, and cybersecurity, while commending Greece's expertise in the fields of scientific research, higher education, maritime industries, and digital infrastructure, which represent complementary elements to the innovation system in Egypt.
Both sides reiterated the importance of mobilizing sustainable financing to support knowledge sectors and the green economy, and the commitment to using innovative financing tools to direct investments towards productivity-boosting industries, within a shared vision aimed at building strong economies capable of resilience in the face of global changes.
Regarding economic and investment cooperation, Dr. Al-Mashat referred to the significant potential for expanding Greek investments in Egypt, particularly in the fields of renewable energy, logistics, construction, and telecommunications, explaining that the European Investment Guarantee Facility in Egypt, valued at €1.8 billion, represents an opportunity to expand the scope of European investments.
It is worth noting that the volume of trade exchange between the two countries reached about $2.1 billion in 2023. 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, amounted to about $256.93 million through 224 companies.