Riyadh: Egyptian Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat met with Greek Deputy Foreign Minister Harry Theocharis on the sidelines of the ninth Future Investment Initiative (FII) in Riyadh to discuss expanding economic and investment cooperation between the two countries.
According to State Information Service Egypt, the FII summit, themed 'The Compass of Prosperity,' offered a platform for high-level talks on regional integration and strategic partnerships. Minister Al-Mashat emphasized Egypt's dedication to strengthening ties with Greece, focusing on energy, innovation, and industrial development. The conversation also highlighted Egypt's engagement with Europe, marked by the recent Egypt-EU summit in Brussels and enhanced bilateral relations under President Abdel-Fattah El-Sisi.
The meeting featured discussions on the electricity interconnection project between Egypt and Greece, serving as a model for energy integration and cross-border collaboration. Al-Mashat presented the English edition of Egypt's Narrative for Economic Development, a strategic roadmap that aligns Vision 2030 with sectoral strategies and government priorities. This narrative aims to boost productivity, redefine the state's role in the economy, and promote macroeconomic stability.
Al-Mashat stressed Egypt's efforts to localize technology and foster innovation-driven industries, highlighting the importance of public-private partnerships in sectors such as the green economy, transport, health, and education. The discussions also explored cooperation in advanced engineering, artificial intelligence, and cyber security.
The Egyptian minister praised Greece's expertise in maritime industries, digital infrastructure, and higher education, noting their complementarity to Egypt's innovation ecosystem. Both nations underscored the need to mobilize sustainable financing and adopt innovative investment tools to support knowledge-based sectors and green growth, aligning with a shared vision for resilient economies.
Al-Mashat identified opportunities to expand Greek investments in Egypt, particularly in renewable energy, logistics, construction, and telecommunications. She pointed to the 1.8 billion-euro European Investment Guarantee Mechanism in Egypt as a significant opportunity to enhance European engagement.
Official figures indicate that bilateral trade between Egypt and Greece reached $2.1 billion in 2023. In 2024, 15,462 Greek tourists visited Egypt, accounting for 158,258 overnight stays. As of September 2024, Greek investments in Egypt totaled $256.93 million across 224 companies.