CAIRO - As President Anastasiades began on Thursday official talks in the Egyptian capital, he has already sent the message that there is a big potential for business and trade development between the two neighbouring countries.
Addressing a dinner hosted by Piraeus Bank in Cairo on Wednesday evening, he said: “During 2011, Foreign Direct Investment (FDI) opportunities from Cyprus to Egypt was fifteen million euros while FDI from Egypt to Cyprus was nineteen million euros”.
He added: “During the past year, FDI from Cyprus to Egypt climbed to nineteen million euros while FDI from Egypt to Cyprus also climbed to the twenty million euros. It is evident that there is great potential for commercial development between our countries”.
Later on Thursday, the President will sign an agreement with his Egyptian counterpart on the joint exploitation of hydrocarbon reserves in common waters of the two countries.
The bilateral agreement – kept on ice for a few years by the previous government – will clarify the way reserves troubling the Exclusive Economic Zone boundary of the two countries will be shared.