INTERVIEW - 'Egypt-Greece trade ties are excellent and growing stronger': Enterprise Greece CEO - Energy

Al-Ahram Weekly

15-07-2025

Marinos Giannopoulos, CEO of Enterprise Greece, the country's official trade and investment promotion agency, spoke to Ahram Online about the growing momentum in Egypt-Greece economic relations, shared regional goals, and Greece's robust investment landscape.
Ahram Online: What are the most significant joint initiatives between Egypt and Greece? How is economic cooperation evolving?
Marinos Giannopoulos: Over the past few years, Egypt and Greece have ushered in a new era of commercial partnership. Energy cooperation has been a key pillar, ranging from fossil fuels and natural gas to renewables.
Joint efforts include the GREGY Interconnector, the EuroAfrica Interconnector, the East Med Gas Forum, and the 2020 agreement on exclusive economic zones.
These are now being complemented by newer efforts, most recently, an MoU on Carbon Capture Usage and Storage to support climate goals.
Greek companies in sectors such as energy, construction, engineering, and healthcare are increasingly active in Egypt. Both countries are also building a new framework for agricultural labour cooperation.
AO: What is the current status of the GREGY project, and how does it contribute to regional energy goals?
MG: The GREGY Interconnector exemplifies the depth of Egypt-Greece relations. Designated as a European Union (EU) Project of Mutual Interest, it is expected to unlock 1 billion euros in grants and concessional funding.
Initial tenders have already been awarded on the Greek side. The chosen companies will conduct feasibility studies, mapping the optimal cable route and calculating costs.
Once completed, GREGY will transfer 3,000 MW of electricity, replace 4.5 bcm of natural gas annually, and slash CO₂ emissions by 10 million tons per year, significantly boosting sustainability and energy security across the region.
AO: How would you describe Egypt-Greece trade relations, and which sectors are being prioritized?
MG: Our trade ties are excellent and continue to strengthen, with bilateral trade now approaching 2 billion euros.
Energy remains a cornerstone, but we are seeing significant potential in agriculture, building materials, and aluminium production.
At Enterprise Greece, we are focused on linking Greek and Egyptian firms through business missions and matchmaking platforms.
AO: What role does bilateral cooperation play in regional stability and economic development?
MG: Egypt and Greece share a strategic vision for regional peace and prosperity. Public sector initiatives, such as GREGY or diplomatic summits, are catalysts for private-sector engagement, creating a virtuous cycle of trade and investment that supports regional resilience.
That is why during the recent summit, we hosted a business forum to highlight opportunities and expand networks.
AO: How would you assess the investment climate in Greece today?
MG: Greece's investment environment is one of the strongest in Europe. According to EY's 2024 Attractiveness Survey, Greece ranked among Europe's top 20 destinations for the second year in a row.
While overall foreign direct investment (FDI) declined in Europe, Greece secured 50 new greenfield investment projects.
Enterprise Greece provides end-to-end investor support, manages incentive schemes including fast-track programmes, and promotes opportunities through global roadshows and investment events.
Our goal is to build on Greece's economic recovery to ensure sustainable, long-term growth.
AO: How is Greece leveraging the global green shift to attract sustainable investment?
MG: Greece is a leader in the energy transition. Over 50 percent of electricity now comes from renewable sources, and we are exporting clean power to neighbours.
We offer strong incentives for offshore wind farms, including energy upgrades, electric vehicle (EV) adoption, and national grid modernization.
Under our National Energy and Climate Plan, we anticipate over 400 billion euros in energy sector investment by 2050, most of it in renewables and clean technology.
International partners are responding. Volkswagen is pioneering a green mobility prototype on Astypalea Island, and the UAE's Masdar recently invested 3.6 billion euros to acquire clean energy firm Terna Energy.
Cross-border interconnectors like GREGY further strengthen Greece's role as a regional clean energy hub.
AO: How is Greece using its geographic position to foster regional and global investment?
MG: Greece's strategic location, at the crossroads of Europe, Asia, and Africa, is a tremendous asset. Through infrastructure investment and privatization, we are turning Greece into a regional hub for technology, logistics, and trade.
Piraeus Port is now among Europe's top five container ports, thanks to strategic foreign investment.
We are also upgrading airports, road networks, and logistics infrastructure to support our role in corridors like the India-Middle East-Europe Economic Corridor (IMEC).
We also serve as a tech hub, with advanced data centres and telecommunications, making Greece a launchpad into the EU for investors from North Africa and the Middle East.
Enterprise Greece is a founding member of the ANIMA Investment Network, promoting economic ties across Europe, the Middle East, and Africa, and was recently re-elected to its board.
AO: What is the long-term vision for Greece as an investment destination?
MG: Our vision is to make Greece a pillar of stability and prosperity in the Eastern Mediterranean, a hub connecting continents and industries.
Mega projects already underway include the 8-billion-euro Ellinikon urban redevelopment, Europe's largest.
They also include the GREGY and potential Greece-Cyprus interconnectors, a 500-million-euro airport in Crete, and major road upgrades nationwide.
However, our broader mission is to transform Greece's economy, move up the value chain, diversify sectors, and become a strategic partner for regional growth and innovation.
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