Latest news with #EnterpriseGreece
Al-Ahram Weekly
15-07-2025
- Business
- Al-Ahram Weekly
INTERVIEW - 'Egypt-Greece trade ties are excellent and growing stronger': Enterprise Greece CEO - Energy
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. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
10-07-2025
- Business
- Al-Ahram Weekly
Athens business event explores Egypt opportunities - Economy
Business opportunities in Egypt were the focus of a "Discover Egypt" event held in Athens on Tuesday. The gathering, co-organised by prominent Greek business bodies, aimed to boost trade and investment ties between Greece and Egypt. The Hellenic Federation of Enterprises (SEV) hosted the event, with Enterprise Greece, the Athens Chamber of Commerce and Industry (ECCI), and the Exporters' Association (SEVE) acting as co-organisers. Its core objective was to showcase avenues for strengthening trade and investment cooperation between the two nations, particularly highlighting opportunities in key sectors for Greek businesses within the Egyptian market. With high participation from business leaders, institutional representatives, and diplomatic figures, the event underscored the perceived importance of deepening bilateral economic relations. The event commenced with opening remarks from Vicky Makrygianni, SEV's Director of International Relations; Rozita Kourtali, Board Member of the Hellenic Association of Greek and Mediterranean Workers; Marinos Giannopoulos, CEO of Enterprise Greece; and Panagiotis Hasapis, Executive Vice President of SEVE. This was followed by addresses from Egypt's Ambassador to Greece Omar Amer Youssef and Greece's Ambassador to Egypt Nikolaos Papageorgiou (via video conference). Both emphasised the strategic significance of bilateral relations and encouraged Greek businesses to explore collaborations in Egypt, particularly in areas where they possess expertise and competitive advantages. The first thematic session, "Bilateral Trade and Investment Opportunities in Egypt," featured insights from Mohamed Youssef, Advisor to the President of Egypt's General Authority for Investment and Free Zones (GAFI), and Eleni Albanti, a senior officer in the i-Services department at Eurobank. The second session, "Doing Business in Egypt," coordinated by Panagiotis Hasapis, included contributions from Stathis Natsis, Executive Director of International Activities at TERNA; Giorgos Sarigiannis, Director of Communication and Strategy at VGROUP; Ioannis Ververidis, Commercial Director of KLEEMAN Group; and Efi Voudouri, General Manager of BAMBAI LTD. Discussions throughout the event highlighted Egypt as a stable and emerging strategic partner for Greece in the North Africa and Eastern Mediterranean region. Participants also noted that trade and investment relations between the two countries demonstrate strong momentum and a consistent upward trend, bolstered by geostrategic proximity, historically robust bilateral relations, and a favourable investment climate in Egypt. Particular emphasis was placed on strategically important sectors such as energy, infrastructure, shipping, financial services, and agri-food, where Greek businesses boast significant expertise and competitive advantages. The total value of Greek exports to Egypt in 2024 amounted to approximately €906 million (compared to €506 million in 2023), recording a spectacular increase of almost 80 percent. This surge is mainly attributed to a significant expansion of exports of fossil fuels, lubricants and related materials. During the same period, Greek imports from Egypt totalled €1.3 billion (compared to €1.4 billion in 2023), recording a decrease of approximately 12 per cent. Overall, bilateral trade exceeded €2 billion, marking an increase of 12 per cent compared to 2023. Greece currently ranks as the fourth-largest foreign investor in Egypt, with more than 200 Greek companies operating in the country. Notably, Greek investments almost doubled in the period 2023–2024, reaching €12.1 million from €5.8 million the previous year—a fact that confirms the growing confidence of the Greek business circle. Follow us on: Facebook Instagram Whatsapp Short link:
