The Greek Community of Alexandria

Category: ECONOMY

News about economy

  • Egyptian FM optimistic over agreement on EEZ with Greece

    Egyptian FM optimistic over agreement on EEZ with Greece

    Egyptian Foreign Minister Sameh Shoukry in an interview with Efimerida Ton Syntakton newspaper on Saturday, on the sidelines of the 2nd Conference on Stability and Security in the Eastern Mediterranean held in Rhodes, stressed the need for cooperation between Greece and Egypt in the energy sector.

    He stressed that “it is important for all of us to broaden the fields of cooperation. And energy is a field of cooperation “, while on the demarcation of an EEZ between the two countries he noted that the talks continue and expressed the conviction that there will be an agreement.

    It is important,” he added, “to build our relationship, to create a climate of security, stability and peace in the area that will pave the way for better exploitation of our common resources and the comparative advantages of each country. Of course, these will create better opportunities for employment, economic progress, and revenues.”

    “We are facing the same or similar challenges, whether we are talking about politics or the economy, and if we work together we will get better conditions to meet our aspirations, but also to be protected from threats to peace and stability,” he stated.

    (www.tornosnews.gr)

  • Value of trade between Egypt, Greece drops to $1.3bn in 2016

    Value of trade between Egypt, Greece drops to $1.3bn in 2016

    Trade exchange between Egypt and Greece dropped 21.9% in 2016 to $1.3 billion from $1.7 billion in 2015, said chairman of the Greek side to the Egyptian-Greek business council Ioannis Yiotis.

    Yiotis was addressing the third forum of the council which was hosted by the Egyptian Businessmen Association on Wednesday.

    He asserted that both sides work on promoting economic relations, hailing ties as deeply-rooted at the political and economic levels.

    Also, Assistant Foreign Minister for European Affairs Basem Khalil lauded relations withGreece, saying that they reached an unprecedented stage in the past few years.

    He called on Egyptian and Greek businessmen to make use of the distinguished relations between the two countries.

    (www.sis.gov.eg)

  • Greek seal to expand to more types of commodities

    Greek seal to expand to more types of commodities

    The Athens Chamber of Small and Medium-Sized Industries (BEA) is planning to expand the use of the mark indicating products of Greek origin to non-food categories, such as apparel, furniture and toys.

    This effort started in the summer of 2015, but without any substantial response from the competent Ministry for the Economy and Development. Now BEA and the Hellenic Marketing Academy (ELAM) are trying to attract the government’s – and enterprises’ – attention through the first “Made in Greece” symposium on May 31, with the participation of government officials, entrepreneurs, academics and certification authority officials.

    The aim of creating a Greek brand is to consolidate consumer confidence in products certified as Greek and to avoid misleading phenomena. It is also aimed at protecting the interests of Greek producers from imitations and unfair competition and strengthening the competitiveness of Greek enterprises.

    To date, the certification has been awarded to 524 products belonging to the categories of dairy and alcoholic products, with olive oil products soon set to follow, as the necessary procedures have just been completed.

    (www.ekathimerini.com)

  • E-Khorda: An Opportunity for Egyptians to Make Gold from E-Waste

    E-Khorda: An Opportunity for Egyptians to Make Gold from E-Waste

    E-waste is one of the fastest growing wastes in the world. Communication and technological literacy is increasing, and access to electronics and electric appliances is rapidly growing, and consequently so is electronic waste. Material such as lead, cadmium, mercury, zinc, and many more, are all found in all electronic and electrical devices used daily in our lives, which turn into health and environmental hazards if not disposed of properly.

    E-Khorda, a project which forms part of the Sustainable Recycling Industries (SRI) Programme, is an electronic waste recycling entrepreneurship support program that aims to help build operational e-waste companies by end of 2017.

    Egypt is seen as a high potential market. According to a study conducted by the ‘Best of 2 Worlds Project’, between 2017 and 2025 up to nine tons of gold can be extracted from e-waste. “Other findings also revealed that up to 17.96 tons of silver can be extracted from end-of- live (EOL) mobile phones in 2025. An estimate of cumulative potential gold and silver in EOL desktop and notebook computers, is approximately 3.73 & 22.71 tons respectively in 2025”, stated Dr. Fathya Soliman, Senior Consultant of Centre for Environment and Development for the Arab Region and Europe (CEDARE).

    The program, E-Khorda, will offer 10-15 potential e-waste startups from Egypt 10 full day training sessions on business and technical topics such as business modeling, cash flow analysis and technology assessment. It will also provide 60 hours of individual technical consultancy sessions, and five business sessions related to finance, marketing and pitching through Startup Reactor Accelerator.

    The top three performing startups will be identified through a panel of experts and will continue to receive full acceleration benefits of Startup Reactor Accelerator by Innoventures. This includes office space, training, mentoring, marketing benefits, legal registration and investment opportunities for an additional six months. Successful startups will also get a chance to pitch in the event during the Global Entrepreneurship Week in November.

    The training and technical consultations will be provided by Chemonics Egypt Consultants and Cleantech Arabia in association with the Ministry of Trade and Industry. Meanwhile, the investment matching and workshops are provided by Innoventures’ Startup Reactor.

    Those who wish to take the opportunity to build a business that makes a difference should complete the online application before March 5.

    Cairo witnessed the launch of the SRI Project in July in Egypt as the result of the agreement signed between the Egyptian Government, represented by the MCIT, and the Swiss Government, represented by the Swiss Embassy in Cairo.

    The main goal of the project is to support the sustainable integration and participation of small and medium enterprises in the recycling of e-waste in Egypt. Non-hazardous resourceful management of secondary non-renewable resources will be optimized, and local capacity of formal and informal sectors will be improved, ensuring sustainable e-waste recycling and job creation.

    (egyptianstreets.com)

  • EgyptAir hosts a Greek media delegation to stimulate tourism

    EgyptAir hosts a Greek media delegation to stimulate tourism

    EgyptAir hosted a 15-member media delegation from the one of largest Greek media institutions, organized by the EgyptAir Office in Athens, headed by Salah Tawfiq, in cooperation with the Egypt Tourism Authority, to visit the tourist destinations in Egypt.

    Captain Sherif Ezzat, EgyptAir airlines CEO, said during his meeting with the delegation that the company has ambitious plans to expand in the Greek market and increase frequencies to enhance its presence in this market.

    The company currently operates 14 weekly flights to Athens, two daily flights from Cairo International Airport, and two weekly flights from Alexandria on Monday and Friday, he said.

    Ezzat added that the company transported about 100,000 passengers between the two countries during the year 2016, and this number is expected to increase this year.

    As part of his tour, the Greek media delegation visited the Egyptian Air Training Center to learn about the Center’s capabilities and training courses in the field of air transport as one of the largest specialized centers in the Middle East and Africa.

    (www.egyptindependent.com)

  • EBRD is studying financing five feed-in tariff projects in its 2nd phase

    EBRD is studying financing five feed-in tariff projects in its 2nd phase

    Janet Heckman, managing director for the Southern and Eastern Mediterranean (SEMED) region at the European Bank for Reconstruction and Development (EBRD), said that the bank is currently studying to finance five projects in the second phase of the feed-in tariff projects starting from the second half of this year.

    Heckman told Daily News Egypt that the bank refused to finance the first phase of the feed-in tariff projects due to the domestic arbitration clause, as they wished it to be outside Egypt.

    According to Heckman, EBRD is planning to inject investments worth €1bn in Egypt during the current year.

    She explained that most of the investments will be allocated to small and medium-sized enterprises (SMEs), as well as the private sector projects and the new and renewable energy projects.

    She said that the SME financing portfolio at the bank in Egypt recorded $410bn for 5 local banks, of which $150m have been signed last year.

    She added that the bank is currently studying with a number of Egyptian banks to provide financing lines for SMEs and trade operations.

    Heckman believes that the economic reforms applied by Egypt, including the flotation of the pound, support the competitiveness of Egyptian exports and attract foreign investments.

    Heckman expected that the Egyptian economy will grow by 4% this year, which is the same growth ratio as last year. The bank has invested €700m over the past year.

    (www.dailynewsegypt.com)

  • Egypt, Russia to finalise contracts for Dabaa nuclear plant within two months

    Egypt, Russia to finalise contracts for Dabaa nuclear plant within two months

    The government is set to complete the agreement on two contracts with Russia regarding the Dabaa nuclear power plant within two months. The two contracts include provisions on technical support, operation, maintenance, and fuel depots.

    Government sources said that Egyptian and Russian officials are meeting daily, in presence of the technical advisor for the project, WorleyParsons, and the legal adviser, Shearman & Sterling, to finalise the rest of the contracts.

    The sources added that the two parties expect the contracts to be ready within two months. After the draft is completed, the contract will be sent to the State Council for approval.

    The commercial contract between Egypt and Russia to establish, supply, and operate the Dabaa nuclear plant includes four agreements: the main establishment, fuel supply, technical support during operation, and establishing storage for consumer fuel.

    Following the State Council’s approval, the Egyptian presidency will organise an inauguration ceremony attended by President Abdel Fattah Al-Sisi and Russian president Vladimir Putin. This is expected to take place in June, according to the sources.

    They furthermore said that talks and consultations are ongoing regarding the spare parts of the plant and the details of their shipment, next to penalties for non-compliance regarding timely payment of instalments.

    The sources added that the discussions with the Russian side are very clear and that both parties share the same concept, which is to reach the best technical, financial, and legal solutions in the contract to avoid future problems.

    Egypt signed an agreement with Russia to establish a nuclear power plant in Dabaa with a capacity of 4,800MW for $30bn.

    Russia will provide a government loan of $25bn to finance equipment and services for construction and operation.

    The loan is used to finance 85% of the value of each contract to implement works, services, and shipments of the project. The Egyptian side will pay the remaining amount, representing 15% in the form of instalments. The amount will be paid for the benefit of the authorised Russian institutions in a way that suits the contracts, in the form of an advance or any payment that is made later after implementing works and services and delivering supplies. The term of the loan is 13 years over the period from 2016 until 2028, at a 3% annual interest rate.

    (www.dailynewsegypt.com)

  • Trade exchange between Greece and Egypt reached €1.3bn: Pantelis Gassios

    Trade exchange between Greece and Egypt reached €1.3bn: Pantelis Gassios

    Greece intends to increase its commercial cooperation with Egypt. Known for its fabulous cuisine, Greece started with food products, aiming at increasing investments between both countries in this sector.

    Around 15 Greek food companies exhibited their products in the Greek Rowing Club, located in Giza, which included olives, olive oil, honey, cheese, packed products, and other goods.

    To learn more about the current state of Greek-Egyptian economic relations, Daily News Egypt took the opportunity to meet the counsellor for economics and commercial affairs at the Greek embassy, Pantelis Gassios.

    Trade between Greece and Egypt last year reached around €1.3bn. How much of this amount do Greek exports to Egypt represent?

    The Greek exports represented €750m, while Egyptian exports to Greece represented €577m.

    Do you expect any increase in trade in 2017?

    Let me tell you that the trade exchange witnessed a remarkable decrease over the past ten years, mainly because of the drop in the oil prices.

    So both the Egyptian and Greek sides aim to diversify the exchange of products to not depend on oil and its by-products so much, as their prices are always unstable.

    Exporting oil and its products between Egypt and Greece, how much does it represent from the whole amount of exports between both countries?

    In 2016, €492m out of the €750m Greek exports to Egypt were petroleum, oil, and their by-products, while €412m of the €577m Egyptian exports to Greece were crude oil.

    This is why both sides would like to diversify the types of products they are exchanging.

    Recently natural gas fields in the Mediterranean Sea were discovered. It has been stated that Greece and Egypt will hold discussions to sort out this matter. Any comments in this regard?

    It will be Egypt, Greece, and Cyprus, as far as I know; these fields are located in the zone between Egypt and Cyprus.  What governments are working on is to transfer natural gas to the Greek island of Crete and from Greece to the rest of Europe.

    The implementation of energy plants takes time and is difficult. It also involves ports and building underwater pipelines. However, we are very optimistic that it will happen, bearing fruitful results for everyone.

    Are there any possibilities for Greek gas to be refined in Egypt?

    I am reading in the press that there are deals between Egypt and Cyprus to bring natural gas to Egypt—in the form of liquefied natural gas—for the domestic market. So I view this as a great idea.

    What is the amount of Greek investments here in Egypt?

    Official data estimate Greek investments to stand at €800m, according to official figures from the Central Bank of Egypt and Greece. However, there is Greek capital inflow from other countries, like Cyprus. So investments amount to around €1bn.

    What are the types of these investments?

    Cement, paper manufacturing, oil and gas explorations and constructions, food industry, manufacturing of building materials, aluminium, irrigation systems, banking, and training services.

    You mentioned that you would like to diversify exchanging products between both countries and not depend only on petroleum and oil ones. How do you see the future of exchanging food products between both countries?

    The food industry is one of our top industries in Greece. Our food products are being exported all over Europe and also to the US.

    The market in Egypt is very inviting since the population is high, and the country therefore consumes a lot.

    Egypt too is strong in this sector, so we are also inviting Egyptian counterparts to invest in this sector in Greece.

    I consider it a very promising sector concerning investments from both sides, and I believe it would be a win-win investment.

    Recently the International Monetary Fund granted Egypt a $12bn loan. The Egyptian government is working on economic reforms. Is Greece taking this into account regarding further investments?

    Greece is very aware of the reforms Egypt is undertaking. Changes are painful but necessary. However, in terms of a long-term vision, the changes made by the Egyptian side are going in the right direction.

    Greece is famous for its production of mcetkh. What is the top Arab importer of it?

    We use mcetkh in many things, including cooking and making sweets. I can say that Saudi Arabia is one of the top importers worldwide for Greek mcetkh—they use it in many of their products.

    (www.dailynewsegypt.com)

  • Egypt Plans to Implement ‘Electronic Visa Application System’ to Attract More Tourists

    Egypt Plans to Implement ‘Electronic Visa Application System’ to Attract More Tourists

    In a step that aims to facilitate visa procedures to tourists, Egypt’s Interior Minister Magdy Abdel-Ghaffar met with Telecommunication Minister Yasser Al-Qady to discuss the development of a new system that will allow issuance of electronic visas.

    The step is expected to positively affect the tourism sector and the rate of incoming tourists to Egypt, as it will facilitate the procedures of obtaining the Egyptian visa.

    President Abdel Fattah Al-Sisi ordered to accelerate the implementation of the E-Visa system during his meeting with the Supreme Council for Tourism. Travelers will be able to obtain their Egyptian visa through an online system that will speed up the procedures for obtaining visas and smoothen the process undertaken in the airports upon their arrival.

    Abdel-Ghaffar said the Interior Ministry is keen on implementing the new system and also upgrade the security technological systems it has. Al-Qady stressed the importance of the cooperation between the two ministries in order to achieve the highest quality possible of services for foreign nationals in Egypt.

    Member of Parliament Mohamed Al-Massoud said the E-Visas system will help boost tourism in Egypt.

    (egyptianstreets.com)

  • 2nd Delphi Economic Forum: New strategic equation in eastern Med

    2nd Delphi Economic Forum: New strategic equation in eastern Med

    The speakers at the 2nd Delphi Economic Forum expressed reserved optimism over the possibility of a solution to the Cyprus issue even in the long term as well as over the energy reserves found in the eastern Mediterranean.

    The panel on the ?new strategic equation in eastern Mediterranean? was held with the participation of Nadia Arbatova, head of the Institute of World Economy and International relations of Moscow, Ian Lesser, vice president of the German Marshall Fund of the United States of America, Theodoros Pangalos vice president of the Greek government in 2009-2012 and former Foreign Minister and Dr. Thanos Dokos general director of Hellenic Foundation for European and Foreign Policy ELIAMEP.

    The speakers called the wider region of the Eastern Mediterranean and the Middle East as a difficult situation especially after the election of Donald Trump.

    On her part, Arbatova referred to US-Russia relations after the election of Donald Trump and the volatile conditions in the Middle East stressing that Russian President Putin is trying to take advantage of the gap opened by the reduction of US commitments abroad and to reverse the view that Russia is a regional and not an international power. She also estimated that this was the reason for Russia’s involvement in Syria, return to an older status in which President Putin failed to succeed. On Turkey-Russia’s relations she said that they will never become strategic partners only occasional or ad hoc partners.

    (www.tornosnews.gr)