Cyprus, Greece and Egypt sign MoU establishing Trilateral Business Council

The Cypriot, Hellenic and Egyptian Chambers of Commerce have signed a Memorandum of Understanding (MoU) whereby a Trilateral Business Council is established.

The MoU was signed within the framework of the Trilateral Business Conference held in the capital of Egypt.

The MoU was signed by the Chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC), Ahmed El Wakil, the President of the Union of Hellenic Chambers of Commerce (UHCC), Ioannis Masoutis, and the President of the Cyprus Chamber of Commerce and Industry (CCCI), Stavros Stavrou. 

“Besides other initiatives that would be approved on case-by-case basis, the parties agree to establish a “Trilateral Business Council" for the promotion of trilateral cooperation and the implementation of various business promotion programs and initiatives, encompassing leading members from the three sides, and shall provide the needed physical space and technical facilities’’, the MoU reads.

It also notes that “such initiatives and programs shall encompass, but be not limited to business information, awareness and matchmaking activities, sectorial and general delegations, fairs and exhibitions, and logistic support.’’ 

“This Memorandum of Understanding is valid for a period of three years and shall be automatically renewed for equal periods unless cancelled by written notification by either party herein, three months prior to the expiry of the agreement,’’ it adds.

“The parties are conscious of the longstanding relations between the Arab Republic of Egypt, the Hellenic Republic and the Republic of Cyprus at all levels, and the need to further such relations especially through the promotion of technical and economic cooperation’’, the MoU notes, adding that they are “aware of the existing bilateral agreements, protocols and programs’’ and that they are ‘’responding to the need to further support such economic cooperation at the business-to-business level in all sectors.’’

In his address at the trilateral business conference of Cyprus-Greece-Egypt, the President of the Cyprus Chamber of Commerce and Industry (CCCI), Stavros Stavrou, said that “Cyprus, Greece, and Egypt are uniquely positioned, and collectively determined, to promote energy security for our region and to work together for the development and production of sustainable and renewable energy solutions.’’ 

“Our collective expertise, resources, and commitment to innovation can transform the Eastern Mediterranean into a global energy hub. This is not just a vision - it is a responsibility to future generations,’’ he pointed out.

Stavrou went on to say that the conference “is a strategic moment to explore new opportunities in key sectors such as technology, infrastructure, business development and cooperation and tourism’’, adding that ”Egypt’s unparalleled access to over 3 billion consumers through its extensive trade agreements, combined with €22 billion in grants and soft loans available to businesses, presents an unprecedented platform for growth.’’

Stavros Stavrou expressed the readiness of the CCCI to support and facilitate this trilateral collaboration, noting that ”we are here to ensure that the ideas and connections formed today translate into real-world partnerships and tangible outcomes, with the active participation and cooperation of our member companies.’’

He also expressed the view that “our region can leverage its many comparative advantages and transform itself into a bridge of security, peace and dynamic economic development.’’ He added that “the Cyprus Chamber, in close collaboration with the Cyprus government, is fully prepared to contribute practically to intergovernmental cooperation and help promote peace, stability, and prosperity in the Eastern Mediterranean.’’

“Let us seize this moment to build a future defined by innovation, investment, and cooperation. Together, we can create a region that is not only economically prosperous but a global model of stability, sustainability, and success,’’ he pointed out.

“The decisions we make today will resonate far beyond our borders and far into the future. Let us ensure that they lead us toward a thriving, peaceful and united Eastern Mediterranean,’’ he concluded.

(Source: CNA)