Business opportunities in tourism and construction

Speaking after the Cyprus-Egypt Business Forum held in Nicosia on Monday night, Marios Tsiakkis, Secretary General of the Cyprus Chamber of Commerce and Industry (KEVE) said in an interview on CyBC radio that “Egypt is a market of 100 mln and there are many opportunities for Cyprus companies to invest.”

“The use of terminals in Egypt for further liquefaction and re-export of natural gas, can help Cyprus take a regional role in energy matters. Beyond that, the tourism sector surely seems to have prospects, we are two touristic countries in the region with different cultures and a history to show, and here we discussed the prospect of combining packages between Cyprus and Egypt, especially for tourists coming from farther destinations.

“The idea is to combine Greece-Cyprus-Egypt, where one could see quite different cultures in a nearby region. The issue of cruise and ferry connections was also discussed, with cruises as we had in the past.

“The sector of trade and industry surely has good prospects, even though in recent years there has been a decline in our trade relations, because of the economic crisis in Cyprus, but also the well known events during and after the Arab Spring (2011). However 2017, compared to 2016, has seen a rapid rise of trade between the two countries, both as regards Cyprus exports to Egypt and vice versa.”

Tsiakkis said that the investment sector was discussed quite widely at the Forum.

“After the speeches by the two presidents, we had two presentations, one from Cyprus (by Angelos Gregoriades on the use of Cyprus funds for investment in Egypt) and one from Egypt, as regards the prospects of investments in the economic zone of the Suez Canal. The investment structure of both countries was discussed widely, as Egypt has a huge programme of reconstruction and major infrastructure projects in which Cyprus companies can take part.”

Asked if any Cypriot companies are active in Egypt at the moment, Tsiakkis said that “there are some Cypriot companies that have undertaken some construction projects, with the expansion of the Suez Canal, but in general with the developments taking place. There are exports of Cypriot goods to Egypt, but Egypt, as was announced by the Egyptian Trade and Industry Minister Tarek Kabeel, has announced a major investment programme for the industrialisation of the country and in industry in general, where large investments are being offered. So, many Cypriot companies that have the knowhow would be able to participate in this sector.”

“The agricultural sector, farming and fisheries were also mentioned as having great prospects, so it is a wide range of cooperation that could take place,” Tsiakkis said.

Monday’s forum laid the foundations and we as a Chamber and in co-operation with our Ministry (of Tourism, Trade and Industry) and probably with CIPA for sure in 2018 will organise a trade mission to Egypt, whether this will be part of a delegation to accompany the President in a possible official visit, we will see. It is within our plans to build and enhance this prospect because it seems that there are very good prospects.”

As regards restarting cruises, Tsiakkis said that “the basic problems seem to be getting the right numbers to justify such cruises, and such routes. What will have to be discussed, and this will probably be by the relevant authorities and stakeholders in the tourism and travel sectors, is that Egypt is visited by a very big number of American, Japanese and Chinese tourists, something which we have not succeeded in getting in big numbers in Cyprus.”

“A good cooperation in this sector could result in a new flow of tourists to Cyprus, which, as we have said earlier, has a different tourist product – Egypt has its own history and culture, Cyprus has the oldest ancient Greek culture, we have religious tourism which is developing, and many other forms of tourism in Cyprus, this is what we have to see with all stakeholders, to see how we can offer attractive packages.”