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Cyprus to Enhance Cooperation with Greece and Egypt

Cyprus-to-Enhance-Cooperation-with-Greece-and-EgyptAfter meeting this spring in Nicosia, the Cypriot, Greek and Egyptian Prime Ministers have recently concluded their agreement for economic and political cooperation. The three countries want to cooperate in order to increase stability in the region and to promote investment between Greek, Egyptian and Cypriot companies. For detailed information about the contents of the “Nicosia Agreement” you can ask our lawyers in Cyprus.

Agreement for increased economic cooperation between the three countries

In September Cyprus, Greece and Egypt have pledged to increase economic cooperation after signing the “Nicosia Agreement” earlier this year. The three countries want to provide better conditions for Greek, Egyptian and Cypriot citizens and enhance economic stability in the region. Cyprus is very important to the agreement considering it is a major maritime hub for all ships arriving from Asia and Africa and going to Europe. This way, Cyprus will ensure the maintenance of trading relations between the entire European Union and the rest of the world.  Considering the consistent amount of hydrocarbon found in the eastern Mediterranean, the three countries have also discussed the division of the zone between them.

The three countries have agreed to explore all the possibilities that would improve relations between their economies by concentrating on the development of a “positive environment for growth” and by taking advantage of all important opportunities arising in the region. Cyprus’ strong points reside in its tourism industry, foreign investors from Greece and Egypt very finding attractive opportunities for expanding their businesses in this sector. The three countries have agreed to develop joint tourism packages and cruises, but also to start cooperation on maritime educations and trainings for the Greek, Egyptian and Cypriot workforces.

For information related to investment opportunities in the maritime sector you can contact our Cypriot lawyers.

Cooperation in the energy sector

The maritime industry is not the only common and strong point shared by the three countries. The energy industry is also on their list considering the meeting was also held in order to divide the hydrocarbon zones in the Mediterranean. The three countries are determined to respect the principles of the international legislation, respectively of the UN Convention of the Law of the Sea, when it comes to the division of these areas.

The exploitation of natural resources is very important to Cyprus as it offers many investment opportunities in the context of enhancing its economic stability and cooperating with Greece and Egypt.

For additional details about the “Nicosia Agreement” you can also refer to our law firm in Cyprus.

 

 

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