Speaking at the event, Communications Minister Tasos Mitsopoulos noted that "the discovery of natural gas reserves within Cyprus’ Exclusive Economic Zone creates excellent prospects for investments and cooperation between Cypriot and foreign businesses in the energy sector and auxiliary services. Cyprus considers Egypt as an excellent partner in the region and aims at even closer and deeper bilateral relations. The strengthening of our bilateral relations will have positive effects in terms of enhancing the economic development and prosperity in our countries. Having said that, the signature of a unitization agreement between Cyprus and Egypt on the joint exploitation of hydrocarbon reserves on the median line between the two countries’ respective Exclusive Economic Zones, is indicative of the excellent relations between our two countries and sets the foundations for commercial exploitation of the hydrocarbon reserves found in areas that cross the two countries’ Exclusive Economic Zones," he said.

Mitsopoulos noted that "perennial goal of our national policy is the further exploitation of Cyprus’ competitive advantages in order to stimulate the economic activity through the attraction of foreign investments and establish Cyprus as a regional service center." He added that, "despite the economic difficulties, Cyprus still retains its strategic advantages and is committed to enhance them even further, as part of our wider efforts to restructure and revitalize our economy, in order to remain a reliable partner to all entrepreneurs and investors interested in expanding their operations to our island."

Mitsopoulos referred to the measures taken by the government in this context, and in order to encourage foreign investments, noting that "these measures will soon be further adjusted downwards aiming to render Cyprus an even more attractive destination for permanent residence." The Minister pointed out that the signing of the Memorandum of Cooperation "is a major step forward in our efforts to further promote cooperation, aiming to enhance growth and prosperity in our countries," adding that "the agreement will pave the way for closer links between the two Chambers, aiming at promoting cooperation in all sectors of the economy." He also reiterated Cyprus’ unequivocal support to the quest of the Egyptian people for democracy and stability, and the wish that the Egyptian people will successfully embark on a transition towards peace and prosperity.

Source: Stockwatch