Almost 244 Cypriot companies have invested $400 million in Egypt, the chairman of the Cyprus Investment Promotion Agency (CIPA) said.
The investments were made into the industrial, tourism, services, and energy fields, Michalis Michael added in a statement to the Egyptian investment ministry.
The CIPA currently encourages Cypriot investors to pump new investments in Egypt, Michael highlighted.
This came on the sidelines of a meeting between Egyptian investment minister Sahar Nasr, president of the Cypriot parliament Demetris Syllouris, Michalis Michael, and a number of the Cypriot parliament’s members.
Egypt is keen on cementing its ties with Cyprus, Nasr stressed, pointing out that the government welcomes Cypriot investors.
She also indicated that the government constantly works on legislative reforms in a bid to improve the investment environment.