Minister of Supply Khaled Hanafy discussed exporting the Food Industries Holding Company’s products to Cyprus during his meeting with Cypriot Minister of Agriculture and Natural Resources and Environment Nicos Kouyialis Friday.
Products include ketchup, flour, and frozen vegetables and fruits, Hanafy said in a statement. The decision would benefit from Cyprus’ geographical position to open new export markets in EU countries.
During the meeting, Kouyialis expressed his willingness to create a “strategic alliance” with Egypt to increase bilateral trade between both countries.
Relations between Egypt and Cyprus have taken a new step following a trilateral summit between Egyptian, Greek, and Cypriot leaders in Athens in December. The three countries had agreed on further cooperation in various fields, especially in the economic, maritime, and tourism sectors.
President Abdel Fattah Al-Sisi visited Cyprus in April 2015, his first visit as a president, where he signed an agreement of cooperation on the levels of security and politics.
Bilateral trade between Egypt and Cyprus was valued €67.5m ($73.2m) in 2013, in the latest announced figure. The volume of bilateral trade between Egypt and the EU from January to October 2015 was worth $16.2bn, with Egypt exporting the worth of $3.8bn.
According to state-owned information portal State Information Service (SIS), there are 140 Cypriot companies operating in the Egyptian market.
Egypt and Cyprus have signed a cooperation agreement in the tourism sector in late 2014, which stated that both countries shall exchange information on the tourism sector and promote mutual participation of tourism exhibitions.