CAIRO: A hopeful Spyros Kouvelis, Greece’s deputy foreign minister, said Thursday that his country is eager to collaborate with Egypt by increasing as well as strengthening current business ties.
Pointing out that more than 4 percent of Greece’s outward investments are in Egypt, Kouvelis emphasized that the two nations which are currently sharing the same changes and reforms, should “join forces” as they are both also very strategically placed in the Mediterranean.
“I consider my trip today to Cairo as the most important trip that I’ll make throughout the course of this year,” said Kouvelis at a forum. “I’ve been to Egypt may times, but not the new Egypt, I see Egypt now as a land of hope and change.”
Organized by the Federation of Egyptian Industries and the Federation of Greek Industries, the forum discussed how Egypt would provide more facilitation for Greek investors who want to enter the local market.
At the forum, where there were several Greek investors, Kouvelis encouraged entrepreneurs to diversify investments in Egypt and strengthen cooperation, even when it comes to tourism.
“Many people think Egypt and Greece can only be competitors in this sector, but I think otherwise,” he said. “By flight, we are less than an hour away from each other, so why not encourage our tourists to visit Egypt and vice versa.”
Pointing out those Greek businessmen who were present in Egypt during the revolution preferred to remain in the country during the unrest, Kouvelis added that he was happy with how they were treated by the Egyptian people despite the difficult circumstances.
“Not only did the investors stay, but they chose to expand their work in Egypt after the revolution,” said Kouvelis.
After Egypt’s January 25 popular uprising, which forced Hosni Mubarak and his regime out of power, the new transitory government is trying implement the demands of the revolution, which pushed for democracy, better living and working conditions, and human rights.
“The new Egyptian government is making adjustments to adopt investments to the revolution’s aftermath,” said Osama Saleh, President of General Authority for Investment (GAFI).
“In GAFI, we have put together now procedures to help facilitate business investments in the country, we are committed to having a free economy, creating jobs, and transparency.”
Under Mubarak’s regime, many local and foreign investors shied away from the market because they found it difficult to adapt to the “corrupt” style of doing business.
Greek investors, on the other hand, have faith in the Egyptian people as well as the market, despite obstacles they’ve faced when dealing with previous government officials.
Petros Avgoustidis, managing director of the Egyptian Greek Bricks and Tiles company, in which Orascom is also a shareholder, said he wants to invest more in the market but still has concerns.
In 2004, Avgoustidis came from Greece to save a once dying company that had only 80 employees and had already lost €2 million. However he found another obstacle standing in his way.
“We had bought the land of the factory, which is located in the Minya governorate at a tender where the highest bidder takes the land,” he said. “But, I later came to find that the governor, who had share with the previous owners who liquidated and gave away the shares, didn’t want us to have the company or the land.”
Avgoustidis told Daily News Egypt that despite losing two court cases on the issue, the governor continue to target the company and fine them for having the land, and continues to pose a problem to this day.
“Indirectly, I think it is a business deal for him to continue to fine us even though we bought the land legally at a public tender from a private company,” he said. “I came to the company in 2004, it was losing, we brought it from 80 workers to 300 now, and just last year our clear-cut profits alone were €800,000.”
The company, which produces about 600,000 tons of bricks per day, decided to remain in the country during the revolution. In fact, Avgoustidis calls Egypt his “home” and hopes that he can start another factory in the country.
“I stayed in the country during the revolution here at my home in Cairo, I love Egypt and the Egyptian people have been good to us,” he added.
Referring to the complications he continues to face from the governor of Minya, he said “I provide jobs for 300 Egyptian souls, and I would like to open another factory and bring in another 200 employees, but I just want this story to end.”
