سفارة جمهورية مصر العربية
مكتب التمثيل التجارى
اثينا

Fact Sheet

Egypt – Greece

Economic and Trade relations

I. Background information

South East Europe / Location
Athens /

Capital

11.8 million. /

Population

Parliamentary Republic /

Political regime

H.E. Mr. Karolos Papoulias / President
Mr. Antonio Samaras / Prime Minister
Mr. Evangelos Venizelos / Minister of foreign affairs
Mr. Kostis Hatzidakis / Minister for Regional Development & Competitiveness
Mr. Giannis Stournaras / Minister of Finance
Coalition Government of 3 parties:-
§  New Democracy.
§  Pan-Hellenic Socialist Movement (PASOK). / Governing party
§  Radical Left (SYRIZA).
§  Radical Right (Golden Dawn).
§  Independent Greeks. / Opposition parties
300 seats. A party must receive 3% of the total national vote to qualify for parliamentary seats. Parliamentary deputies are elected for a maximum of four years. / Parliament composition

Economic Indicators:

2013 / 2012 / 2011 / 2010 / 2009 / 2008
182 / 193.7 / 208.5 / 222.1 / 231 / 233.2 / GDP (billion euro)
-2.1 / -6.4 / -7.1 / -4.9 / -3.1 / -0.2 / GDP real growth rate %
3.5%
16%
80% / GDP: composition by sector %
Agriculture
Industry
Services
n.a / 17.1 / 18.5 / 19.6 / 20.5 / 20.8 / GDP- per capita (thousand euro)
n.a / 1.28 / 1.39 / 1.32 / 1.39 / 1.47 / Currency unit & average of exchange rate against US Dollar
27.5% / 24.2% / 17.7% / 12.5% / 9.5% / 7.6% / Unemployment rate
-0.9% / 1.5% / 3.3% / 4.7% / 1.4% / 4.2% / Inflation rate
Exports (billion euro) / 23.1 / 18.3 / 20.5 / 23.4 / 25.4 / 27.6
Main importing countries / Russia, Germany, France, Italy, Saudi Arabia, China , Netherlands.
Imports (billion euro) / 34.6 / 26.2 / 27.3 / 29.5 / 27.9 / 27.9
Main exporting countries / Turkey, Italy, Germany, Bulgaria, Cyprus, United States Of America, United Kingdom.
Direct Investment in Greece (inflow) (million US $) / 4.499 / 2.436 / 3.733 / 1.823 / 2 / n.a
Direct Investment abroad (FDI Outward) (million US $) / 2.418 / 2.055 / 9.791 / 1.788 / 1.460 / n.a
Stock of Foreign Direct Investment in Greece (million US $) / 38.119 / 44.927 / 35.026 / 27.433 / n.a
Stock of Direct Greek Investment abroad
(million US $) / 37.232 / 39.454 / 42.623 / 42.938 / n.a
Main investing Countries / Germany, United Kingdom, France, Luxumburg , Belguim Netherlands, Italy , United states of America , Switzerland
Main recipient countries / Turkey, Romania, Bulgaria, Egypt , Poland, Netherlands, Cyprus, United states of America.
FTA with other countries / Being an EU member, Greece is committed to all FTAs signed by the EU.
Exports – main Items / food and beverages, manufactured goods, petroleum products, chemicals, textiles
Imports- main Items / machinery, transport equipment, fuels, chemical

Foreign Trade Policy (main elements):

Being an EU member since 1981 and a member of the eurozone, Greece is committed to the EU trade policy, regulations and decisions.

II: Bilateral Trade and Economic relations between Egypt and Greece

a.  Contractual Framework Agreements:

Signed in / Agreement /
1981 / Agreement for cooperation in the field of Maritime Transport
1986 / Agreement on Economic and Technical Cooperation
1993 / Agreement on Investment Promotion and Protection
1999 / Agreement for Cooperation and Exchange of Information between Export Promotion Centers in both Countries
2002 / Agreement for the Establishment of Egyptian Greek Business Council
2004 / Agreement for the Avoidance of Double Taxation
2004 / Agreement on Scientific & Technological Cooperation
June 2004 / Egypt – EU Association Agreement
2005 / Memorandum of understanding for cooperation in the field of Maritime Transport
2005 / Memorandum of understanding for cooperation in the field of tourism
June 2006 / Agreement for cooperation in the field of customs
2008 / Agreement for Cooperation in the Field of Insurance and Reinsurance between the Insurance Federation of Egypt and the Hellenic Association of Insurance Companies.

b-Trade flow during the period (2009- 2013):

Million Euros

Change % / 2013 / 2012 / 2011 / 2010 / 2009 / Item/ Year
29.8% / 576.5 / 444.1 / 653.8 / 291.2 / 250.6 / Egyptian Exports
71.8% / 593.5 / 345.4 / 391.5 / 208.6 / 158.9 / Egyptian Imports
48.2% / 1170 / 789.5 / 1045.3 / 499.8 / 409.5 / Trade Volume
-37 / 98.7 / 262.4 / 82.6 / 91.7 / Trade Balance

Source: National Statistical Service of Greece

Ø  Top Egyptian Exports to Greece according to year 2013:

(Million Euros)

Product / 2009 / 2010 / 2011 / 2012 / 2013 / % from total exports 2013
Mineral Fuel and Mineral Oils (H.S.27) / 113.2 / 163.5 / 488.8 / 318.1 / 438 / 76%
Fertilizers (H.S.31) / 23.7 / 24.8 / 27.9 / 27.8 / 32.2 / 5.6%
Organic chemicals (29) / 0.021 / 0.0003 / 7.6 / 17.1 / 28.5 / 5%
Vegetables (H.S.07) / 25.8 / 22.2 / 31.8 / 12.1 / 21.1 / 3.7%
Plastic and Products (H.S.39) / 3.8 / 5.2 / 7.3 / 8.2 / 9 / 1.6%
Salt, Lime & Cement (H.S25) / 6 / 5.4 / 7.3 / 9.9 / 6 / 1%
Iron & Steel(H.S72) / 5.7 / 4.2 / 5.7 / 1.6 / 4.5 / 0.8%
Other made- up Textile articles (H.S.63) / 5.6 / 3.8 / 2.9 / 3.9 / 3.8 / 0.7%
Garments (H.S.61&62) / 4.5 / 4.3 / 3.4 / 3 / 3.4 / 0.6%
Inorganic Chemicals(H.S.28) / 5.5 / 1.2 / 5.9 / 2.1 / 3.1 / 0.5%
Miscellanous Chemical Products (H.S.38) / 2.8 / 1.9 / 2.1 / 2 / 2.5 / 0.4%
Wood & articles of Wood (H.S.44) / 2.7 / 2 / 3.5 / 3.2 / 2.5 / 0.4%
Aluminum and Products (H.S.76) / 8.9 / 2.3 / 3.4 / 2.6 / 2.1 / 0.36%
Copper & articles (H.S.74) / 0.009 / 19.2 / 18.7 / 12.6 / 2.1 / 0.36%
Paper & Paper Board (H.S.48) / 2.9 / 7 / 4.6 / 2.1 / 2 / 0.34%
Preparation of Vegetables & Fruits (H.S.20) / 0.3 / 0.3 / 0.2 / 1.9 / 1.8 / 0.31%
Carpet and other floor coverings (H.S.57) / 3.6 / 1.9 / 2.3 / 1.2 / 1.2 / 0.2%
Glass & Glassware (H.S.70) / 0.209 / 1.5 / 3.9 / 1.3 / 0.776 / 0.13%

Ø  Top Egyptian Imports from Greece according to year 2013:

(Million Euros)

Product / 2009 / 2010 / 2011 / 2012 / 2013 / % from total imports 2013
Mineral Fuel and Mineral Oils (H.S.27) / 0.863 / 31.2 / 230.5 / 200.7 / 407 / 68.6%
Cotton (H.S.52) / 53.3 / 72 / 25.2 / 17.9 / 64 / 10.8%
Salt, Sulphur, earths and stone, Plastering material, lime and cement (H.S.25) / 9 / 15 / 3 / 7.3 / 29 / 4.9%
Edible fruit and nuts (H.S 08) / 0.134 / 0.651 / 4.4 / 13.1 / 18.2 / 3%
Tobacco and its Products (H.S.24) / 19.1 / 18.2 / 21.7 / 30.1 / 11.3 / 1.9%
Machinery and Mechanical Appliances (H.S.84) / 8.6 / 6.3 / 8.2 / 14.9 / 8.4 / 1.4%
Articles of iron and Steel (H.S73) / 24.4 / 3.9 / 0.822 / 2.5 / 7.1 / 1.2%
Plastic and its Products (H.S.39) / 3.7 / 4.4 / 4.5 / 4.9 / 5.9 / 1%
Paper & articles (H.S.48) / 0.2 / 4.6 / 5.4 / 8.5 / 5.2 / 0.9%
Preparations of Vegetables , Fruits , Nuts (H.S.20) / 2.3 / 3.2 / 4.4 / 4.8 / 5 / 0.8%
Articles of iron and Steel (H.S 72) / 6.5 / 18.3 / 15.3 / 6.9 / 4.3 / 0.7%
Miscellanous Chemical Products (H.S.38) / 1.8 / 1.6 / 2.5 / 2 / 3 / 0.5%
Vehicles & Parts and accessories (H.S.87) / 3.3 / 3.3 / 3.1 / 5.4 / 2.8 / 0.47%
Tanning , Dyeing , Ink (H.S.32) / 2.2 / 2.6 / 1.4 / 2.6 / 2.8 / 0.47%
Electrical Machinery & equipment (H.S.85) / 4.6 / 3.9 / 2.4 / 3.8 / 2.7 / 0.45%
Fertilizers (H.S.31) / 0.3 / 0.6 / 0.7 / 2.6 / 2 / 0.34%
Printed books , Newspaper (H.S.49) / 1.3 / 1.5 / 1.2 / 1.1 / 1.5 / 0.25%

Source: National Statistical Service of Greece

c.  Investment:

v  Total Greek investments in Egypt valued $497.8 million in 135 projects. / Total Greek investments in Egypt (Till 30/06/2013)
The Projects are in a variety of fields including:
v  The Industrial sector – 45 Projects
v  The Service sector – 53 Projects
v  The Construction sector – 16 Projects
v  The Touristic sector – 10 Projects
v  The Communication and IT sector –5 Projects
v  The Financial sector – 2 Projects
v  The Agricultural sector – 4 Project / Main investment sectors
§  Piraeus Bank (Banking)
§  Michaniki (Tourism)
§  Thrace Papermill S.A (paper industries)
§  Edita (food industries)
§  Eurodrip S.A (irrigation systems)
§  Alumil (aluminum industries) / Main Projects in Egypt
§  Piraeus Bank (Banking)
§  Eurodrip (irrigation)
§  Latsis Group(Construction)
§  Alumil (Aluminum)
§  Chipita (food industries)
§  Titan (Cement)
§  Zeritis Group (Paper industries)
§  Isomat (Construction materials)
§  Greek Petroleum (ELPE) (Petroleum & Natural Gas)
§  Axon (Education services)
§  Er-Lac (dyes)
§  Informer (Information Technology)
§  National Bank of Greece (Banking) / Main GREEK Companies investing in Egypt
There are no specific Figures available in Greece, though there used to be one significant investments
-  Mr.Naguib Sawiris (Weather Investments Co.) – who was controlling 50.01% of the shares of Tellas Greece (second largest fixed line & Internet company in Greece) – bought the shares of PPC in Tellas for 175 million Euros in August 2007. Also, Weather Investments bought – in April 2007 - one of Greece’s largest mobile phone operator , TIM Hellas for 3.4 billion Euros, and changed the name of the company to WIND. The two companies were merged into one entity known as WIND HELLAS (Third largest mobile & fixed line operator in Greece) that has about 400 branches around Greece & approximately 5.5 million subscribers.
-  Weather Investment was forced to sell its controlling stake in WIND following the selection of a debt-for-equity bid from its key creditors to refinance the company by injecting 420 million Euros and writing off debt in exchange of 100% of company’s shares. / Egyptian investments in Greece

Source: General Authority for Investment and Free Zones – Egypt

d. Economic and technical cooperation:

§  The 7th session of the Joint Committee for Economic and Technical Cooperation was held in Greece during the period 22-23 November 2010, covering all fields of cooperation between the two countries.
§  Specialized Training Programs in various fields used to be funded by the Hellenic Aid and were usually organized by the training center of the National Bank of Greece. During the last few years courses were offered to Egypt in the fields of leather products and furniture (for Egyptian SMEs), banking and financial services, and commercial diplomacy. All Hellenic external Aids are currently freezed due to the Greek debt crisis. / Main Fields of Cooperation
During the year 2007 an amount of 5.07 million euros were allocated by the Greek Government to Egypt within the Framework of the Hellenic Development Assistance .This amount was released during 2007 in the fields of Education, training, health, environment, and culture(including recreation and site preservation) . Currently, no financial assistance is offered any more due to the Greek debt crisis. / Total Value of grants and soft loans

Main Talking Points

1-  To follow up the recommendations agreed upon during the 7th session of the Joint Committee for Economic and Technical Cooperation which was held in Athens during the period 22-23 November 2010, and determine the suitable time for the 8th session of the joint committee meetings in Egypt during the 2nd half of 2014.

2-  To emphasize the importance of the Egyptian potato exports to Greece, and the need not to put any obstacles during the export season might ban the entry of our exports to Greece whether screening procedures or ports of entry.

3-  To activate the role of the Greek – Egyptian business council through holding the first bilateral meetings for businessmen in both countries in order to explore the opportunities for future cooperation and to boost the trade and investment relations.

4-  To activate and execute all the agreements and memorandums of understanding signed between the two countries, as well as to follow up the draft of the MOU agreed upon between GAFI and Invest in Greece and to decide a specific date for signing it, with the aim of promoting direct investments in both countries.

5-  To encourage both the Egyptian and the Greek sides to participate in the International fairs and exhibitions in both countries, and to discuss the possibilities of providing mutual facilities for the companies to participate whether through offering free spaces or reducing the participation fees.

6-  To stimulate the promotion missions and businessmen visits to both countries.

7-  It is proposed to organize an Egyptian-Greek Forum in cooperation with EBA & ministry of investment through the participation of businessmen from both countries to enhance the trade and investment relations.

8-  To explore the means of attracting more Greek investments to Egypt in light of the facilities and incentives provided by the Egyptian government to foreign investors, and to exert all the possible efforts to tackle the problems facing the Greek investments that already exist in Egypt or willing to invest in the future.

9-  To coordinate and cooperate in the framework of the Euromed (Barcelona Process) and the Union for Mediterranean, and to explore means of cooperation in regional projects in both countries.

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