Egypt's exports to Greece jump over 200 percent YoY in January

The value of Egypt's exports to Greece increased to $228.5 million in January 2023, compared to $71 million in the same month last year.

Minister of Foreign Affairs Sameh Shoukry is visiting Athens on Tuesday to meet with Greek Prime Minister Kyriakos Mitsotakis and Minister of Foreign Affairs Nikos Dendias.

The meeting will explore ways to strengthen cooperation and political consultations on regional and international issues between the two countries.

Egypt and Greece are expanding cooperation in various areas, chief among which is electricity interconnection.

ELICA SA, a subsidiary of Greece's Copelouzos Group, is developing the €3.5 billion GREGY project to connect Egyptian and Greek electricity grids. The project aims to transfer electricity produced from renewable energy sources in Egypt to Europe via Greece through a mega undersea cable.

The cable is set to transfer 3,000 megawatts of green energy generated from 9.5 gigawatts of renewable energy sources from Egypt to Greece to replace 4.5 billion cubic metres of natural gas per year and cut carbon emissions by 10 million tons annually.

It is worth noting that Egypt's trade balance deficit recorded $2.48 billion in January 2023, a 47 percent drop from the $4.68 billion figure recorded in the same month in 2022. This is largely due to the devaluation of the Egyptian pound, which leads to decreased imports.