CAIRO: Egypt and Greece signed a memo of understanding to boost their industrial and business cooperation ties, the Greek embassy said in a press statement. "President Hosni Mubarak's visit to Greece last December, has given a great boost to bilateral relations and laid down strong foundations for future bilateral economic ties, said Minister of Trade and Industry Rachid Mohamed Rachid during a visit by the largest delegation of Greek businessmen to Egypt March 31 to April 3. "Egypt and Greece can draw on their great economic potentials and their strategic geographical position to increase their trade and business relations, form joint projects in third world countries, built a joint industrial area and launch a joint fund to finance projects and trade deals in the Southern and Eastern Mediterranean and in the Balkans, he added. The visit was headed by Greek Deputy Foreign Minister Petros Doukas, who was accompanied by 130 Greek businessmen. Trade exchange between the two countries stood at ?325 million in 2007, increasing 11 percent from 2006. Greek investments in Egypt made a marked increase in the past few years, reaching almost $168 million in 2007. Another delegation from the Hellenic Export Promotion Organization, including 25 Greek companies, is visiting Cairo today to discuss further investment opportunities.
