The geopolitical risk of the construction of the Great Sea Interconnector between Greece, Cyprus and Israel is manageable, Minister of Energy, Commerce and Industry George Papanastasiou said during a discussion with his Greek counterpart Thodoros Skylakakis at the 2nd Greece – Cyprus Summit in Nicosia. There is clear support from the US, Skylakakis said, who in turn referred to the benefits of the completion of the GSI. The Summit, titled “Advancing together” also hosted Ministers from both counties, responsible for Digital Policy and Health, who discussed Cyprus-Greece cooperation prospects on their respective fields.
In his brief introduction, Papanastasiou said that during the 2nd Cyprus-Greece intergovernmental summit, held on Wednesday in Nicosia, he and Skylakakis discussed issues such as the electrical interconnection and the emerging gas market, noting that the Cypriot side requested assistance in terms of the emerging market and the transfer to the free market, as well as the certification of the floating terminal through the respective infrastructure of Greece.
The discussion then focused on the Great Sea Interconnector, with the Cypriot Energy Minister commenting that this is a “geopolitical and energy project” which has received a grant from the European Commission, while at the moment the implementing body ADMIE is developing the first phase between Cyprus and Crete.
Given that Crete is already interconnected with Attica, the completion of the GSI will also mean the interconnection of Cyprus with the rest of Europe, as is the EU’s objective, he added.
His Greek counterpart pointed out on this issue that the project’s implementation has begun, as the cable is being constructed and research activities for its laying are ongoing. He added that the project has regular funding and expressed hope that with the participation of the Republic of Cyprus it will be able to attract the interest of major international investors.
Asked if he was concerned about the geopolitical risk, Skylakakis said there is clear support from the US, adding that this is a cabling project that does not affect seabed rights, and expressed hope that common sense will prevail.
Responding on the same issue, Papanastasiou said that every project contains technical, geopolitical and economic risks.
He noted in particular that geopolitical risks can be managed through diplomacy, operational monitoring and economic alliances with investors from major countries, stressing that in this case “the geopolitical risk is manageable.”
To a question as to the participation of the Republic of Cyprus, the Minister said an analysis is being performed through external firms to manage any risks of equity participation, adding that their conclusions on the issues of due diligence and cost-benefit analysis are expected.
“The policy position is that the project is supported and that the final investment decision will be made after the study is completed,” he said.
Concluding, Skylakakis said that this is a high efficiency project, which will be greater for the Cypriot consumer, while for Greece it will contribute more to the stability of the system and the possibility of diffusing RES potential in the wider region.
The exchange of know-how between Cyprus and Greece in the field of digital service provision was the focus of the discussion between Cyprus’ Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianos and Greece’s Minister of Digital Governance Dimitris Papastergiou, following Wednesday’s announcement by the President of the Republic of Cyprus on the introduction of the “e-Citizen” application from 5 December.
According to Damianou, the biggest benefit of the bilateral cooperation is the transfer of Greece’s experience and know-how from two years of efforts to digitize services.
He noted that the “e-Citizen” is the result of five months of cooperation between the two sides and will initially contain the ID card, driving licence and vehicle technical inspection certificate (MOT).
The next step, according to the Deputy Minister, is the interoperability of the two applications, which, he noted, will make them the first two countries in Europe to achieve this, noting that this option is feasible in the first quarter of 2025.
The two Ministers also highlighted the importance of cooperation on both technical and legislative issues in order for the Governments of the two countries to align policy decisions with the latest technological developments.
Regarding the field of artificial intelligence, Damianou said that there is significant scope for cooperation between the two countries under the EU AI factories initiative to create an ecosystem for the provision of tools, services and computing power and to identify areas of competitive advantages and areas of focus for national and cultural reasons.
Furthermore, in another panel discussion on the economy, Greek Deputy Minister of Economy and Finance Christos Dimas said that the cooperation between Greece and the Republic of Cyprus is long-standing, with continuous efforts to exchange best practices so that both countries can achieve the best possible results.
He added that a meeting of representatives of the governments of the two countries took place earlier on Wednesday, during which the prosecution of economic crime and the fight against corruption, the rule of law, taxation and the fight against tax evasion were discussed.
Finally, Cyprus’ Minister of Health Michalis Damianos and Greece’s Deputy Minister of Health Marios Themistocleous highlighted the close cooperation between Cyprus and Greece on health issues.
Damianos highlighted as the most recent example of this cooperation the bilateral agreement on kidney and lung transplants.
On the issue of medicines, he said that the signing of an agreement next January with Greece will allow Cyprus to supply certain medicines at a lower price, while also noting the proposal for joint bids for the purchase of medicines at EU level to ensure better prices.
He also mentioned that Cyprus has a large budget for innovative medicines, over €120 million, which can be reduced by several tens of millions by ensuring joint procurement.
Also read: Cyprus-Greece intergovernmental summit underway
Source: CNA/KA/AGK/2024
