The Great Sea Interconnector, an undersea cable project aiming to link the electricity grids of Cyprus, Greece, and Israel, is a "challenging project of common interests", which with the development of technology is now possible, said the Minister of Energy, Trade and Industry Giorgos Papanastasiou. Addressing on Friday the Economist's 5th Eastern Mediterranean Business Summit, in New York, Papanastasiou referred to the business opportunities in Cyprus and Greece and presented the competitive advantages of Cyprus as an international business center, as well as the investment opportunities created in sectors such as information and communication technologies, shipping, renewable energy sources and biotechnology. "We believe that Cyprus is a reliable center for entrepreneurship. It has remained stable over the years, it provides an environment where investors can feel comfortable, find services and contacts, they can find legal people, the legal system is also very close to English law which is well-trusted a round the world," said the Minister. Papanastasiou, who participated in a discussion with Greek Minister of Development, Costas Skrekas, said the Minister of Energy congratulates Greece as "a model of best practices for exiting the economic crisis." The Cypriot Minister presented maps of the energy strategy of Cyprus and the initiatives undertaken by the country for the creation of the Energy Corridor of the Eastern Mediterranean to Europe. "I will talk about the importance of the 'Great Sea Interconnector' that will connect Israel, Cyprus and Greece via Crete. Crete will be the 'operational cable', the connecting link with Attica in 2025. The distance between Cyprus and Crete is 879 km and the depth is up to 3,000 km. This is a challenging project of common interests, which with the development of technology now it is possible" said Papanastasiou. On the sidelines of the conference, Cyprus' Energy Minister met with the US Deputy Secretary of State for Energy, Jeffrey Pyatt, with whom they discussed, among other issues, the progress of the "Great Sea Interconnector" electrical interconnection project between Greece-Cyprus-Israel, which will give Cyprus the opportunity to develop into a major energy hub of the Mediterranean. "I would like to speak about the importance of the Eastern Mediterranean region, mainly because this region can play a role in ensuring Europe's energy security," the US Deputy Secretary of State said, while addressing the same event. Pyatt highlighted that the "3+1" format - involving Cyprus, Greece, Israel and the US - is something he "set up while he was ambassador in Athens" while the Biden administration continued to strongly support it. Europe must find ways to become independent of Russian gas, said Pyatt moreover. "I have heard many promises about the developments of Cyprus' natural resources and now is the time to make it happen. Among other countries in the region playing an important role, such as Greece, Egypt and Cyprus, it is Turkey that reinforces the US view that energy sho uld be a path of cooperation rather than confrontation and conflict. I remember what happened in the summer of 2020 in Greece and the confrontation with Turkey's drilling activities. We don't want to see what happened with Turkey's drilling activities again" he added. In a prerecorded message Greek-American Congressman Chris Pappas noted, among other issues, that in Congress they continue to work to strengthen US cooperation with Greece, Cyprus and Israel. "All three of these countries are pillars of stability in the Eastern Mediterranean and have proven to be the strongest allies of the US," he added. Chris Pappas referred to Greece's role in NATO through Alexandroupoli, the diversification of Europe's energy sources "so that Putin cannot blackmail the Western alliance" and pointed to Cyprus' contribution to the humanitarian corridor to Gaza. Speaking at the Economist Summit, the military analyst and professor at the US Military Academies, Michael Rubin, mentioned Cyprus, stressing that "occupied northern Cyprus is not just a diplomatic difficulty, but a sad growing threat that should not be accepted in the name of some sophisticated diplomacy." "Henry Kissinger is dead. Along with him are some of the moral compromises he made for Cyprus and they should also be put to rest. We must understand that it is not enough to just do the right thing. We must also stop making the mistake. We must recognize, almost 50 years later, that occupied northern Cyprus is not just a diplomatic problem. It is a security vacuum where money laundering activities, potential terrorists and other forces opposed to the liberal order find space,' Rubin said. Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively. UN Secretary General Antonio Guterres appointed María Ángela Holguín Cuéllar of Colombia as his personal envoy for Cyprus, to assume a Good Offices role on his behalf and search for common ground on the way forward in the Cyprus issue. Source: Cyprus News Agency
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