Expanding corridors of stability, investment and trade
April 26th 2024 | The University Club of New York
Michael Lawler, congressman, 17th District, US House of Representatives
Michael Lawler, congressman, 17th District, US House of Representatives, emphasised the importance of strengthening alliances between the US, Israel, Greece, and Cyprus given the instability in the Middle East and the opposing alliance between Russia, China, and Iran. The US recently passed bills to bolster cooperation, including appointing a special envoy for the Abraham Accords to normalise ties with Israel and imposing energy sanctions on Iran to halt illicit oil trade with China, noting that the latter has been purchasing 80% of Iranian petroleum, with Iran’s output having increased significantly since president Biden took office, he said. Additionally, the US recently allocated a $95 billion foreign aid package to Israel, Ukraine, and Taiwan to support freedom and prosperity, he added. Michael Lawler advocated for NATO’s expansion against totalitarian regimes and cited Congress’s passing of the Anti-Semitism Awareness Act to urge against protests which he described as antisemitic.
Chris Pappas, co-chair, congressional Hellenic Caucus, congressman, US House of Representatives
Chris Pappas, co-chair, congressional Hellenic Caucus and congressman, US House of Representatives, stressed the importance of a renewed commitment to security in the Eastern Mediterranean region and the need for the US to demonstrate leadership, saying stronger ties with Greece, Cyprus, and Israel under the 3+1 framework protect American interests. He noted Greece’s hosting of critical military and energy security infrastructure, such as the port of Alexandroupoli, which helps reduce dependence on Russian oil. Chris Pappas also mentioned the lifting of the arms embargo on Cyprus by the Biden administration to enhance interoperability with US systems, affirming unwavering US support for Israel.
Ted Deutch, chief executive officer, American Jewish Committee
Ted Deutch, CEO of the American Jewish Committee, expressed deep appreciation for the relationships between the countries of the 3+1 framework during this crisis, especially amid Iran’s backing of destabilising military groups. He also noted the economic opportunities emerging in the Eastern Mediterranean due to efforts to foster cooperation and noted he also viewed ongoing protests in the US as orchestrated by actors seeking to undermine Jewish and American interests.
Michael Rubin, senior fellow, American Enterprise Institute
Michael Rubin, senior fellow at the American Enterprise Institute, commended the bipartisan commitment to the 3+1 alliance, noting its significance beyond economic interests. He stressed that the region is a frontline in the battle for the liberal order, given the importance of developments in the East Mediterranean. We have structural institutions that are building up to help coordinate not only Israel, Greece and Cyprus but also Egypt and the Palestinians, he said, and warned against the implications of an occupied Northern Cyprus, saying that it could become a no-man’s land friendly to hostile actors. Michael Rubin added that Israel has the capability and should emerge victorious from the war.
Lou Raptakis, senator, Rhode Island Senate, United States
Lou Raptakis, senator, Rhode Island Senate, United States, noted the importance of supporting Greece, Cyprus, and Israel regardless of the outcome of the upcoming US election in November. There is a need to consider the aftermath of conflicts in the Middle East and Ukraine and the potential for a dangerous future, he noted. The US must continue supporting Israel and Cyprus, Lou Raptakis added.
John Catsimatidis, chairman & CEO, Red Apple Group
John Catsimatidis, chairman & CEO of Red Apple Group, talked about the importance of hard work, saying the American dream is still alive. He said America is under attack in many ways and expressed the belief that some senators have the same concerns as him. Europe needs America to remain free, he mentioned, adding that the international and energy policies of Washington are insufficient. Iran should not have been allowed to get rich from selling oil and supporting Hamas, Hezbollah and the Houthis, a group that attacked routes in the Red Sea and therefore caused real damage to the US economy with prices and inflation going up, he added.
Kostas Skrekas (pictured below), minister of development, Greece
Kostas Skrekas, Greece’s minister of Development, emphasised the country’s investment potential, noting its robust economic growth. Foreign Direct Investment (FDI) has increased, while exports have doubled compared to the previous year, with export values of goods now surpassing those of services, he said. Unemployment rates are declining and US companies have begun investing in Greece, particularly in AI-ready data centres, serving as proof of the country’s talent pool, the minister noted. The government, now in its second-year term, has brought stability and achieved significant reductions in public debt, returning to surplus, he underlined. Greece aims to develop Piraeus into a logistics hub, ranking as the 4th container port in the EU, and seeks to become a digital hub as well. With an ambitious green transition strategy, Greece plans to add over 2,000 MWh in renewable capacity annually, aiming to add nearly 5 GWh capacity by 2030. The country aims to expand its industrial and manufacturing sectors, with a focus on attracting producers of solar energy equipment to reduce reliance on China, minister Skrekas concluded.
George Papanastasiou, minister of Energy, Commerce and Industry, Cyprus
George Papanastasiou, minister of Energy, Commerce and industry of Cyprus, introduced Cyprus as an English-proficient reliable international business centre with a legal system akin to English law and ties to US and UK universities. Geographically, it’s strategically positioned at the crossroads of Europe, Asia, and Africa. The country boasts a favourable environment for both business operations and work-life balance, he said. Key sectors such as financial services, accounting firms, and legal services thrive, with the services sector constituting nearly 85% of the economy, the minister noted. The government has established a business facilitation unit, resulting in the registration of 2,000 foreign interest companies since its launch in 2022, and is making efforts to enhance the efficiency of its justice system, George Papanastasiou concluded.
Cassandra Seier, head, International Capital Markets, New York Stock Exchange,
president and CEO, Women in Financial Markets
Cassandra Seier, head of International Capital Markets at New York Stock Exchange and president and CEO, Women in Financial Markets, noted that geopolitical uncertainty has not had as much impact on the IPO market as one might expect, and there has been a strong start to the year in the US, with several listings of foreign companies worth billions already completed. Over 25% of companies trading on the NYSE are international, indicating increased investor confidence, she said. Dual listings have become a prominent trend. The NYSE offers superior visibility and trading infrastructure, reducing stock volatility, she mentioned. Cassandra Seier also brought examples like Reddit and Rubrik as successful tech companies that went public this year.
Bruce Mosler, chairman, global brokerage, Cushman & WakefieldBruce Mosler, chairman, global brokerage, Cushman & Wakefield, commented on the US business real estate sector noting that office occupancy hasn’t reached expected levels yet. Anticipated peak deliveries are projected for this year in New York, where vacancy stands at approximately 24%, following a challenging period during the pandemic. However, demand is rebounding in 2024, accompanied by ambitious deals, he said. Expectations are for interest rates to normalise around 4%, with potential distress in the market, though there is significant capital that awaits deployment. While Bruce Mosler foresees a mild recession, he said the resilient US economy should prevent a severe downturn and is optimistic regarding the de-escalation of geopolitical conflicts and ensuing business opportunities.
Roger Martella, group vice-president, chief sustainability officer, GE Vernova
Roger Martella, group vice-president and chief sustainability officer at GE Vernova, said his company helps produce 30% of the world’s energy. With the ongoing energy transition, there’s been an unprecedented surge in investment, he said. GE Vernova’s role is to innovate and develop the technology to facilitate the decarbonisation of the energy sector while ensuring energy security, he mentioned. The Ukraine war was a wake-up call for energy security, and the importance of cooperation between the private and public sectors has become evident. There has also been a shift towards seeing this transition as an economic opportunity rather than a cost, Roger Martella added.
John Koudounis, chief executive officer, Calamos Investments
John Koudounis, CEO of Calamos Investments, said his company is known for innovative approaches to asset management and its specific focus on sustainable investing. The company’s sustainable equities team in Oregon has devised a proprietary method to capture demand for sustainable products, which remains robust in both the US and the EU. The company is launching a new sustainable fund in Luxembourg, accessible to investors across 15 jurisdictions, he noted. While sustainable investing is subject to political polarisation, it will be a lasting trend, John Koudounis concluded.
Maira Myrogianni, secretary-general for international economic affairs, Ministry of Foreign Affairs, Greece, chairperson, Enterprise Greece
Maira Myrogianni, secretary-general for international economic affairs at the Greek Ministry of Foreign Affairs, and chairperson of Enterprise Greece, emphasised her country’s pivotal role as a pillar of stability and security in the region, highlighting its EU membership. Greece has achieved investment-grade status and ranks second in growth rates within the EU, she said. The national development agenda encompasses various sectors including tourism, agriculture, innovation, and digitalisation, with significant progress made in digitising the public sector, she added. Enterprise Greece spearheads thematic investments, particularly focusing on decarbonisation, digitalisation, energy efficiency, and energy security. Greece boasts energy interconnectors with major projects aimed at linking with Cyprus and neighbouring countries, along with LNG ports, positioning it as a potential logistics hub, Maira Myrogianni noted.
Spyros Vassiliou, vice-chairman, Invest Cyprus
Spyros Vassiliou, vice-chairman of Invest Cyprus, noted Cyprus’s longstanding business relations with the US and his organisation’s role as the official government agency for attracting investment. The discovery of hydrocarbon reserves, its strategic geographical location and EU membership mean Cyprus plays a crucial role in advancing common interests, offering political and economic stability along with high growth rates, he said. The country boasts a high level of tertiary education attainment and consistently ranks well on various investment rankings for the wider region, Mr Vassiliou added. With a legal system based on English common law and a high ease of doing business index, Cyprus also attracts investors through trade and tax agreements with other nations. The business environment is dominated by the IT sector, with the majority of companies registered in the past year operating in these fields, according to the vice-chairman of Invest Cyprus.
Zacharias Clerides, partner, head of international clients services, PwC Cyprus
Zacharias Clerides, partner and head of international clients services at PwC Cyprus, noted the country’s economic growth of 2.5% in 2023 compared to the EU average of 1%, and low inflation rates. It has successfully attracted significant investments from the US, particularly in the financial sector, with notable examples like Apollo, and offers enticing opportunities in the energy and technology sectors, with particular emphasis on renewables such as solar and wind energy, he noted.
Anat Katz, economic minister to North America, Gov. of Israel Economic Mission in New York
Anat Katz, economic minister to North America, Gov. of Israel Economic Mission in New York, reflected on Israel’s recent economic trajectory. While 2022 marked a record year for fundraising, 2023 presented challenges exacerbated by the ongoing conflict, she noted. Despite half a year passing since the fighting commenced, the economy still faces a lengthy path to full recovery, according to Ms Katz. Various sectors are affected differently by the war, with the construction industry experiencing a shortage of workers. However, consistent recovery signs have been evident in recent months, with credit card purchases returning to or surpassing pre-war levels, she said. In terms of venture investments, while the bulk originates from the US, there’s an increasing trend of local Israeli investments. In 2024, there was a notable increase in the number of investment deals, particularly in early-stage investments, albeit with lower volumes. Overall, investments are roughly comparable to pre-pandemic 2019 levels, serving as a testament to Israel’s resilience amidst economic challenges, Anat Katz added.
Nicholas Logothetis, vice chairman, Libra Group
Nicholas Logothetis, vice chairman of Libra Group, expressed optimism regarding investment prospects in Greece. The fundamentals never changed, that is the geostrategic location, and its people, among others, and Greece is experiencing faster growth compared to other European nations, he said. Traditional investors, now drawn by improved credit ratings, are increasingly considering Greece as an investment destination, he mentioned. Nicholas Logothetis said his company is currently in discussions with a top 20 global company to invest in Greece and that the decision largely depended on the credit rating change. Greece is actively working to rebuild its institutions to encourage foreign investment, recognising its critical role in the country’s economic development, and the Libra Group was one of the first to invest in renewable energy in Greece, which has grown into a mature business, according to Mr Logothetis. Greece’s hospitality and tourism industries are booming, with the country becoming a nearly year-round destination, backed by a strong brand name, he said.
Geoffrey Pyatt(pictured above), US assistant secretary of state for energy resources,
Bureau of Energy Resources, US Department of State
Geoffrey Pyatt, US assistant secretary of state for Energy Resources, Bureau of Energy Resources, US Department of State, noted in his speech that energy security is national security and that global markets will never look at Russia as a reliable energy supplier; this gap creates an opportunity for European energy suppliers according to Mr Pyatt. One aspect of the 3 + 1 framework involves electricity interconnections in the Eastern Mediterranean, and there needs to be effective collaboration between the private and public sectors, particularly in projects such as the interconnections between Greece and Egypt, and Greece and Israel, with a focus on transporting Israeli LNG to Europe, he said. Geoffrey Pyatt also mentioned the gas interconnection with Bulgaria and the recent launch of the Alexandroupoli FSRU earlier this year as critical steps in diversifying the energy supply of countries in the region. The US remains a dominant player in oil and gas exports, with a steadfast commitment to its partnerships in the energy sector, he added.
Osama Mobarez(pictured below), secretary-general, East Mediterranean Gas Forum (EMGF)
Osama Mobarez, secretary-general of the East Mediterranean Gas Forum (EMGF), highlighted the untapped potential for natural gas in the region and reiterated the importance of collaboration between businesses, financiers, and governments to effectively monetise these resources and ensure their benefits reach the people and the broader region. This imperative was recognised even prior to the onset of the conflict in Ukraine, he said. His organisation is working towards the strategic objectives of integration to enhance gas production while prioritising decarbonisation efforts within the gas industry through the adoption of various technologies and striving to become a low-carbon, low-cost energy supplier, he said.
Kostas Skrekas, minister of Development, Greece
Greek minister of Development Kostas Skrekas highlighted the proactive measures taken by the country in the energy sector, particularly plans announced in 2019 to phase out all lignite-powered energy generation. Already, there has been a notable increase in the deployment of renewables, and to achieve the ambitious goal of having 80% of electricity consumption sourced from renewables by 2030, Greece is undertaking significant transformations in both energy generation and energy efficiency, he said. Over 1.5 billion euros from the resilience and recovery fund have been allocated towards improving the energy efficiency of buildings and manufacturing, alongside efforts in electrification. Notably, nearly 10% of cars sold in Greece last year were electric or hybrid, he mentioned.
George Papanastasiou, minister of energy, commerce and industry, Cyprus
George Papanastasiou, Cypriot minister of Energy, Commerce and Industry, outlined plans for the inclusion of the Greek island of Crete in the electrical interconnection from Israel to Cyprus, scheduled for 2025. The connection is expected to be operational by the end of 2029, with a total capacity of 2,000 MW, he said. George Papanastasiou provided an overview of offshore hydrocarbon blocks for gas reserves, noting that Cyprus’s Exclusive Economic Zone lacks gas infrastructure and said that conversations are underway with companies intending to develop these discoveries.
Amiram Shachar, CEO and co-founder, Upwind
Amiram Shachar, CEO and co-founder of Upwind, emphasised the effectiveness of the Israeli military in training individuals and fostering high resilience due to the ongoing threats facing the country, as he said. Amiram Shachar highlighted the recession-resistant nature of cybersecurity, attributing it to the geopolitical situation and the increasing targeting of governments by malicious actors. In times of high economic activity, there is naturally also high demand for protection, and this is why innovation must continue aggressively in this sector, he added.
Amir Zilberstein, managing partner, Team8 Enterprise
Amir Zilberstein, managing partner of Team8 Enterprise, presented his organisation as a venture capital firm from Israel, working largely in cybersecurity and digital health. Israel has some of the best technology training capabilities in the world to develop the talents of its people to contribute to the ecosystem, he mentioned. Amir Zilberstein acknowledged that 2023 was a challenging year with overall investment levels down.
Guy Franklin, founder and general partner, ‘Israeli Mapped in NY’ Ventures
Guy Franklin, founder and general partner of ‘Israeli Mapped in NY’ Ventures, said his organisation maps the Israeli startup ecosystem in the US which is growing, with 450 such startups in New York, particularly in cybersecurity. Israeli innovation and funding are continuing despite the current challenges and companies continue to deliver particularly in tech, he said. Government grants, people coming from the military, and new entrepreneurs investing in the ecosystem all contribute to this success, while in the past few weeks, there have been five exits of Israeli cyber security companies, according to Guy Franklin.
Julie Cane, CEO and co-founder, Democracy Investments
Julie Cane, CEO and co-founder of Democracy Investments, noted a concerning trend: among the world’s 20 most populous countries, only three are currently democracies, and by 2050, this number is projected to decrease to just two – the US and Japan, she said. Julie Cane identified a key issue with international indices, which primarily rely on market-cap-based methodologies, overlooking country risk attributes such as geopolitical risk, shareholder protections, rule of law, and corruption. In response, Democracy Investments developed an index that incorporates The Economist’s Democracy Index, with investments consistently outperforming benchmarks like the FTSE All World ex-US Index by as much as 4%, she said. Ms Cane expressed optimism about the long-term performance of democracies like Greece.
Nikos Hadjos, founder and managing director, HOTELLECT
Nikos Hadjos, founder and managing director of HOTELLECT, outlined Greece’s impressive economic turnaround, as he said, with GDP growth averaging 2.3% annually, largely driven by the tourism sector. He noted a significant increase in FDI inflows in real estate and hospitality, more than doubling since 2015 to surpass $1.6 billion in 2023. The involvement of renowned international investors such as Goldman Sachs, Hines, HIG Capital, and the Singapore Sovereign Fund underscores confidence in the Greek hotel market, with this positive trend expected to persist into 2024, he mentioned. Nikos Hadjos also pointed out the potential of undiscovered islands in Greece, presenting opportunities to tap into new markets. The outlook for global tourism is very bright and as long as governments acknowledge the role of tourism in their economies they will continue to reap the benefits, he added
With the support of Invest Cyprus and Enterprise Greece
Gold sponsor: PwC Cyprus
Silver sponsor: Libra Group
Bronze sponsors: Calamos Investments, Red Apple Group
Contributor: ECOMMBX
Supporting organisations: Cyprus-US Chamber of Commerce, Cyprus Embassy Trade Center
New York, Israeli Mapped in NY
Academic partner: ALBA Graduate Business School – American College of Greece
Telecommunications provider: NOVA, Logistics supplier: DHL Express
Supporters: Gloa Design and Marketing Services, Artecniko, WABC
Web development: e-milles creations
Digital agency: AdPIXEL
