Economist’s 6th Eastern Mediterranean Business Conference that took place in New York on May 15 brought together high-level politicians, business leaders and analysts from Greece, Cyprus, Israel and the United States. Particular references were made to Cyprus as well as Greece’s role in the region, and to the significance of the 3+1 scheme (Cyprus, Greece, Israel + US).
The conference, which included among others speeches by Cyprus’ Deputy Minister of Migration and International Protection, Nicholas Ioannides, and the Chairman of the Foreign and European Affairs Committee of the Cyprus parliament, Harris Georgiades, focused on harnessing the geostrategic potential of the region through partnerships in energy, investment, innovation and capital markets.
Ioannides, referred to the 3+1 scheme as a flexible strategic tool “that responds to the realities on the ground”. He stressed the role of Cyprus as a gateway to Europe and noted that “Cyprus, Greece and Israel can act as critical pillars”. He underlined the importance of the Eastern Mediterranean Security and Energy Partnership Act in deepening cooperation.
“We must underline that Cyprus is uniquely positioned to be a gateway to Europe. The country’s strategic infrastructure can provide a dominant pathway to Europe through the Eastern Mediterranean. Cyprus is ready to welcome traditional regional and international investments, as well as related cooperation projects,” he said.
He stressed that “the Republic of Cyprus will assume the Presidency of the Council of the European Union in January 2026 and is ready to play the role of a regional mediator, offering solutions and strengthening humanitarian efforts in the Middle East and beyond.”
“Considering that Turkey’s current policies are creating tensions, the use of this alliance should aim to end tensions and create an environment of dialogue and consensus. Cyprus remains firmly committed to this partnership. The Eastern Mediterranean deserves security, stability and prosperity, goals that can only be achieved through cooperation,” Ioannides stressed.
Harris Georgiades elaborated on the strategic stakes at the Eastern Mediterranean and stressed that the region is at a crucial crossroads. It can become either a zone of opportunity and cooperation or a hotbed of conflict, migratory pressures and threats to international security, he said. Its evolution, he noted, depends largely on the strategic cooperation of the liberal democracies in the region – Greece, Cyprus, Israel and the US.
He recalled that the region is both a hub of trade and energy corridors, but also an area of instability: from failed state entities (Libya, Yemen, Syria) to Hamas terrorism and Houthi attacks. He stressed that there is no room for strategic inaction and called on the West to avoid repeating the “strategic blindness” it has shown towards Russia, Turkey and extremist organisations.
He referred positively to US President Donald Trump’s renewed support to the Abraham Accords, considering that the possible participation of Saudi Arabia and Syria is a development of strategic depth. However, he recalled that instability persists – with Hamas and Houthi attacks against Israel continuing.
Georgiades noted that Cyprus has actively demonstrated its contribution to the collective security of the region by supporting the US and Israel with military infrastructure and facilities, despite not being a member of NATO due to Turkish objections. At the same time, he stressed the need to promote energy projects such as the Israel-Cyprus-Greece axis and warned that they should not be allowed to be obstructed.
In conclusion, he noted that if cooperation continues at the political, strategic and energy levels, the Eastern Mediterranean can be transformed from a risk zone into a focus of growth and stability for the entire West.
Greek Deputy Foreign Minister, Tasos Hadjivassiliou, outlined the national strategy in the energy sector and regional interconnectivity.
“Our goal is clear: to find a viable alternative to reduce Europe’s dependence on Russian fossil fuels. We have to be honest about this – it is the European objective and Greece is truly serving this mission,” he noted
He presented energy projects such as GREGY and the Great Sea Interconnector, as well as the LNG terminal in Alexandroupolis. He also referred to the India-Middle East-Europe Economic Cooperation (IMEC) Corridor, saying that “Greece can be the natural gateway to Europe”.
“Don’t forget that in addition to all this, we are also a strong maritime power. For example, almost a quarter of the world’s merchant fleet is owned by Greek shipowners. Consequently, Greece is always willing, through platforms such as the 3+1 scheme, to cooperate with countries that share the same vision to achieve common goals that will make our countries more resilient and strong in the face of future challenges,” he stressed.
Regarding Turkey, Hadjivassiliou noted that “when we talk about a format like the 3+1, we are referring to similar democratic countries that share the same values”. He added that “no one has excluded Turkey, but we have to accept the reality”. “We must always remember that it occupies the northern part of Cyprus”, he added.
George Theocharides, Chairman of the Cyprus Securities and Exchange Commission (CYSEC), pointed out that the financial market in Cyprus is dynamic, with supervision by the Cyprus Securities and Exchange Commission (CYSEC). One of its key sectors is investment services, operating within the OECD’s EFIT framework and having a strong cross-border character, with around 250 companies, mostly fintech (60%) serving retail investors across Europe.
The collective investment sector includes €10 billion of funds, the majority of which are in alternative investment funds (AIFs), which direct around 30% of their funds within Cyprus. There is also the Cyprus Stock Exchange, in the process of privatisation, and a small but significant sector of providers of administrative and corporate services, he noted. He made special mention of the emerging sector of crypto assets, which as of 1/1/2025 is subject to the European MiCA Regulation. CYSEC is the competent supervisory authority.
Michalis Fekkas, First Vice President of the Hellenic Capital Market Commission, underlined the importance of trust and regional cooperation in the Eastern Mediterranean as a foundation for building a common financial future. He stressed that supervisors do not just represent institutions, but the people who rely on these systems to protect their savings and finance a better future.
The Eastern Mediterranean, he said, beyond its historical weight, can become a core of financial innovation. He envisioned a unified regional ecosystem in which entrepreneurs, investors and markets from Greece, Cyprus and Israel work together with common regulatory standards and technological interoperability.
He pointed out that technology -artificial intelligence, blockchain and algorithms- brings opportunities and challenges. Innovation, he said, must be accompanied by human values. The Hellenic Securities and Exchange Commission, he stressed, seeks the responsible use of technology, with the aim of enhancing transparency, access and trust of citizens.
Christos Marafatsos, President of “Greeks for Trump”, highlighted the geopolitical and commercial value of Greece and Cyprus.
He stressed the strategic importance of US-Greece-Cyprus-Israel relations and praised the substantial work being done to strengthen them. He noted the Trump presidency’s emphasis on realizing business opportunities and investment, citing recent trillion-dollar trade deals in Saudi Arabia, Qatar and the UAE.
He said that “Greece is strategically positioned. So is Israel. So is Cyprus. We have a lot to offer. And of course, we have IMEC. IMEC is probably the biggest opportunity we have had in foreign policy in recent years which can really be a game changer,” he said.
