A UK delegation meets with Israeli officials and businesspeople.
UK finance delegation meets with Israeli officials, businesspeople
A UK delegation met with regulators, government officials, fintech companies and others from the Israeli private sector.
FEBRUARY 4, 2023
The?United Kingdom 's Trade Commissioner for Europe, Chris Barton, and a delegation of 30 businesses and financial services officials traveled to?Tel Aviv ?this week for two days amid discussions between the UK and Israel regarding a potential Free Trade Agreement.
In Israel, the delegation met with regulators, government officials, fintech companies and others from the private sector.
The delegation also spoke with the Chairman of Bank Leumi, the CEO of Harel Insurance Investments & Financial Services and the Deputy Governor of the?Bank of Israel , Andrew Abir.
Formal reception held at ambassador's residence
Over 100 people, including Likud MKs, attended a reception held at the UK ambassador’s residence and hosted by HMA Neil Wigan.
Personnel from His Majesty Treasury and the Department for International Trade, financial organizations such as Citi Bank, representative bodies, including CBI and UK Finance, and fintech companies, including Revolut and Wise, were present at the event.
“Financial services is a major part of our economy and we think there is a really good fit between the skills we have in the UK and the technology and market opportunities here in Israel.”
Neil Wigan, UK Ambassador to Israel
“The Free Trade Agreement is one of the most important initiatives the embassy is working on and we hope the agreement will continue to strengthen the UK-Israel relations for years to come,” said the United Kingdom's Ambassador to Israel, Neil Wigan. “Financial services is a major part of our economy and we think there is a really good fit between the skills we have in the UK and the technology and market opportunities here in Israel.”
“The UK already has a thriving trade and investment partnership with Israel with more than ￡6 million worth of trade, over 30% growth in the last years and several ￡ billion of investments in each other’s companies,” said His Majesty’s Trade Commissioner for Europe, Chris Barton. “That is part of a much wider and deep close economic and social relations between the two countries. We have witnessed first-hand this week the great potential there is here and we are looking forward to extend these relations with the new free trade agreement.”
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World Youth Forum cancels 5th edition events, redirects budget to development projects
Due to the ongoing global economic crises, the World Youth Forum (WYF) has announced that it is cancelling this year’s edition of the annual event and that its budget will be redirected to supporting five development initiatives.
The WYF was launched in 2017 under the auspices of President Abdel-Fattah El-Sisi to bring together young people from around the world to promote dialogue and discuss development issues. The forum has since been held annually in the Red Sea resort city of Sharm El-Sheikh.
This year’s WYF budget will be used to support “initiatives with direct impact on citizens, and youth in particular, in Egypt and abroad,” Rasha Ragab, executive director of the WYF, said at a press conference in Cairo on Saturday at the National Museum of Egyptian Civilisation.
An initiative will be launched to support small and medium-sized enterprises (SMEs), helping entrepreneurs start their businesses or expand their activities through business incubators. The initiative will also include funded training programs where technical support is provided to industrial workers in?Egypt, especially in villages and towns that fall under the?Decent Life presidential initiative.
The initiative will be launched in cooperation with?different development partners including the Decent Life Foundation, the?Presidential National Initiative for Developing Egyptian Industry (Ebda) , the Federation of Egyptian Industries, the United Nations Industrial Development Organisation, the United Nations Development Programme, and the International Labour Organisation.
The second initiative, dubbed ‘Learning to Earn,’ aims to qualify Egyptian, Arab and African youth for the labour market and empower them to obtain decent jobs. This?initiative will be implemented in cooperation with the United Nations Children’s Fund and Egypt’s National Training Academy.
The third initiative addresses food security challenges by offering support programs to develop the capacities of farmers and those in charge of food industries in Egypt and Africa. This program will be carried out in cooperation with Ebda Presidential Initiative,?the National Alliance for Civil Development Work , the Decent Life Foundation, and the Food and Agriculture Organisation of the United Nations.
The WYF will also launch a mental health support program to provide psychological, health, and community care support for refugees, migrants and displaced people and their families. This initiative will be carried out in cooperation with the Egyptian Fahem Foundation for mental health and the World Health Organisation.
The fifth initiative is an international project to support and empower refugees and migrants by helping them integrate into educational systems and ease their access to healthcare services and social protection programmes. The initiative will be carried out in cooperation with the United Nations High Commissioner for Refugees in Egypt, the International Organisation for Migration, and Save the Children.
The budget allocated to sponsor these initiatives has not been revealed.
The WYF also announced that it will launch a platform to promote volunteering culture and support and qualify volunteers to participate in humanitarian and development work, especially in poor and countries affected by conflict or climate change.
The platform will also implement exchange programs of volunteers between different countries,?in cooperation with the Foundation for a Decent Life, the National Alliance for Civil Development Work, the Arab Union for Volunteering and the United Nations Volunteers Program.?
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Jerusalem Post. Cyprus presidential elections crucial for regional oil, gas development - opinion
A record-high 14 candidates are in the race for Cyprus’ presidential elections that will be held on Sunday to replace Nicos Anastasiades, a moderate in the office since 2013.
By?ARIEL COHEN ?Published:?FEBRUARY 3, 2023
Historically, nations to Europe’s East and South (and the Middle East) supplied the necessary energy to the West. Over the last two decades, the European dependence on imported natural gas went up by almost 20%, from 65.7% to 83.6%. Before the?war in Ukraine ?started, Germany imported 60% of its gas from Russia.
With Russian lobbyists pressuring Europe to cast aside alternatives to Russian gas, such as nuclear energy, we saw a lopsided growth in Russia’s strategic power over Europe. However, it clearly backfired as Putin’s war on Ukraine has continued despite sanctions. Russia lost a huge market in Europe: as much as 150 billion cubic meters of gas sold annually.
Today, Turkey thinks it might be time for a decades-long dream to come true, becoming an energy hub for Europe, as this author wrote about it as early as 2010.
All avenues Turkey may take to become an energy hub present challenges. The Eastern Mediterranean is known to have?natural gas reserves ?that could supply a substantial share of the market Russia left behind. Consequently, such a development is of great importance to Israel.
Other nations further east, namely Turkmenistan and Azerbaijan, are also looking at delivering more of their energy resources to Western markets. Stronger ties to Europe for energy-rich Middle Eastern suppliers, such as Qatar, could be an alternative to Europe’s past Russian supply, as well. While Turkey has the ambition to manage all these resources under one geopolitical roof, its greatest challenge is strategic instability in the Eastern Mediterranean neighborhood.
Egypt and Israel are the two leading?natural gas producers ?in the Eastern Mediterranean and Cyprus has discovered reserves, which are under development. American companies Chevron and Exxon, Royal Dutch Shell, French Total, Korean Kogas, Israeli Delek and many others have signed agreements with Cyprus for offshore gas development, including the promising Aphrodite field.
Tensions with Turkey impact Cypriot gas field prospects. Lebanon just concluded a?maritime demarcation agreement with Israel , with Hezbollah and Iran watching nervously from the sidelines.
Cyprus presidential elections: Who will win and what will it mean for the region?
Turkey’s geopolitical advantage might be jeopardized by its over-ambitious foreign policy making neighbors nervous. A record-high 14 candidates are in the race for Cyprus’ presidential elections that will be held on Sunday to replace Nicos Anastasiades, a moderate in the office since 2013, while relations between Ankara and Nicosia remain fraught.
Polls show former foreign minister Nikos Christodoulides, who is endorsed by the three small parties, as still in the lead, though his lead is shrinking. Two of these parties, Diko and Edec, oppose a federal solution to Cypriot reunification.
While Christodoulides claims to tackle the issue of division on the island, the main source of tension between Greek and Turkish authorities after Turkish military intervention in 1974, his opponents question his integrity, criticize his hard line with Turkey, and blame him for supporting a two-state solution in Cyprus. Ironically, they say, he is doing Erdogan’s bid, facilitating the island’s division.
Turkey-Cyprus tensions and EU concern over Erdogan
THE TURKISH Foreign Ministry blames Cyprus for increasing tensions by unilaterally carrying out exploration activities and violating the rights of Turkish Cypriots.
The Turkish Republic of Northern Cyprus (TRNC), a self-proclaimed country in the northern third of the island only recognized by Turkey, rejected the potentially lucrative division of the gas sales proceeds offered by Cyprus. During maneuvers aimed at derailing natural gas exploration in Cypriot waters, Turkish warships intimidated and chased away ships working on behalf of Italy’s Eni and France’s TotalEnergies, while Ankara is asking for exploration licensing itself.
The EU is getting nervous about Erdogan’s long stay in power and potential dependence on the growing Turkish gas hub. Yet, Washington and London are supportive of Ankara’s growing engagement in the Caucasus, Central Asia and even in Ukraine. EU and NATO are wary of Erdogan’s neo-Ottoman empire that may include Northern Cyprus in case the reunification talks will fail due to a too intransigent position of a future Cypriot president.
Erdogan, nicknamed the “rais,” has a history with Europe, while Christodoulides’ reported tough positions make him a problematic choice for Brussels. Turkey’s Exclusive Economic Zone (EEZ) claims may challenge the future Christodoulides administration, as the maritime demarcation agreement between Turkey and Libya challenged his predecessor’s.
Beyond a geopolitically rocky Eastern Mediterranean Turkey is also looking East. The Southern Gas Corridor is already operational, Trans-Anatolian Pipeline (TANAP) connects the South Caucasus Pipeline to the Trans Adriatic Pipeline, carrying natural gas to Europe. TANAP is the largest segment of the corridor and projections estimate the current 16 billion cubic meters (bcm) capacity can be expanded to 30 bcm a year by 2030.
Erdogan’s foreign policy boasts close ties with Azerbaijan and Turkmenistan. Yet Erdogan’s administration is known to play both sides, and convincing Europe to finance a multi-billion dollar TANAP expansion project will take more than his success in negotiating a middle road with?Vladimir Putin .
Thus, presidential elections in Cyprus and the relationship with the Netanyahu administration in Jerusalem will directly impact the outlook of Turkey’s energy hub project. While Turkey seems to be striving to gain allies in the Mediterranean, it is a tall order considering it’s neo-Ottoman agenda to become a regional power and a leader in the Sunni Islamic world.
A crucial presidential election that Erdogan is moving from June to May is on the horizon for Turkey, as well. Whether it is Erdogan or not, whoever would rule in the presidential palace in Ankara must aim to restore relationships with neighbors before Turkey can clear the remaining hurdles to become the massive energy hub for Europe. Cyprus needs a president who can protect its interests but also play ball to enhance Europe’s energy security.
The writer, a Ph.D., is the director of the Energy, Growth and Security Program at the International Tax and Investment Center and a non-resident senior fellow at the Atlantic Council. He is the founder of International Market Analysis Inc. www.IMAStrategy.com
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