PRESS RELEASE
SIXTH NEW YORK-EASTERN MEDITERRANEAN BUSINESS SUMMIT
Cyprus-Greece-Israel: Spurring resilient and multilateral collaboration with the region
May 15th 2025 The University Club of New York
nysummit2025.economist.com / hazliseconomist.com
Joan Hoey, editor of the Democracy Index and Europe consultant, Economist Intelligence
Joan Hoey, editor of the Democracy Index and Europe consultant, Economist Intelligence, reflected on Donald Trump’s administration, noting that the US president is focused on restoring control over government and reinforcing accountability between citizens and institutions. His domestic quest for authority and legitimacy shapes his foreign policy, with an emphasis on being viewed as a peacemaker and dealmaker, while reducing foreign entanglements that could drain US resources, she said. Although global uncertainty is high, the Eastern Mediterranean is relatively less exposed to shocks, she said. Israel is expected to rebound in 2025, with growth driven by tech services, a recovery in tourism, and strong institutions. Greece is also performing strongly, exceeding eurozone growth averages thanks to a pro-business government that has restored investor confidence. Cyprus is also expected to be among the fastest-growing eurozone economies in 2025, Joan Hoey added, among others.
John Catsimatidis, chairman and chief executive, Red Apple Group
Chairman & chief executive of Red Apple Group John Catsimatidis described US president Donald Trump as a man of common sense whose primary mission is world peace. Donald Trump is concerned about human suffering, including that of both Ukrainians and Russians, and seeks to end conflicts through deal-making, he said. Mr Catsimatidis also linked Iran’s strengthened position to Hamas’s attacks on Israel, and stressed that Iran must be prevented from acquiring nuclear weapons.
Nir Barkat, minister of economy and industry, Israel
Minister of economy and industry of Israel Nir Barkat said that despite war and terrorism, Israel’s economy remains resilient. Once Israel prevails in Gaza and expands the Abraham Accords, major opportunities are expected, especially considering its export-driven economy, he said. Israel has 10,000 startups in tech, health, and science, the minister noted and added that the US is the main market, but ties with India are growing. To fight monopolies and rising prices, Israel now allows any EU-approved product to be sold domestically, making it easier for US firms to access the market, the minister mentioned.
Amir Yaron, governor of the Bank of Israel
Israel’s economy contracted only 2% during the pandemic, then saw strong growth with a tight labor market and fiscal discipline, according to Amir Yaron, governor of the Bank of Israel. War slowed growth to 2% in 2023 and 1% in 2024, but a rebound to 3.5% is expected in 2025 and the country is on track to reach economic targets. Israel is less affected by tariffs but vulnerable to slowing global trade and VC funding, he said. Investment remains high, but labor shortages fuel inflation, he cautioned. Markets stayed functional after the Hamas attack, Mr Yaron noted. Inflation is 3.3%, but the expectations are for this to drop below 3% in the second half of the year. Debt to GDP is projected to grow to 69% next year but will subside in 2026, he estimated, noting as key challenges education and low workforce participation in some subsets of the population.
Chad Wolf, founder, Wolf Global Advisors, executive vice president, America First Policy Institute,
former secretary of Homeland Security
Founder of Wolf Global Advisors, executive vice-president of America First Policy Institute and former secretary of Homeland Security Chad Wolf, commented on a legislative proposal in the US to strengthen the country’s links to Israel and Greece for anti-terrorism purposes, saying that it builds on groundwork laid in 2019 and would likely be well received. With the Trump team moving at “high velocity,” there’s a strong strategic interest in strengthening key alliances, especially in such a geopolitically important region, he said. The Trump administration, he suggested, will aim to build on these efforts. On Turkey, Chad Wolf noted that if anyone can engage Ankara productively, it would be president Trump, although it is still unclear how constructive Turkey wants to be in their relationship with the US.
Tasos Chatzivasileiou, deputy minister of foreign affairs, Government of Greece
Greece sees the 3+1 alliance as a strategic priority and considers the US one of its closest partners, said Tasos Chatzivasileiou, deputy minister of foreign affairs of Greece. The country aims to become a regional energy hub through projects like the FSRU in Alexandroupoli, the electricity interconnection with Israel, and the Greece–Egypt electricity interconnection. These efforts will also help diversify away from Russian energy. Greece sees itself as a model of successful energy cooperation, including via the so-called vertical energy corridor to supply northern neighbors, he added. On Turkey, Tasos Chatzivasileiou said participation is welcome, but only if Ankara adheres to the alliance’s rules, mentioning ongoing disagreements over maritime zones with Greece.
Nicholas Ioannides, deputy minister of migration and international protection, Cyprus
The 3+1 mechanism has been key in fostering regional stability, security, and cooperation, and remains adaptable to evolving geopolitical realities, according to Nicholas Ioannides, deputy minister of migration and international protection of Cyprus. Cyprus sees itself as a gateway to Europe and, ahead of its EU Council Presidency in 2026, is ready to serve as a regional facilitator, he said. “Bearing in mind that Turkey’s current policies under president Erdogan seek to undermine this positive agenda, we must utilise this alliance in a way that fends off tensions and creates an environment where dialogue and consensus prevail”, minister Ioannides noted and also emphasised the need to protect critical energy infrastructure, citing recent damage to undersea cables in the North Sea.
Ted Deutch, chief executive, American Jewish Committee
The chief executive of the American Jewish Committee Ted Deutch reflected on his previous role in Congress in establishing the 3+1 Alliance and reaffirmed his commitment to strengthening it. He emphasised that Cyprus, Greece, Israel, and the US are democracies with shared interests and global significance. Linking the Eastern Mediterranean across sectors promotes both economic opportunity and regional stability. He highlighted each country’s strengths —Cyprus in financial services, Israel in tech, Greece in tourism and shipping— and said their cooperation benefits the entire region. Military cooperation especially helps Israel’s ability to respond to potential crises, especially as it confronts Iran, he noted.
Osama Mobarez, secretary-general, East Mediterranean Gas Forum (EMGF)
Osama Mobarez, secretary-general of the East Mediterranean Gas Forum (EMGF), emphasised the importance of collaboration through the EMGF to unlock the region’s energy potential. The Eastern Mediterranean holds abundant natural resources, but these must be monetised and shared between stakeholders. The EMGF unites governments, tech firms, private sector actors, and investors to that end, he said. Osama Mobarez highlighted the Cyprus-Egypt agreements signed in February, which will help Cyprus develop its gas discoveries while Egypt builds on its infrastructure. These deals benefit not only energy companies but wider economic actors. Such agreements can serve as models, and more countries should be brought into this framework. Energy, he said, can be a driver of deeper regional integration.
Timur Turlov, chief executive, Freedom Holding Corp.
Chief executive of Freedom Holding Corp. Timur Turlov highlighted Cyprus and his company as a key gateway to the US market, noting that Freedom serves nearly half a million clients in Europe but also in Central Asia, a region that is developing rapidly. Cyprus’s strategic position offers a strong competitive edge, especially for fintech development. He praised the local talent and innovative solutions emerging in the country, as well as its favourable tax and immigration regimes. English being widely spoken further supports Cyprus’s appeal as a fintech and investment hub, he added among others.
Evan Williams, vice-president, US Chamber Center for Capital Markets Competitiveness
Vice-president of US Chamber Center for Capital Markets Competitiveness Evan Williams explained that his organisation represents over 300,000 businesses before the US government, focusing mainly on financial and prudential regulation. He stressed that “America First” doesn’t mean America alone—business benefits flow both ways. While some EU policymakers feel shared values with the US are fading, it is business connections and global capital flows that truly drive progress between countries, he said among others.
George Theocharides, chairman, Cyprus Securities and Exchange Commission (CySEC)
Cyprus is the largest European market for cross-border financial services, with 250 firms including fintechs, according to George Theocharides, chairman of the Cyprus Securities and Exchange Commission (CySEC). Most clients are retail, alongside traditional investment firms. The funds market has 10 billion euros in AUM, mainly in alternative assets, with 30% invested in Cyprus. The stock exchange is undergoing privatisation, and CySEC will regulate the emerging crypto market. Digitalisation is a major trend, boosting retail participation, transparency, lowering costs, and speeding execution, he said. Key risks include investor protection, especially for retail clients, and cybersecurity. There is growing scrutiny at the ESMA level, Mr Theocharides mentioned among others.
Yosef Zinger, chairman, Israel Securities Authority
Yosef Zinger, chairman of Israel Securities Authority, said that Israel’s capital markets showed strong resilience in 2024, with the leading Israeli index outperforming the S&P 500. Markets remained open even after the Hamas attacks. We keep preparing for disaster, but we found the markets remained resilient, he said. A key goal is to strengthen ties between Israeli and global capital markets. One challenge is Israel’s trading week runs Sunday to Thursday, differing from the global Monday to Friday norm. Efforts to align trading days are underway, with hopes to finalise the change by year-end, he noted.
Michael Fekkas, A’ vice-chair, Hellenic Capital Market Commission
Michael Fekkas, A’ vice-chair, Hellenic Capital Market Commission, said his organisation represents not just markets but people who trust their systems to protect savings, reward risks, and finance their future. The Eastern Mediterranean, once a cradle of civilization, can now become a cradle of financial innovation, regional trust, and shared prosperity. Capital markets should be bridges between peoples, not national fortresses. The most urgent policy shift needed nationally and in the EU is to create a simple, transparent, tax-efficient, long-term savings product that citizens can trust and actually use, Mr Fekkas said.
Nicholas Logothetis, vice chairman, Libra Group
Nicholas Logothetis, vice-chairman, Libra Group, referred to Libra Group’s history which began in shipping and expanded into aviation, hospitality, and other sectors. Greece, with its rich heritage and strong mentality, remains a core focus despite eventual frustrations, he said. Mr Logothetis is optimistic about Greece’s future, as its fundamentals still remain despite the previous depression, fueling strong economic growth now. Greece’s brand is among the strongest in the world. The country also benefits from hardworking people and emerging opportunities in AI and young talent. On the world order, Logothetis said globalization is here to stay; it’s essential to modern economies. On Trump, he advised to expect “targeted chaos” but no overreaction—Trump won’t sacrifice the US economy.
Zacharias Clerides, partner, tax & legal leader, head of International Clients Services, PwC Cyprus
Cyprus continues to play a key role in fostering regional dialogue, according to Zacharias Clerides, partner, tax & legal leader, head of International Clients Services at PwC Cyprus. It is a favoured destination for Israelis due to its business opportunities and high quality of life, offering strong potential for continued collaboration, he said. As a common law jurisdiction and EU member, Cyprus is seen as a reliable legal partner, strengthened by a generous tax regime for businesses and individuals. All major credit rating agencies rate Cyprus as investment grade, Mr Clerides mentioned among others.
Christos Marafatsos, chair, Greek Voices for Trump
Christos Marafatsos, chair of Greek Voices for Trump, noted that the US-Israel relationship has been a priority of the Trump administration from the start. President Trump is focused on deal-making, with recent major agreements involving the UK, Saudi Arabia, Qatar, and the UAE, he said and added that Greece, with 2.8 billion dollars in annual commerce with the US, is likewise strategically positioned, like Israel and Cyprus, to expand its role. Significant deals are on the horizon, including an 8 billion dollar data centre in Thessaloniki. Greece is also a major LNG buyer in Europe and the outlook remains very positive, Mr Marafatsos added among others.
Spyros Vassiliou, vice-chairman, Invest Cyprus
Cyprus holds a strategic position at the crossroads of Europe, the Middle East, and Africa, said Spyros Vassiliou, vice-chairman of Invest Cyprus. As an EU member, it offers market access and regulatory predictability aligned with European standards, which are key advantages for business growth. The country leads the EU in ICT specialist growth, and its economic success is rooted in strategic partnerships, he noted and added that the launch of the US-Cyprus strategic dialogue in 2024 marked a new phase in bilateral relations, allowing for more practical cooperation.
Alexandros Costopoulos, secretary-general, American-Hellenic Chamber of Commerce
For Greece, the key challenge has been keeping the country and the region relevant amid ongoing global crises, said Alexandros Costopoulos, secretary-general, American-Hellenic Chamber of Commerce. The 3+1 alliance offers smaller countries a platform to stay engaged and influential, he said. While Europe has for decades been a point of reference for Greece, the US has consistently served as a stabilising force, and in today’s context its role is even more relevant, Mr Costopoulos added.
Alexandros Dimitrakopoulos, IR officer, ONYX Ventures
Alexandros Dimitrakopoulos, IR officer of ONYX Ventures, presented one of the company’s landmark projects, following an introduction by the chief executive of ONYX Ventures, namely Sani in Halkidiki, Greece. Alexandros Dimitrakopoulos said the company sees themselves not just as developers but as curators of a Mediterranean vision. The region, one of the oldest on the map, is undergoing a renaissance, he said. The project is securely funded through the RRF and built on geothermal and solar energy, making it self-powered and environmentally intelligent, he noted and added that it also features a collection of ancient Greek antiquities. In terms of investments into Greece by the US, Mr Dimitrakopoulos commented that US investors contribute more than capital, as they bring structure, metrics, and operational discipline.
Reince Priebus, former White House Chief of Staff, former chairman of Republican National Committee,
political analyst, ABC News
Reince Priebus, former White House Chief of Staff, former chairman of the Republican National Committee and political analyst at ABC News, explained that “America First” means securing borders, protecting American workers, confronting China, and ending foreign wars. It’s about mutual benefit; Americans feel they give too much to the government and get too little back, he said and added that from 2008 to 2016, elites got richer while the middle lost out. The 3+1 alliance should be expanded, he noted, offering opportunities in cyber, counterintelligence, and connecting North Africa to Europe.
Harris Georgiades, chairman, Foreign and European Affairs Committee of the Cyprus Parliament,
former minister of finance, Republic of Cyprus
Harris Georgiades, chairman of the Foreign and European Affairs Committee of the Cyprus Parliament and former minister of finance of Cyprus, cautioned that the Eastern Mediterranean will either become a region of opportunity and cooperation, or one of crisis, conflict, and security risks. This depends on what we achieve together, he said. The region holds promise in energy and innovation, but also faces threats from destabilising actors like Hamas and the Houthis blocking maritime routes. We cannot afford complacency – we were strategically blind regarding Russia and Hamas, he mentioned among others.
John Sitilides, senior fellow for national security, Foreign Policy Research Institute, former diplomacy consultant,
US Department of State, geopolitical strategist, Trilogy Advisors
John Sitilides, senior fellow for national security at the Foreign Policy Research Institute, former diplomacy consultant, at the US Department of State and geopolitical strategist at Trilogy Advisors, referred to a bipartisan report warning the US is unprepared for major war, which is due in part to a hollowed-out industrial base and middle class. Arms are being sent to Ukraine and Israel without enough strategic planning, according to John Sitilides. Since Xi Jinping’s rise, China has pursued a belligerent path in Asia, raising nuclear proliferation concerns involving China, Iran, and Saudi Arabia, he said. The US is now strategically decoupling from China, but many weapons systems still rely on Chinese parts. Donald Trump’s economic statecraft reflects this shift, he added. India shows great promise, while concerns remain about China’s control of Greece’s port of Piraeus, Sitilides mentioned among others.
John Koudounis, president and chief executive, Calamos Investments
Greece has made impressive economic strides, with GDP growth at 2.3%, and unemployment having fallen from the mid-20% range a decade ago to around 9% today, said John Koudounis, president and chief executive of Calamos Investments. Calamos Investments has long been active in the region through mutual and sustainable funds, and is now preparing to launch ETFs tied to US indices. Mr Koudounis acknowledged that the sustainable investment market isn’t as strong as it was in 2021, but Calamos remains committed as a long-term investor, noting that a massive intergenerational wealth transfer is underway, with younger investors especially engaged with ESG standards. He sees significant upside potential in the Greek economy, but noted that improving the legal system and reducing bureaucracy are essential to attract more investment.
Dimosthenis Anagnostopoulos, secretary-general for information systems and digital governance, Ministry of Digital Governance, Government of Greece, Member of EU AI board
Greece’s digital strategy is built around advancing AI capabilities, investing in citizen skills, and expanding digital infrastructure, particularly for SMEs and the public sector, according to Dimosthenis Anagnostopoulos, secretary-general for information systems and digital governance of Greece and member of EU AI board. A major focus is on upskilling and reskilling the population. The government is offering open-access AI courses and training for public servants, to help the broader population become familiar with emerging technologies, he said. Mr Anagnostopoulos emphasised the importance of digital literacy, noting the launch of an AI-powered assistant on gov.gr, designed to enhance citizen interaction with public services. On the infrastructure side, Greece is working to equip both SMEs and public administration with the tools and platforms needed to innovate with projects such as the AI Factory, he noted.
Niovi Christopoulou, partner, AI Fund
Niovi Christopoulou, partner at AI Fund, estimates that by 2030, wealth generated from AI investments will likely be unevenly distributed. She stressed the need to leverage the 3+1 alliance to position the region for sustainable AI growth. Key requirements include building the right AI infrastructure, ensuring energy connectivity, securing access to semiconductors, and developing both capital and skilled labor, as well as establishing effective data governance and diffusion strategies across sectors like maritime, energy, and military. We should reposition the 3+1 alliance from a strategic and security context to a technologic and innovation context as well, she said.
John Georgoulas, non-executive director, Ecommbx
John Georgoulas, non-executive director of Ecommbx, highlighted Cyprus’s tech and innovation landscape as a story of two sides. While the country has successfully attracted investment and has many listed tech companies, with around 20,000 people working in tech, especially fintech, local innovation remains limited. There is a need to change mindsets, as many young people prefer traditional jobs, he said and added that education must improve by emphasising math, computer science, and entrepreneurship to foster innovation.
Alexandra Palli Giannakopoulos, vice governor for Entrepreneurship & European Affairs, Region of Attica
“More than 120 SMEs are actively involved in our regional innovation initiatives”, said Alexandra Palli Giannakopoulos, vice governor for entrepreneurship & European affairs of the Region of Attica and president of CSR Hellas. Israeli investors are increasingly active in Greece’s solar energy and hospitality sectors, she said, as the country takes steps to adopt AI across sectors and invests in 5G infrastructure. However, she cited a survey showing that while 68% of Greek entrepreneurs recognise the importance of AI, it is primarily the larger companies that benefit, while SMEs remain hesitant due to high costs and a shortage of qualified personnel.
Nati Bloch-Damti, senior director health, food, agriculture, energy, environment, climate,
mobility and research, Israel Innovation Authority
Nati Bloch-Damti, senior director health, food, agriculture, energy, environment, climate, mobility and research of Israel Innovation Authority, focused on the rising importance of the life sciences sector and urged joint efforts to address climate challenges. We need funding mechanisms to support early-stage innovation, as well as regulatory sandboxes that encourage the development of new solutions and modern global regulatory frameworks that facilitate innovation. AI, she explained, is not merely a tool but is fundamentally reshaping economies; in one example, AI was used to redesign irrigation systems, achieving water savings of up to 30%. She underlined that Israel, Greece, and Cyprus have complementary strengths, making their collaboration in innovation meaningful.
Detailed conference agenda:
https://hazliseconomist.com/
Online: YouTube: Economist Impact SE Europe Events / www.hazliseconomist.com
With the support of: Invest Cyprus, Israel Economic Mission to the USA – East Coast, Enterprise Greece
Platinum sponsor: Freedom Holding Corp.
Gold sponsor: PwC Cyprus
Silver sponsors: ONYX, Calamos Investments, PPC
Bronze sponsor: Libra Group, Avant Global
Contributors: Red Apple Group, ECOMMBX, Hanikian Law Firm
Supporting organisations: Hellenic American Bankers Association (HABA), The Hellenic Initiative
Communication sponsors: ΕΡΤ, ERT World, ΕΡΤ 3, Η Φωνή της Ελλάδας, New Greek Television, Alter Ego Media, tovima.com
Telecommunications provider: NOVA, Logistics supplier: DHL
Supporters: Artecniko, Gloa
Web development: E-milles creations, Digital agency: AdPixel
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