From Diplomatic Engagement to Business: The Commercial Potential between Israel and Cyprus
By Gaston Saidman
On October 20, the Embassy of Cyprus in Israel celebrated Cyprus Independence Day at the Hilton Hotel in Tel Aviv. The elegant reception brought together more than 500 guests, including distinguished representatives from both countries from the diplomatic and business communities.
The Ambassador of Cyprus to Israel, Mr. Cornelios Corneliou
The ceremony opened with remarks by the Ambassador of Cyprus to Israel, Mr. Cornelios Corneliou, who highlighted the importance of the reunification of the island and the responsibility to preserve the legacy of independence for future generations. He also emphasized the deep historical ties between Cyprus and Israel, which date back thousands of years, and highlighted the strengthening of bilateral cooperation in strategic sectors such as energy, defense, healthcare, trade, investment, technology and tourism.
Among the recent developments, he highlighted the opening of the Hadassah Medical Center in Limassol as a new opportunity for medical cooperation between the two countries. Regarding tourism, he pointed to the air connectivity between Cyprus and Israel, which reached 225 weekly flights at the height of the summer season, including the new connection with Haifa. He also noted that the growing Israeli community in Cyprus continues to bring the two societies closer together.
Current diplomatic relations between Israel and Cyprus are particularly significant in the business sector, where Greece also plays an important role. This trilateral cooperation could serve as an example of how countries in the region can develop joint initiatives in areas such as energy, cybersecurity and innovation.
Energy cooperation between Israel and Cyprus continues to be one of the strategic pillars of the Eastern Mediterranean. Both countries seek to make use of their natural gas resources, attract investment and strengthen their position in the regional energy market. In this context, negotiations over a gas field that extends across their respective maritime zones, along with projects to export gas to Europe, occupy a central place.
From left to right: Ambassador of Costa Rica to Israel Mr. Antonio López Escarré, ; Gaston Saidman;
and Mr. Gabriel Hayon, President of the Diplomatic Institute.
Photo credit: Silvia Golan
The Cypriot Aphrodite natural gas field extends into Israel’s Exclusive Economic Zone, where the Ishai field is located. There are still technical and legal issues to be addressed, particularly regarding the management of the gas resources that extend across both sides. Aphrodite is operated by Chevron and includes other international partners, among them NewMed Energy and Shell. Moving forward with its development requires agreements that establish the conditions for commercially viable exploitation.
Discussions between the parties on this matter have recently resumed, and the Cypriot authorities have expressed their intention to reach an understanding before the end of October.
The Event Highlighted the Importance of Strong Bilateral Relations
Strong cooperation between Israel and Cyprus serves European interests, particularly in meeting Europe’s energy needs. Access to alternative gas supply routes would help Europe diversify its imports.
This is partly because the Eastern Mediterranean offers opportunities to connect regional producers with European markets.
This also points to greater regional integration. In this context, an agreement on Aphrodite–Ishai is expected to help clarify how to manage a resource that extends across both countries’ maritime zones.
Mr. Axel Wahnish (left), Ambassador of Argentina to Israel and a pioneer of the Isaac Accords,
greets Mr. Cornelios Corneliou, Ambassador of Cyprus to Israel, at the reception.
Mr. León Amiras, President of the Israel-Cyprus Chamber of Commerce, stands in the center.
The President of the Israel-Cyprus Chamber of Commerce, León Amiras, highlighted that the strategic partnership between the two countries is based on shared values, converging interests and a relationship of trust. He also emphasized that practical cooperation connecting both societies and economies represents a unique and fundamental bond for further strengthening bilateral relations.
For his part, the Ambassador of Cyprus renewed his call for the reunification of the island, with the aim of building a peaceful and prosperous future. “Cyprus is too small to remain divided, but large enough for Greek Cypriots and Turkish Cypriots to live together in peace,” he stated.
