Greek investments in Egypt will increase to 5 billion U.S. dollars, official news agency MENA quoted Egyptian president Mohamed Morsi as saying at a press conference he held with his Greek counterpart Karolos Papoulias on Thursday.

At the joint conference, president Morsi said "official discussions between us were topped by boosting bilateral political and diplomatic relations and promoting mutual cooperation in economic, commercial and investment fields."

President Papoulias said some 145 projects that Greek businesses are involved are in progress in Egypt, adding the discovery of a natural gas field in the Mediterranean is a strategically important.

"An economic zone between the two countries is discussed," Papoulias said.

As for regional issues, the two leaders urged the conflicting sides in Syria to halt violence while opposing international military intervention.

Papoulias has extended an invitation for Morsi to visit Greece.