Egyptian-Kuwaiti forum aims to develop economic cooperation
Foreign investments in Egypt exceeded $110 million in 2017
KUWAIT: Under the patronage and attendance of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, the opening ceremony of the Egyptian-Kuwaiti Cooperation Forum was held at the Sheraton Hotel in Kuwait, dubbed ‘Brothers, Partners’. Chairman of the Egyptian-Kuwaiti Cooperation Council Mohammed Jassem Al-Saqr said the Egyptian-Kuwaiti Cooperation Council enjoys great interest in Kuwait, especially by His Highness the Amir Sheikh Sabah AlAhmad Al-Jaber Al-Sabah.
He added that the topics and themes of the forum aim to develop economic cooperation between Egypt and Kuwait to reach a comprehensive strategic partnership between the two brotherly countries. He pointed out that the investment environment in Egypt has developed significantly over the last few years.
In 2017, following the implementation of an economic reform program, foreign investments in Egypt reached more than $110 million, with half of the total investment projects established by Arab countries and more than 40 percent of Arab direct investment projects. Egypt is ranked third in attracting investments after Saudi Arabia and the UAE.
Saqr added that the average trade exchange between Egypt and Kuwait during the past three years amounted to about $500 million, apart from petroleum products, 86 percent of which are Egyptian exports to Kuwait and 14 percent are Kuwaiti exports to Egypt. He praised the efforts of Egypt’s Ambassador to Kuwait Tareq Al-Qouni for his great efforts in coordinating all matters related to the first meeting of the EgyptianKuwaiti Cooperation Council.
Chairman of the Egyptian-Kuwaiti Cooperation Council Moataz Al-Alfi said Kuwaiti investments started in Egypt before the revolution of July 23, which confirms the importance of Egypt. He affirmed that Egyptian-Kuwaiti relations are based on love and cooperation, pointing out that the blood of the two peoples mingled with the pure lands of the two countries, whether through Kuwaiti participation in the two wars of attrition and of Oct 1973 or through the participation of the Egyptian army in liberating
Kuwaiti investments started before
Kuwait in the Gulf War.
The ceremony was attended by a number of ministers, advisors, senior officials of the state, the diwan of the prime minister, members of the diplomatic corps and a number of businessmen from both countries. The opening session featured a documentary about the history of close relations between the two countries.
The first forum of Egyptian-Kuwaiti cooperation, which was sponsored by National Bank of Kuwait with the participation of Sheikha Al-Bahar, Deputy CEO at NBK, aimed at highlighting the distinguished relationship between the two countries and is a promising platform for benefiting from it at all levels. The event pro- vides an opportunity for interested investors and com- panies from both countries, and to identify investment opportunities that meet their aspirations.
KUWAIT: His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah attends the opening ceremony of the Egyptian-Kuwaiti Cooperation Forum. — Photo by Yasser Al-Zayyat