Egyp­tian-Kuwaiti fo­rum aims to de­velop eco­nomic co­op­er­a­tion

For­eign in­vest­ments in Egypt ex­ceeded $110 mil­lion in 2017

Kuwait Times - - Local - By Faten Omar

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

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