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Egyptian-Kuwaiti Cooperation Council to Discuss Investment Opportunities

Egyptian-Kuwaiti Cooperation Council to Discuss Investment Opportunities

Monday, 21 January, 2019 - 12:30
A general view of Cairo, Egypt. (Reuters)
Cairo - Asharq Al-Awsat
Businessmen from Egypt and Kuwait will discuss investment opportunities in the two countries during the fourth joint meeting of the Egyptian-Kuwaiti Cooperation Council, which will be held in Cairo on February 10.

The meeting will discuss investment in promising sectors in Egypt, the problems faced by Kuwaiti investors and the investment map announced by the Egyptian government. It will also deal with the latest developments on the economic reform agenda and the government's efforts to invest in infrastructure, logistics and institutional reform.

Egyptian chairman of the Council Moataz el-Alfi said that the group’s fourth meeting represents a great opportunity for fostering economic cooperation between Cairo and Kuwait, highlighting the brotherly ties binding their countries.

Alfi described the meeting as a powerful platform to consolidate relations between Egyptian and Kuwaiti businessmen and investors so that they would get acquainted with the investment priorities and opportunities available in both countries.

The Council will also meet with Egypt’s Investment and International Cooperation Minister Sahar Nasr, as well as Minister of Trade and Industry Amr Nassar.

Chairman of the Kuwaiti side Mohammad Jassem al-Saqer pointed out to the great momentum that the cooperation between both countries witnessed on economic and trade levels. He noted that Kuwait's investments in Egypt amount to $2.8 billion in various sectors, including: services, tourism, construction, industry, agriculture, petroleum, finance and banking.

He stressed that Kuwait was Egypt's third largest Arab trade partner in 2018 with cumulative total investments estimated at about $15 billion. Kuwait is also the fourth largest investing country in Egypt.

The ongoing communication between the two countries' governments and businessmen will be the main guarantor and key factor in pushing forward bilateral relations, he added.

Saqer pointed out that the Egyptian-Kuwaiti Cooperation Council is committed to developing economic relations, which will contribute to closer economic, trade and investment ties between the two countries.

The Council is an independent body that was formed in February 2015 and is comprised of Kuwaiti and Egyptian businesspersons, politicians, media figures and intellectuals.

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