Kuwaiti investments in Egypt top $15bn, PM keen for more

CAIRO: Egyptian Prime Minister Mostafa Madbouly on Monday praised the depth of relations between Egypt and Kuwait, stressing his country’s keenness to strengthen them and increase the volume of Kuwaiti investments to serve the interests of the two countries and peoples. This came during Madbouly’s meeting with a Kuwaiti delegation that included a number of businessmen headed by Chairman of Kuwait Chamber of Commerce and Industry and head of the Kuwaiti side of the Egyptian-Kuwaiti Cooperation Council Mohammed Jassem Al-Sager at the headquarters of the Egyptian Investment Authority.

Egyptian Finance Minister Mohamed Maait revealed the value of Kuwaiti investments in Egypt has surpassed $15 billion. During the Egyptian-Kuwaiti Economic Forum on Monday, Maait said volume of trade between Kuwait and Egypt reached $5 billion, adding that Kuwait is Egypt’s third largest Arab trade partner and fourth largest global partner among countries with investments in Egypt.

Madbouly expressed his country’s readiness to increase the volume of Kuwaiti investments in Egypt during the coming period and its keenness to strengthen partnership with the local and international private sector, “especially with the stimulus policies adopted by the state to support the private sector”. Sager said Kuwait has paid attention to developments of the Egyptian economic reform program since 2016, explaining that “our presence represents most sectors in the Kuwaiti economy, which reflects the extent of interest in the Egyptian market”.  – KUNA

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