El-Sisi stresses businessmen role in boosting Egypt-Kuwait cooperation - Economy
President El-Sisi's remarks came during his meeting with a Kuwaiti investment delegation in Cairo, headed by Muhammad Jassim Al-Saqer, the chairman of the Kuwaiti side of the Egyptian-Kuwaiti Cooperation Council, according to the Egyptian presidency.
During the meeting, President El-Sisi invited Kuwaiti investors to explore opportunities in Egypt's various promising sectors for investment cooperation and to benefit from the incentives and facilities provided by the state.
He also encouraged them to develop industrial cooperation in sectors with high added value, noting that the Egyptian market is large and promising, with significant needs in various fields, which allows investors to generate substantial returns.
Moreover, the president emphasized the Egyptian government's eagerness to enhance cooperation with Kuwaiti companies, increase their investments in Egypt, and provide all necessary means to consolidate and develop partnerships with the Kuwaiti private sector.
He also highlighted the challenges facing the global economy and the current regional and international crises, which necessitate intensified cooperation and integration among Arab countries.
In this respect, El-Sisi praised the constructive cooperation between Egypt and Kuwait.
Meanwhile, the Kuwaiti delegation commended the significant developments Egypt has made in the field of infrastructure and promoting an attractive investment climate. They affirmed the Kuwaiti private sector's support for Egypt.
The Kuwaiti side also stressed its keenness to enhance its partnership with Egypt by boosting investment presence in the Egyptian economy, highlighting the need to build on the existing strategic partnership between Egypt and Kuwait.
They noted that Kuwaiti investments in Egypt have exceeded $20 billion, with over 1,000 Kuwaiti companies operating in the country.
Additionally, more than 25 percent of the Kuwait Fund for Development's projects are located in Egypt.
The delegation watched a documentary film showcasing some of Egypt's most important projects that Kuwaiti investors can participate in.
They also expressed their eagerness to participate in the upcoming "Egyptian-Gulf Investment Forum" in Cairo.
"Kuwait is honoured to support Egypt and will never forget Egypt's support when it was first established," Al-Saqer said during the meeting, conveying Amir Sheikh Meshal Al Ahmad Al Sabah's message to President El-Sisi.
Prime Minister Mostafa Madbouly, Minister of Foreign Affairs Badr Abdelatty, and Minister of Investment and External Trade Hassan ElKhatib also attended the meeting.
On Wednesday, FM Abdelatty received the Kuwaiti delegation, and they discussed fields of cooperation between Egypt and Kuwait.
Kuwait is Egypt's third-largest Arab trading partner after Saudi Arabia and the UAE, and its fourth-largest global trading partner.
To date, Egypt and Kuwait have signed 105 cooperation agreements and memoranda of understanding in political, economic, and security fields.
The trade volume between the two countries amounts to around $3 billion per year.
The number of joint investment projects has reached approximately 1,400.
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