Kuwaiti-Egyptian cooperation forum “Brothers, Partners” kicks off

KUWAIT, The Kuwaiti-Egyptian cooperation forum, tagged “Brothers, Partners”, kicked off on Wednesday under the auspices and attendance of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.

The one-day forum is an opportunity for Kuwaiti and Egyptian investors and major companies to be acquainted with some legal and economic facts, developments, and reformations that have an impact on their interests, Chairman of the Egyptian-Kuwaiti Cooperation Council Mohammed Al-Saqer said in his opening speech.

“Obviously, Egypt and Kuwait have chosen, over the past 60 years, direct investment as the main gateway of their economic cooperation,” Al-Saqer said.

“Egypt has always welcomed and encouraged Kuwaiti investments. In return, Kuwait never hesitated, under all circumstances, to meet such a generosity with rewarding investments that remain, till this day, stable, profitable, and remarkable,” he added.

The investment environment in Egypt has seen significant development and obvious improvement in recent years, Al-Sager said, indicating the cumulative balance of direct foreign investments in the country has amounted to over USD 110 billion in 2017, placing Cairo third after Saudi Arabia and UAE in the top list of Arab countries with attractive investment environment.

Furthermore, Al-Saqer mentioned the average value of commercial exchange between the two countries, with exception of crude oil and its derivatives, reached USD 500 million, including 86 percent in Egyptian exports and 14 percent in Kuwaiti exports, during the past three years.

The event will highlight work and activities of its sponsoring companies, in addition to state and private bodies and institutions.

Source: Kuwait News Agency