KUWAIT: Kuwaiti Minister of Commerce and Industry Khalifa Al-Ajeel, and Egyptian Minister of Investment and Foreign Trade Hassan Al-Khateeb, emphasized the need to enhance economic and trade relations between the two countries in order to address evolving global challenges.
In his speech during the opening of the first session of the Kuwaiti-Egyptian Joint Trade Ministerial Committee in Kuwait, Al-Ajeel described the presence of the Egyptian delegation as a significant addition, reflecting the deep ties between Kuwait and Egypt. He noted that these ties go beyond diplomatic and commercial relations, symbolizing shared positions, mutual visions, and a history of cooperation.
Al-Ajeel stressed that this meeting is crucial for formulating joint strategies that meet the aspirations of both nations. “Kuwait considers Egypt a key strategic partner, and we are committed to further enhancing this partnership, building on past achievements and exploring new avenues for cooperation,” he said. He highlighted the decades-long Kuwait-Egypt relations as a model for Arab cooperation, and emphasized that the discussions would pave the way for more productive collaboration in sectors like investment, commercial industry, and agriculture.
There are approximately 1,500 Kuwaiti companies operate in Egypt, with investments totaling about $3.9 billion across sectors like finance, industry, and construction. Al-Khateeb praised the distinguished relationship between Egypt and Kuwait. He reiterated Egypt’s commitment to ongoing cooperation as outlined in the 2014 trade and industrial cooperation agreement. This agreement aims to create a framework for continued communication and increase trade exchange while launching new economic partnerships through investment projects.
Al-Khateeb further discussed recent reforms in Egypt to improve the investment climate, such as the new investment law, which simplifies industrial establishment procedures. He encouraged Kuwaiti businesses to seize opportunities in Egypt’s growing industrial sector and called for more dynamic engagement to drive joint projects under the support of both governments. — KUNA