CAIRO: Egyptian President Abdel Fattah Al-Sisi commended on Thursday exemplary ties with Kuwait, which are based on mutual respect and constructive cooperation. This came during a reception of a Kuwaiti investment delegation headed by the Chairman of the Kuwaiti side of the Egyptian-Kuwaiti Cooperation Council Mohammad Al-Saqer.

Spokesman for the Presidency Mohammad Al-Shennawy said in a statement that President Al-Sisi welcomed the Kuwaiti delegation, and affirmed appreciation of the brotherly relationship that binds him and HH the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, in addition to the strong fraternal ties between Egypt and Kuwait at various official and popular levels.

Al-Sisi pointed to the challenges facing the global economy, as well as the current regional and international circumstances, which necessitated intensifying cooperation and integration among Arab countries, particularly in light of the special nature of the Egyptian-Kuwaiti relations as a model for constructive and fruitful cooperation based on mutual trust and respect.

The head of the Kuwaiti delegation conveyed a message to President Al-Sisi from HH the Amir Sheikh Meshal, stating that Kuwait is honored to support Egypt and that Kuwait would never forget Egypt’s stance since the beginning of the establishment of the State of Kuwait, while also affirming the Kuwaiti private sector’s support for Egypt.

The President reiterated the pivotal role businessmen and industry play in advancing cooperation between Egypt and Kuwait through investment in joint projects that benefit both countries, stimulate real growth in their economies and provide job opportunities for future generations.

President Al-Sisi highlighted the Egyptian government’s keenness to enhance cooperation with Kuwaiti companies and increase their investments in Egypt and Egypt’s readiness to provide all means to consolidate and develop partnership with the Kuwaiti private sector. During the meeting, the Kuwaiti delegation viewed a documentary about the most important existing and ongoing projects in Egypt in which Kuwaiti investors can participate.

The President invited Kuwaiti investors to explore the opportunities available in Egypt, benefit from the incentives and facilities provided by the Egyptian state, and develop industrial cooperation by working on establishing industrial partnerships between Egyptian and Kuwaiti companies, focusing on sectors with high added value.

President Al-Sisi noted that the Egyptian market is large and promising and has huge needs in various fields, which allows investors to obtain significant returns on investment. The meeting reviewed the available opportunities in a number of promising sectors for investment cooperation. The Kuwaiti delegation praised the significant development that Egypt has witnessed in the fields of infrastructure and the promotion of an attractive investment climate.

They emphasized their keenness to enhance partnership with Egypt by developing their investment presence in the Egyptian economy in a way that achieves the aspirations of the two brotherly peoples for cooperation and prosperity. The Kuwaiti delegation added that the existing strategic partnership between Egypt and Kuwait should be built upon.

They outlined that Kuwaiti investments in Egypt have exceeded $20 billion, distributed across various sectors and activities, involving more than 1,000 Kuwaiti companies operating in Egypt, and that more than 25 percent of the projects of the Kuwait Fund for Development are located in Egypt. They looked forward to enhancing Kuwaiti investments in Egypt and for Kuwait to have an active role in the Egyptian-Gulf Investment Forum that Cairo will host this year, especially with the unprecedented development renaissance that Egypt is witnessing. – KUNA