CAIRO: Mustapha Madbouli, Prime Minister of Egypt, has appreciated the deep relations between Kuwait and Egypt, at the Egyptian-Kuwaiti Economic Forum, held in Cairo, adding that Egypt aims to strengthen ties and increase Kuwaiti investments in the country, to enhance mutual interests of both countries. The meeting was also attended by Mohammed Al-Sager, Chairman of Kuwait Chamber of Commerce and Industry.

"We welcome Kuwaiti investments in Egypt, as well as its support in developing opportunities in the private sector, both locally and internationally, especially with its policies meant to encourage the private sector," Madbouli said.

"The Egyptian investment law accommodates the investment and the disinvestment of capital and project revenue at any point in time, as the government has also issued a bankruptcy law to protect investors. Moreover, many procedures have been implemented such as 'the golden license' and laws relating to the pricing of industrial lands and the insurance of projects either through ownership or interest, where the investor can own the land after a specific period," he added.

Egyptian Prime Minister Mostafa Madbouly shakes hands with Mohammed Al-Sager.

"There is also a 20-day period for all approvals as well as for licensing procedures put in place by committees, who are authorised help with any problems that may arise." "The economic index in Egypt has been balanced until the start of the Russian-Ukrainian war, as Egypt has also been affected by the war just like the rest of the world," he said.

Mohammed Al-Masri, Vice President of the Egyptian Commercial Chamber said, "The invitation by the Kuwaiti panel reflects the empowerment of local and international private sectors aiming to increase revenue to 65 percent from 30 percent, as the nationalization of industry in the Arab world is a priority."

Meanwhile, Mohammed Al-Sager, said that Kuwait's delegation to the meeting in Egypt included 46 prominent businessmen who would work together to strengthen the economic and investment cooperation between Kuwait and Egypt, to increase the trade relations between the two countries.

Egyptian Prime Minister meets with the Kuwaiti delegation.

Al-Sager also lauded Egypt's efforts to develop the investment environment, which has been initiated since 2016 and has developed within the framework of Egypt's Vision 2030. He said that the most notable procedures in this regard include the investment, companies and bankruptcy laws, as well as the state ownership policy which contributes to achieving cooperation between public and private sectors.

Meanwhile Commerce and Industry Minister Eng. Ahmad Sameer and Finance Minister Mohammad Maeet witnessed the signing of a cooperation protocol between the General Union of Egypt's Chamber of Commerce and Kuwait's Chamber of Commerce and Industry.

The protocol was signed by First Deputy Chairman of the Chambers Union Mohammad Al-Masri and Chairman of Kuwait Chamber of Commerce Mohammad Al-Sager and is aimed at developing commercial relations between the two countries.

Under the protocol, the two countries will be committed to exchange information with regards to the commercial trade, as well as encourage the business sector in both countries, to establish common partnership grounds, so as to help each other in events of mutual interest such as exhibitions and conferences. - AGENCIES