Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt-Kuwait Joint Investments Hit $2.5 bln


Mon 21 Oct 2019 | 06:59 PM
H-Tayea

Deputy Chairman of the Federation of Commerce Chambers Adel Nasser said on Monday that the volume of Kuwait investments in Egypt exceeded $9 billion from more than 1,100 companies in different production and service sectors.

Egyptian investments in Kuwait exceeded $1 billion, Nasser said at the Egyptian-Kuwaiti Business forum, held in Cairo.

Successive governments had worked for setting the atmosphere for the private sector to fulfil its role in development, Nasser added.

He stressed the promotion of Kuwaiti investments in Egypt in different domains, including the industrial sector, logistics in Suez Canal axis, the real estate sector, tourism in the New Administrative Capital and New Alamein, agricultural investment in the Egyptian countryside, the electricity sector and petrochemicals industries.

Trade exchange between Kuwait and Egypt exceeded $2.5 billion in 2018, he said, adding that Egypt receives more than 110,000 Kuwaiti tourists annually.

Meanwhile, board member of the Kuwait Chamber of Commerce and Trade Industry Tarek Al-Motawaa asserted the depth of historical ties between Egypt and Kuwait.

The private sector was responsible for activating and promoting ties between Egypt and Kuwait via legal and institutional frameworks that encourage investments and work on removing obstacles, Al-Motawaa said.

The volume of non-petroleum Kuwaiti investments in Egypt reached $4 billion in the fields of tourism, industry and agriculture, he said.

The two nations shared a strong history especially during the 1967 and the 1973 wars against Israel when Kuwaiti and Egyptian troops stood side by side to defend Arab and Muslim integrity, said the Kuwaiti diplomat who also commended Egypt’s strong stance against Iraqi greed in Kuwaiti land especially during the August 2, 1990 invasion of Kuwait.