The Emir of Kuwait has called for enhanced cooperation and investment with Egypt during a meeting with Prime Minister Mostafa Madbouly. The discussions highlighted Egypt’s contributions to Kuwait’s development and the commitment to strengthen bilateral trade relations, particularly in sectors such as pharmaceuticals and food security, ahead of the upcoming Arab Summit.
The Emir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, has instructed his government to strengthen ties with Egypt and increase investments for mutual benefits. This directive was issued during a meeting with Egyptian Prime Minister Mostafa Madbouly at the Amiri Diwan (Bayan Palace) headquarters. The Emir commended Egypt’s valuable contribution in sending experts that significantly aided Kuwait’s development across various sectors.
Sheikh Meshal urged for enhanced cooperation and more investment opportunities between the two nations. Prime Minister Madbouly conveyed greetings from President Abdel Fattah Al-Sisi and an invitation for the Emir to attend the upcoming Arab Summit in Cairo, which was welcomed by the Emir, indicating his intent to participate.
During the meeting, Prime Minister Madbouly reiterated Egypt’s commitment to supporting Kuwaiti investors, ensuring a favorable business environment despite regional challenges. Additionally, he expressed appreciation for Kuwait’s sustained support of Egypt and its reform initiatives.
Crown Prince Sheikh Sabah Khaled Al-Sabah acknowledged Egypt’s role in promoting Arab unity and expressed hope regarding Egypt’s reconstruction plan for Gaza. Both leaders stressed the importance of a unified Arab position ahead of the Arab Summit, aiming to enhance bilateral relations in critical areas.
In another official session led by Prime Ministers Madbouly and Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, discussions focused on boosting bilateral cooperation in multiple fields. Sheikh Ahmad emphasized joint efforts between the Egyptian and Kuwaiti governments to expand trade, which aligns with the strong political relations these nations share.
Madbouly appreciated the warm reception and reiterated a commitment to fostering economic relations. He also expressed hope to welcome the Kuwaiti Prime Minister in Egypt soon. He outlined the Egyptian government’s initiatives aimed at economic reform and improving the investment climate, alongside efforts to attract foreign direct investment (FDI).
The Prime Minister highlighted that the reform program targets decreasing public investments to allow for increased private sector engagement, aiming for 65% private sector investment proportion. He indicated current achievements stand at 60% and emphasized the attractive investment opportunities within Egypt’s market.
Madbouly discussed simplification of investor procedures, including the provision of a “Golden License” issued by the Cabinet to expedite priority projects. Additionally, he addressed strategies to reduce external debt as a proportion of GDP while enhancing overall economic resilience.
Addressing regional crises’ impacts on Egypt’s economy, Madbouly expressed a desire for the swift convening of a joint business council. Emphasizing the capabilities of Egyptian companies in executing projects in Kuwait, he expressed their readiness for future collaborations. He presented investment opportunities within the North Coast, Red Sea, and Nile regions, particularly in agriculture, food security, and pharmaceuticals, highlighting their potential returns on investment.
The meeting between the Kuwaiti Emir and Egyptian Prime Minister established a framework for increased cooperation and investment between Kuwait and Egypt. Both leaders underscored the significance of ongoing collaboration in various sectors, with a shared commitment to enhance economic ties. Furthermore, they expressed mutual support for regional stability and unity ahead of the Arab Summit.
Original Source: www.dailynewsegypt.com
