Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah directed his government to strengthen cooperation and investment with Egypt during a meeting with Prime Minister Madbouly. Discussions included Egypt’s contribution to Kuwait’s development and highlights of future collaboration possibilities in sectors such as agriculture and pharmaceuticals. Madbouly reiterated Egypt’s commitment to creating a favorable investment climate despite regional challenges.
The Emir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, has urged increased cooperation and investment with Egypt during a meeting with Egyptian Prime Minister Mostafa Madbouly at the Amiri Diwan, also known as Bayan Palace. The Emir acknowledged Egypt’s valuable contributions to Kuwait’s development through expert assistance in various fields and called for enhancing bilateral investment prospects.
Additionally, Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Sabah met with Prime Minister Madbouly, where discussions focused on strengthening Egypt-Kuwait relations and investment opportunities. The Prime Minister conveyed greetings from President Abdel Fattah Al-Sisi and extended an invitation for the Emir to attend the upcoming Arab Summit in Cairo on March 4, which the Emir accepted with enthusiasm.
Prime Minister Madbouly assured Kuwait of Egypt’s support for Kuwaiti investors despite regional challenges, expressing appreciation for Kuwait’s enduring assistance over the years. Sheikh Sabah Khaled expressed his recognition of Egypt’s role in promoting Arab unity and looked forward to Egypt’s plans for Gaza reconstruction, highlighting the importance of regional stability and the necessity for a collective Arab response ahead of the summit.
Separately, further discussions were held between the two Prime Ministers, focusing on enhancing cooperation across multiple sectors. Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah emphasized the significance of collaboration between the two governments to amplify trade, advocating for an increased presence of Kuwaiti investments within Egypt.
Furthermore, Prime Minister Madbouly outlined the Egyptian government’s proactive measures to foster a conducive business environment and attract foreign direct investment (FDI). He noted that the private sector has been prioritized, with a target to increase its share of investments to 65%. As of now, private sector investments constitute 60% of total investments in Egypt.
Madbouly elaborated on initiatives to simplify investment procedures, including the introduction of “Golden Licenses” for priority projects and efforts to reduce external debt in relation to GDP. He discussed the adverse effects of regional crises on the Egyptian economy and underlined the need for the joint business council to convene promptly to explore collaboration opportunities.
Presenting various investment opportunities in sectors such as agriculture, food security, and pharmaceuticals, Madbouly indicated a promising return on investment in Egypt. He specifically mentioned lucrative projects located along the North Coast, Red Sea, and the Nile, emphasizing the readiness of Egyptian firms to expand their operations within Kuwait.
The meeting between Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and Prime Minister Madbouly underscored the strong ties between Kuwait and Egypt, focusing on enhanced cooperation and increased investments. Both leaders emphasized the need to support joint economic initiatives and actively participate in regional stability efforts. The discussions aimed to pave the way for fruitful collaboration in various sectors that could significantly benefit both nations.
Original Source: www.dailynewsegypt.com
