Kuwait, Egypt trade hits $500mln

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KUWAIT CITY, Nov 30: Member of the Board of Directors of Kuwait Chamber of Commerce and Industry (KCCI) Wafaa Al-Qatami has confirmed Kuwait’s strong relationship with the Arab Republic of Egypt in all fields, especially the economic field, as the volume of trade exchange between the two countries reached $500 million last year, reports Al-Qabas daily. Al-Qatami made the statement during her recent meeting with a delegation from the Egyptian Embassy headed by Ambassador Osama Shaltout to review the projects of the National Service Agency of the Egyptian Armed Forces. She affirmed that the chamber’s aspiration for the Kuwaiti business sector is to enter into partnerships with the Egyptian side after reviewing the projects, as well as the incentives and investment facilities, offered to Kuwaiti investors to participate in the implementation of different projects; particularly the vital activities like investment, medical tourism, animal production, foodstuff, marble production and others.

On the other hand, Ambassador Shaltout said the meeting aims to introduce the Kuwaiti business community to the investment opportunities available in various economic sectors in Egypt. He disclosed that the volume of Kuwaiti investments in Egypt reached $19 billion, as the volume of the export of Egyptian products to Kuwait increased by 37 percent in the past year compared to 2021. These exports varied between foodstuff, electrical appliances, stones, marble, and electrical cables, he added. Defense Attaché at the Egyptian Embassy Brigadier General of Staff Mohamed Ragab conducted a presentation of the projects of the National Service Agency of the Egyptian Armed Forces, which plays an effective role in development and serves as the basic pillar of the Egyptian economy. Rajab stated that the program covers 63 companies operating in several sectors such as food security, heavy industries, specialized contracting services, internal and external trade, mining, oil and gas. He added these areas consist of several specialized companies, all of which are available to interested investors through partnership or full ownership.

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