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Thursday, December 12, 2024
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Kuwaiti investments in Egypt estimated to be 20 bln dollars

publish time

21/09/2024

publish time

21/09/2024

Kuwaiti investments in Egypt estimated to be 20 bln dollars

KUWAIT CITY, Sept 21: The Egyptian Ambassador to Kuwait Osama Shaltout says the Egyptian-Kuwaiti Joint Higher Committee will convene in Cairo on September 12 under the patronage and presence of the foreign ministers of both countries. During a press conference held at the embassy yesterday morning, he affirmed that this meeting is one of the most prominent outcomes of the state visit by His Highness the Amir of Kuwait Sheikh Mishal Al-Ahmad to Egypt last April/ May.

The ambassador stressed that the visit played a pivotal role in convening the joint committee for the first time since 2018, affirming the commitment of both the Egyptian and Kuwaiti sides to strengthen their long-standing fraternal relationship and to advance it in the coming stage. He also affirmed the commitment of both countries to the directives issued by their leaders to strengthen and develop relations for the mutual benefit of Egypt and Kuwait. Ambassador Shaltout highlighted the meeting between Kuwait’s Foreign Minister Abdullah Al-Yahya, Egyptian President Abdul Fattah el-Sisi, and Prime Minister Dr. Mustafa Madbouly, which reflects the depth of relations between the two countries.

Regarding the Joint Higher Committee, he stated that the committee conducted a comprehensive review of bilateral relations in all fields and developed a future vision for implementation and follow-up. He underscored the significance of this step, given the considerable political and strategic challenges currently facing the region. He emphasized the importance of enhancing cooperation and solidarity between Egypt and Kuwait as a message to any party seeking to destabilize the region’s security and stability.

Ambassador Shaltout remarked that Kuwait’s official statement expressing solidarity with Egypt and rejecting the Israeli statements regarding the Philadelphi Corridor, which was reaffirmed during the Joint Higher Committee, serves as a model for how relations between countries should be. He explained that several subcommittee meetings were held between the two countries before the Joint Higher Committee’s session. The fifth session of the Joint Consular Committee took place on August 27, resulting in agreements on many consular issues that address the aspirations of both Egyptian and Kuwaiti citizens. They also identified a point of contact between the Health ministries of both countries to activate the memorandum of understanding in the health and pharmaceutical fields.

The second session of the Joint Labor Committee was held on August 28, during which a Kuwaiti delegation visited the Ministry of Labor headquarters, where they were received by Egyptian Minister of Labor Mohamed Gebran. The Kuwaiti delegation reviewed the database of qualified and trained Egyptian workers available at the required level. The Kuwaiti side expressed its interest in learning about successful cooperation experiences between Egypt and other countries, such as Germany, in the labor sector. Coordination is underway to arrange technical meetings between the two parties in this regard. On the economic cooperation front, Ambassador Shaltout reported that trade exchange between the two countries exceeded USD 3 billion in 2023. He noted that the important Egyptian exports to Kuwait included insulated cables, televisions, frozen vegetables, chocolate, cheeses, fresh fish, various fresh fruits such as oranges, strawberries, mangoes, and grapes, as well as fresh and frozen potatoes, ready-made clothing, marble, granite, and medicines.

Ambassador Shaltout said Kuwait has invested approximately USD 20 billion in Egypt, with the financial sector being the primary area of investment. He affirmed that Cairo welcomes all Kuwaiti investors and that the embassy is eager to engage with any Kuwaiti nationals who are interested in investing in Egypt or are already doing so. Ambassador Shaltout stressed that efforts are underway to organize the joint trade committee between the two countries as soon as possible. He indicated that the committee has witnessed the signing of ten memoranda of understanding and executive programs in various fields, including competition protection, industrial export development, environmental protection, tourism, youth and children, housing and construction, media, sports, scientific and technical cooperation in planning, and between the diplomatic studies institutes of both countries.

The ambassador referenced the minutes from the 13th session of the Egyptian-Kuwaiti Joint Committee, indicating that work is in progress to implement and activate all these agreements as soon as possible. Ambassador Shaltout explained that the civil aviation authorities of both countries held consultations alongside the joint committee’s work, which resulted in the signing of a memorandum of understanding. This agreement addresses updates related to increasing operational capacity between the two countries and refining other technical arrangements for airlines operating in both countries. The goal is to enhance the services provided to Egyptian and Kuwaiti citizens, as well as other beneficiaries of direct flights between Cairo and Kuwait, and to meet the market’s demands in this sector. Ambassador Shaltout expressed his hope to hold the 14th session of the Joint Higher Committee in Kuwait on a date to be mutually agreed upon by both parties.

By Fares Al-Abdan
Al-Seyassah/Arab Times Staff