Kuwaiti-Egyptian Cooperation Council meeting kicks off in Cairo

CAIRO, April 23 (KUNA) -- The joint Kuwaiti-Egyptian Cooperation Council meeting and the Investment and business forum kicked off today to discuss economic and investment cooperation between the two countries, with a number of officials in attendance.
In his opening remarks, the head of the Kuwaiti side Mohammad Al-Saqer said that the meeting embodied the brotherly and historical ties between Kuwait and Egypt, which are deeply rooted in the peoples of both countries and is constantly renewed through cooperation and joint work.
Al-Saqer explained that the Kuwaiti-Egyptian Cooperation Council is a comprehensive framework for developing bilateral relations in various fields, emphasizing that economic cooperation has become a necessity in light of a new and turbulent global economic order, which requires seeking opportunities for solidarity and cooperation within regional space to confront trade wars.
He pointed out that Kuwaiti investments in Egypt amount to approximately USD 20 billion and are expected to achieve significant leaps in size and quality, Egyptian exports to Kuwait averaged an annual value of USD 367 million between 2014 and 2023, representing 0.7 percent of total Egyptian exports for 2023.
Al-Saqer continued that the average annual value of Kuwaiti exports to Egypt during the same period reached USD 71 million, and in 2023, Kuwaiti exports to Egypt reached USD 120 million, 88 percent being re-exports.
He pointed out that statistically around 1,500 Kuwaiti companies invest in Egypt, particularly in the finance, construction, and manufacturing sectors, Kuwait ranks fifth on the list of the most important countries investing in Egypt and third in Arab countries, after UAE and Saudi Arabia.
Al-Saqer referred to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, meeting with Egypt's Prime Minister, in which he emphasized Kuwait's appreciation for Egypt's support since the beginning.
He also considered Egypt's stability to be Kuwait's stability, and that all support provided by Kuwait to Egyptian people supports the interests of Kuwaiti people as well.
For his part, Kuwait's Ambassador to Egypt Ghanem Al-Ghanem, said that the Kuwaiti-Egyptian Investment Forum creates an additional bridge to highlight the historical relationship between the two countries under the wise leadership of Kuwait's Amir Sheikh Meshal and Egyptian President Abdelfattah Al-Sisi.
He pointed out that the work of this session comes in the wake of President Al-Sisi's state visit to Kuwait, at the invitation of His Highness the Amir.
The visit reaffirmed the solid relations between the two countries and emphasized the importance of making Egypt an investment destination for Kuwait.
Egypt's Ambassador to Kuwait Osama Shaltout, emphasized the depth of the decades-long ties between the two countries in his speech, not only in terms of official relations between them, but also in terms of the two brotherly peoples.
He added that the Kuwaiti-Egyptian Investment Forum comes amid turbulent international conditions, and a trade and economic war between major countries, making it difficult for any country to stand alone in confronting these challenges.
He pointed out that the Arab region is experiencing military and political tensions, adding a heavy burden to the nation's problems, which calls for solidarity to overcome the current wave of escalation with minimal losses.
Shaltout expressed his gratitude to the Kuwaiti-Egyptian Cooperation Council, which has contributed to advancing economic and trade relations between the two countries and doubling the volume of joint business, since its establishment in 2015. (end) aff.res