31 January 2023 09:51 AM

PM: Gov't keen on increasing Kuwaiti investments in Egypt

Monday، 03 October 2022 - 12:24 PM

Prime Minister Mostafa Madbouli asserted the depth of Egyptian-Kuwaiti ties, noting that the government welcomes the increase of Kuwaiti investments in Egypt during the coming phase along with its drive to enhance partnership with the private sector at the local and international levels in light of recent investment incentives declared by the state.

Madbouli's remarks were made during his meeting with a Kuwaiti delegation at the General Authority for Investment and Free Zones (GAFI).

The Kuwaiti delegation comprises 45 businessmen, bankers and economic experts.

The meeting was attended by Minister of Trade and Industry Ahmed Samir, GAFI Chairman Mohamed Abdel Wahab, Chairman of the Kuwaiti Chamber of Trade, Industry Mohamed Jassim Saqr, Kuwaiti Ambassador in Cairo Ghanem Saqr El Ghanem along with a galaxy of officials from both sides.

The premier said the current international challenges requires Arab countries to bolster their coordination and cooperation in face of them, especially pertaining to the economic side.

He highlighted the ongoing hikes in prices of energy and basic commodities, in addition to the coronavirus pandemic and the Ukraine-Russia war, noting that the Egyptian state has managed to overcome all crises thanks to its economic reform program.

Mabdouli assured the Kuwaiti delegation about the Egyptian investment law which guarantees the flow of capital and revenues in and out of the country at any time.

He said the measures needed for obtaining approvals and licenses for any projects do not exceed 20 days at most, noting that a specialized committee has been formed to solve the problems of investors along with other mechanisms that have already been applied by GAFI.

The premier called on Kuwaiti investors to contact him directly to accelerate the implementation of their coming projects and remove any impediments in their way, noting that the Egyptian government is open to any partnerships with the Kuwaiti side whether in the field of silos or logistic centers which have great economic returns.

Meanwhile, Head of the Kuwaiti Chamber of Commerce and Industry Mohamed Jassim Saqr expressed his thanks and appreciation to the Egyptian premier over his warm welcome, asserting that Kuwait has been following Egypt's economic reforms since its launching in 2016.

He also said the visit of the 45-member Kuwaiti delegation to Egypt reflected their interest in the Egyptian market.

Saqr also highlighted the good economic indicators of the Egyptian economy till the outbreak of Ukraine-Russia crisis. However, he voiced confidence over .

MENA

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