Cairo: The joint Kuwaiti-Egyptian Cooperation Council meeting and the Investment and Business Forum commenced today to discuss economic and investment cooperation between the two countries, with a number of officials in attendance. According to Kuwait News Agency, the head of the Kuwaiti side, Mohammad Al-Saqer, highlighted the historical ties between Kuwait and Egypt in his opening remarks. He noted that the Kuwaiti-Egyptian Cooperation Council serves as a framework for developing bilateral relations across various fields and emphasized the necessity of economic cooperation in the current global economic climate. Al-Saqer also mentioned that Kuwaiti investments in Egypt are approximately USD 20 billion and are projected to grow significantly. Egyptian exports to Kuwait have averaged an annual value of USD 367 million between 2014 and 2023, accounting for 0.7 percent of Egypt's total exports for 2023. Al-Saqer further detailed that Kuwaiti exports to Egypt during the same period averaged USD 71 million ann ually, with a significant increase to USD 120 million in 2023, 88 percent of which were re-exports. He revealed that around 1,500 Kuwaiti companies are investing in Egypt, predominantly in the finance, construction, and manufacturing sectors. Kuwait ranks as the fifth most important country investing in Egypt and third among Arab countries after the UAE and Saudi Arabia. Al-Saqer referred to a meeting between His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and Egypt's Prime Minister, where Kuwait's appreciation for Egypt's longstanding support was emphasized. Al-Saqer reiterated that Egypt's stability is integral to Kuwait's stability, and support for the Egyptian people aligns with the interests of the Kuwaiti people. Kuwait's Ambassador to Egypt, Ghanem Al-Ghanem, expressed that the Kuwaiti-Egyptian Investment Forum serves as an additional bridge, highlighting the historical relationship between the two countries. He mentioned that this session follows President Al-Sisi's state visit to Kuw ait, which reinforced the strong relations and the importance of Egypt as an investment destination for Kuwait. Egypt's Ambassador to Kuwait, Osama Shaltout, emphasized the depth of ties between the two nations, not only at the official level but also between the peoples. He remarked that the forum comes amid challenging international conditions, stressing the importance of solidarity in confronting these challenges. Shaltout acknowledged the role of the Kuwaiti-Egyptian Cooperation Council in enhancing economic and trade relations since its establishment in 2015.
