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Thursday, 14 November 2019

1,100 Kuwaiti companies invest $9 bln in Egypt: Federation of Commerce Chambers

MENA , Monday 21 Oct 2019
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Deputy Chairman of the Federation of Commerce Chambers Adel Nasser said the volume of Kuwaiti investments in Egypt exceeded $9 billion from more than 1,100 companies in different production and service sectors.

Egyptian investments in Kuwait exceeded $1 billion, Nasser said on Monday at the Egyptian-Kuwaiti Business forum, held in Cairo.

Successive governments had worked for setting the atmosphere for the private sector to fulfil its role in development, Nasser added.

He stressed the promotion of Kuwaiti investments in Egypt in different domains, including in the industrial sector, logistics in Suez Canal axis, the real estate sector, tourism in the New Administrative Capital and New Alamein, agricultural investment in the Egyptian countryside, the electricity sector and petrochemicals industries.

Trade exchange between Kuwait and Egypt exceeded $2.5 billion in 2018, he said, adding that Egypt receives more than 110,000 Kuwaiti tourists annually.

Meanwhile, board member of the Kuwait Chamber of Commerce and Trade Industry Tarek Al-Motawaa asserted the depth of historical ties between Egypt and Kuwait.

The private sector was responsible for activating and promoting ties between Egypt and Kuwait via legal and institutional frameworks that encourage investments and work on removing obstacles, Al-Motawaa said.

The volume of non-petroleum Kuwaiti investments in Egypt reached $4 billion in the fields of tourism, industry and agriculture, he said. 

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