Kuwait’s Ambassador in Egypt Ghanem Saqr Al-Ghanem said that the event reflects the depth of the close relations that bind the two countries and the two brotherly peoples, and also stresses the importance of enhancing joint cooperation in all fields and at various levels, a statement by the Egyptian cabinet said.

The event, which is running from Monday until Wednesday, is the largest Kuwaiti-Egyptian gathering of the year, spanning the sectors of industry, investment, communications, oil, banking, medicine, tourism, media and culture, and contributing to the development of joint economic and investment relations between the two countries.

Participants include the Egyptian ministers of finance, civil aviation, emmigration, and public enterprise as well as a total of 60 of the most prominent Egyptian and Kuwaiti companies.

Rates of trade exchange between the two countries rose from $306 million in 2021 to $401 million in the first 11 months of 2022, an increase of 31 percent.

Samir stressed the historical and strategic ties between Egypt and Kuwait are based in mutual understanding and similar visions, emphasising the ties between Egyptian President Abdel-Fattah El-Sisi and Kuwaiti Emir Sheikh Nawaf Al-Ahmad Al-Jaber.

The number of Egyptians working in Kuwait stand at 456,515, according to Egypt’s Ministry of Manpower figures issued in August. 

Samir highlighted the investment opportunities available to Kuwaiti businesses to provide for the needs of the Egyptian market. He also touted the advantages of manufacturing their products inside Egypt thanks to the preferential free trade agreements Egypt is a party to.

This comes in parallel with the State Ownership Policy Document which the government published in May and approved its final version in November with the aim of identifying the sectors from which the state plans to withdraw, decrease, or increase its presence over the coming three years.