CAIRO: Minister of Industry, Trade, and Investments Mounir Fakhry Abdel Nour discussed with Kuwaiti Ambassador Salem Al-Zamanan ways to support, expand trade, and increase Kuwaiti investments in Egypt during the next phase, according to the ministry’s official homepage.
The meeting was within the ministry’s keenness to boost Egypt’s economy, attract more investment, and provide more job opportunities. The mutual relations between both countries have been revitalized after the June 30 Demonstrations, Abdel Nour said.
During the meeting, Zamanan confirmed Kuwait’s interest to support Egypt to increase investments, exploit the promised opportunities in Egypt, and expand mutual cooperation.
Following Abdel Fatah Al-Sisi‘s election as the new president of Egypt, Kuwaiti economic experts expect more additional aid in the upcoming period, suspending the pump of more investments on achieving political stability.
“Presenting aid and grants to Egypt after Sisi’s victory is obvious, especially with the clear siding from Kuwaiti authorities to the current government,” former Kuwaiti Minister of Trade Amani Khaled Borsely told Mubasher electronic newspaper.
As for new investments, Borsely expected that the upcoming period will be full of new intensive investments after achieving political and economic stability.
Kuwait International Bank board member Nagat Al-Swaidi called on Kuwait, along with Gulf Cooperation Council countries, to provide more financial aid and investment in Egypt to help achieve political, economic, and security stability in the upcoming period.
After the June 30 Demonstrations, Kuwait was obliged to grant Egypt $4 billion in aid, $2 billion of which were deposited to the Central Bank of Egypt (CBE). A total of $1 billion were delivered in oil cargos and the remaining $1 billion will be granted to Egypt in non-refundable grant after being submitted to the Kuwaiti National Assembly in April, according to the State Information Services.
Kuwait is considered the biggest Arab Investor in Cairo with 890 operating companies in Egypt with a total capital of $8.01 billion and more than $2.8 million trade value, according to the Ministry of Trade.
A total of $278 million of mutual trade value are Egyptian exports to Kuwait and the remaining are Egyptian imports from Kuwait, the ministry reported.
Egypt’s exports to Kuwait are represented in agricultural commodities, food industries, building materials, and furniture while its imports are in petroleum products.