CAIRO, April 23 (MENA) - Prime Minister Mostafa Madbouli said on Wednesday that relations between Egypt and Kuwait are witnessing notable momentum driven by President Abdel Fattah El Sisi’s visit to Kuwait on April 14–15, which resulted in the signing of key agreements aimed at enhancing bilateral coordination and cooperation, particularly in economic fields.

Madbouli made the remarks during his meeting with a delegation grouping members of the Egyptian-Kuwaiti Cooperation Council.

The meeting was attended by Investment and Foreign Trade Minister Hassan el Khatib, Egypt’s Ambassador to Kuwait Osama Shaltout, Kuwait’s Ambassador to Egypt Ghanem Al-Ghanem, and head of the Kuwaiti side to the business council Mohammad Al-Sager along with representatives from major Egyptian and Kuwaiti companies operating in real estate, finance, construction, trade, consultancy, and various industries.

Madbouli welcomed the Kuwaiti delegation, expressing Egypt’s pride in its strong, historic ties with Kuwait at both official and popular levels. He praised the outcome of the first session of the Egyptian-Kuwaiti trade committee held in February in Kuwait, highlighting investment opportunities presented by Minister Khatib during the session.

He also referred to Foreign Minister Badr Abdelatty’s talks with the Egyptian-Kuwaiti Cooperation Council during a visit to Kuwait in November 2024.

Madbouli outlined Egypt’s economic reforms over the past decade and the government's efforts to improve the investment climate by adopting monetary and fiscal reforms, promoting trade competitiveness, and supporting the private sector.

He noted that Kuwait is one of the top Arab investors in Egypt with investments exceeding $5 billion across 1,431 projects, according to the General Authority for Investment.

The prime minister underscored the vital role of business communities in enhancing bilateral cooperation through joint ventures that generate economic growth and job opportunities.

He invited Kuwaiti investors to explore opportunities in Egypt, adding that the government is prepared to grant golden licenses to agreed-upon projects.

He also reiterated Egypt’s commitment to allowing the transfer of dollar funds, stressing that recent reforms, especially the adoption of a flexible exchange rate since March 2024, have boosted foreign currency inflows.

He expounded challenges to global economy as well as regional and international developments that require stepping up cooperation among brotherly Arab countries to address them.

The head of the Kuwaiti side to the council expressed appreciation for the warm welcome the Kuwaiti delegation received in Egypt, recalling Egypt’s support for Kuwait during its most difficult times, particularly the 1990 invasion by Iraq.

He acknowledged the contributions of Egyptian teachers, engineers, doctors and lawyers to Kuwait’s development.

He said the visit allowed Kuwaiti business delegation to be updated on Egypt’s economic, trade and investment environment. Despite regional tensions, Egypt possesses significant potentials in sectors like auto industry and pharmaceuticals, he said.

He stressed that it is in the interest of all Arab nations to invest in Egypt now. (MENA)
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