Kuwaiti Emir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah has called for enhanced cooperation and investment with Egypt during a meeting with Prime Minister Mostafa Madbouly. The discussions covered various aspects including economic reforms, investment opportunities, and efforts to boost trade and collaboration in key sectors. Both leaders emphasized the importance of a unified Arab stance and regional stability ahead of the Arab Summit.
Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Emir of Kuwait, instructed his government to strengthen ties with Egypt and enhance investment initiatives during a meeting with Egyptian Prime Minister Mostafa Madbouly at the Amiri Diwan (Bayan Palace). He acknowledged Egypt’s contribution in providing experts crucial to Kuwait’s development and requested increased collaboration between the two countries. Crown Prince Sheikh Sabah Khaled Al-Sabah also met with Madbouly to discuss ways of reinforcing bilateral cooperation.
During their discussions, Madbouly conveyed President Abdel Fattah Al-Sisi’s regards and extended an invitation for the Emir to attend the upcoming Arab Summit in Cairo on March 4. The Emir accepted the invitation with enthusiasm, indicating his intention to participate. Moreover, Madbouly emphasized Egypt’s commitment to creating a conducive investment climate for Kuwaiti investors in light of potential regional challenges.
The Kuwaiti Prime Minister, Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, highlighted the importance of joint efforts to bolster trade, aligning with the strong political relationship between Egypt and Kuwait. He expressed support for increased Kuwaiti banking presence in Egypt and indicated interest in collaborative projects in drug manufacturing and food security. Madbouly appreciated the warm welcome and reiterated his determination to foster economic relations.
Madbouly detailed Egypt’s economic reform initiatives aimed at attracting foreign direct investment (FDI) while reducing public investment in favor of private sector contributions. He stressed that the target is for private sector investments to constitute 65% of total investments, highlighting the progress made towards this goal. Investment prospects in various sectors across Egypt were presented as appealing to potential investors.
The Prime Minister discussed ongoing governmental efforts to simplify investment processes, including the introduction of a “Golden License” program aimed at facilitating key projects. Furthermore, he emphasized tackling external debt issues and improving macroeconomic indicators in the pursuit of a robust economy. Madbouly voiced the need for quick reestablishment of the joint business council to enhance collaborative opportunities.
Additionally, Madbouly pointed out the potential of Egyptian firms in executing projects in Kuwait and showcased numerous investment opportunities in the North Coast, Red Sea, and Nile regions, with special mention of prospects in the agriculture, food security, and pharmaceutical sectors. The discussions underscored the mutual advantages in strengthening economic ties between the two nations.
The meeting between the Kuwaiti Emir and the Egyptian Prime Minister underscores a commitment to enhancing bilateral cooperation and investments. Both parties expressed a mutual benefit in fostering economic relations, addressing various sectors of opportunity, and ensuring a unified Arab stance ahead of the Arab Summit. The discussions reflect a shared vision for joint ventures that promote regional stability and economic growth.
Original Source: www.dailynewsegypt.com
