The Egyptian Ambassador to Kuwait, Osama Shaltout, said Kuwait has invested approximately $20 billion in Egypt, with the financial sector being the primary area of investment.
Shaltout affirmed that Cairo welcomes all Kuwaiti investors and that the embassy is eager to engage with any Kuwaiti nationals who are interested in investing in Egypt or are already doing so.
Additionally, Ambassador Shaltout stressed that efforts are underway to organize the joint trade committee between the two countries as soon as possible.
He indicated that the committee has witnessed the signing of ten memoranda of understanding and executive programs in various fields, including competition protection, industrial export development, environmental protection, tourism, youth and children, housing and construction, media, sports, scientific and technical cooperation in planning, and between the diplomatic studies institutes of both countries.
Shaltout said the latest meeting of the Egyptian-Kuwaiti Joint Higher Committee in Cairo, which included the foreign ministers of both countries, was a major outcome of Amir of Kuwait Sheikh Mishal Al-Ahmad’s state visit to Egypt last April/May.
Strengthening bilateral ties
Ambassador Shaltout highlighted the significance of this meeting, marking the first convening of the joint committee since 2018. He reaffirmed the dedication of both Egypt and Kuwait to fortifying their enduring fraternal ties and advancing their collaboration in the near future. He also underscored the commitment of both nations to follow the directives of their leaders aimed at enhancing bilateral relations for their mutual benefit. The ambassador noted the meeting between Egyptian President Abdel Fattah El-Sisi, Prime Minister Dr. Mustafa Madbouly, and Kuwait’s Foreign Minister Abdullah Al-Yahya, which illustrates the depth of their relationship.
Economic collaboration
Regarding the Joint Higher Committee, he mentioned that it undertook a thorough assessment of bilateral relations across various sectors and crafted a future implementation plan.
In terms of economic collaboration, Ambassador Shaltout reported that trade between Egypt and Kuwait exceeded $3 billion in 2023. Notable Egyptian exports to Kuwait included insulated cables, televisions, frozen vegetables, chocolates, cheeses, fresh fish, various fruits like oranges and strawberries, as well as clothing, marble, granite, and pharmaceuticals.
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Encouraging Kuwaiti investment
Ambassador Shaltout noted that Kuwait has invested around $20 billion in Egypt, primarily in the financial sector. He welcomed Kuwaiti investors and expressed the embassy’s eagerness to assist any Kuwaiti nationals interested in investing in Egypt. He also mentioned ongoing efforts to organize the joint trade committee between the two nations as soon as possible, which has already seen the signing of ten memoranda of understanding across various fields, including industrial development, environmental protection, and scientific cooperation.
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