Egyptian Prime Minister Mostafa Madbouly emphasized the potential for foreign direct investments during a recent meeting with Kuwaiti officials on 23 February.
Including Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, discussions took place at the Bayan Palace in Kuwait with the aim to enhance bilateral relations across various sectors.
Madbouly highlighted the availability of investment opportunities in Egypt, particularly along the North Coast, the Red Sea, and areas adjacent to the Nile River.
He underscored the government’s commitment to improving the investment climate through ongoing economic reforms, which prioritize the private sector.
“Our goal is to ensure that private sector investments reach 65 percent of total investments, up from the current 60 percent,” he stated.
The Kuwaiti Prime Minister welcomed the Egyptian delegation and reiterated the importance of increasing trade exchange between the two nations.
He expressed support for a greater presence of Kuwaiti banks and investments in Egypt, particularly in the fields of agriculture, food security, and pharmaceuticals, saying “We look forward to joint cooperation in these vital areas.”
Both leaders agreed on the necessity of convening the Egypt-Kuwait Joint Business Council (a collaborative body established to strengthen economic and trade relations between Egypt and Kuwait) swiftly to explore further investment opportunities.
The Egypt-Kuwait Joint Business Council will be promoting bilateral investments, facilitating trade partnerships, and exploring new business opportunities for companies in both countries.
Madbouly showcased several promising projects across various Egyptian governorates, emphasizing the government’s efforts to streamline processes for investors, including the issuance of “golden licenses” for priority projects.
Currently, Egypt’s government is focused on reducing external debt and enhancing macroeconomic indicators to sustain a resilient economy, as regional economic challenges persist amid the adverse effects of recent regional crises on the Suez Canal revenues. The prime minister urged for collaborative efforts to mitigate these impacts.
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