Minister of Commerce: Egypt and Kuwait have historical and strategic relations based on mutual understanding

Engineer Ahmed Samir, Minister of Trade and Industry, affirmed that Egypt and Kuwait have historical and strategic relations based on mutual understanding and consensus of visions between the two countries regarding various regional and global files and issues of common interest, indicating that the close relationship between His Excellency President Abdel Fattah Al-Sisi and his brother Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah The Emir of the State of Kuwait represents a basic pillar for enhancing joint economic cooperation between the two brotherly countries.

This came during the Minister’s inauguration, on behalf of the Prime Minister, of the activities of the thirteenth Kuwaiti Week, which is organized by the Kuwaiti Embassy in Cairo in cooperation with the Jabriya Group for Kuwaiti Exhibitions during the period from 19-21 December under the title “Kuwait in Egypt” under the auspices of the Prime Minister and in the presence of Ghanem Saqr. Al-Ghanim, Ambassador of the State of Kuwait in Cairo.

The minister said that the Kuwaiti week in Cairo is a major economic bridge to strengthen the bonds of joint economic cooperation between Egypt and the State of Kuwait in various fields and at all levels, pointing to the keenness of the governments of the two countries to benefit from the great potentials and capabilities enjoyed by both Egypt and Kuwait and translate them into tangible cooperation projects that pour In the interest of the Egyptian and Kuwaiti brotherly peoples alike.

Samir referred to the Egyptian state’s keenness to enhance cooperation and economic integration among all Arab countries, in a way that contributes to achieving Arab food security and launching an industrial system based on the exchange of experiences, technologies and production inputs between Arab countries to reach the stage of Arab industrial integration, pointing out that Egypt and Kuwait have strong economic relations. On the bilateral and multilateral levels within the framework of the Greater Arab Free Trade Area Agreement, and the two countries also play an important role within the system of joint Arab action.

He noted the distinguished investment opportunities available in Egypt for the Kuwaiti business community in a large number of production and service sectors, in order to provide the needs of the Egyptian market and export to foreign markets, as the products manufactured inside the Egyptian market enjoy the potential of free access to the markets of a large number of markets of countries and the main economic blocs in the world, thanks to Preferential free trade agreements signed between Egypt and these countries and blocs.

Samir pointed to the great consensus of visions between the officials of the two countries on the importance of strengthening joint efforts between the governments of the two countries to confront the negative repercussions of the current global economic crisis resulting from the Corona pandemic and the Russian-Ukrainian crisis, by strengthening the supply chains between the two countries in products that enjoy competitive advantages and acceptance in the Egyptian and Kuwaiti markets.

The minister explained that the volume of trade exchange between Egypt and Kuwait amounted to about $306 million last year, compared to about $252 million in 2020, achieving an increase of 21.4%, with a difference of $54 million, noting that the volume of trade exchange between the two countries reached during the first 11 months of this year. 2022, about $401 million.

For his part, Ghanem Saqr Al-Ghanim, Ambassador of the State of Kuwait in Cairo, affirmed that the establishment of the Kuwaiti Week in Egypt in its thirteenth session reflects the depth of the close relations that bind the two countries and the two brotherly peoples, and also stresses the importance of enhancing joint cooperation in all fields and at various levels, noting that the Kuwaiti week It is the largest Kuwaiti-Egyptian gathering, as it includes the sectors of industry, investment, communications, oil, banking, medicine, tourism, media and culture, which contributes to the development of joint economic and investment relations between Kuwait and Egypt during the next stage.

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