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Egypt’s trade with Kuwait hits $1.74 bln in 2017

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Trade Exchange between Egypt and Kuwait reached $1.74 billion in 2017, including $363 million for non-petroleum products, Minister of Trade and Industry Amr Nassar said.

The minister added that Kuwait is one of the most important trade partners to Egypt as it is the third largest Arab partner to the country after the United Arab Emirates and Saudi Arabia.

This came during Nassar’ speech at the activities of the Egyptian-Kuwaiti Cooperation Forum held this Nov. 7 in Kuwait under the title “Brothers Partners” under the patronage of Kuwaiti Prime Minister Gaber Mubarak Al-Sabah, and Kuwaiti Minister of Commerce and Industry Khalid al-Rowdan.

Nassar added that Kuwait is ranked fourth in the list of the largest investors in Egypt with 1,227 joint investment projects and a Kuwaiti contribution worth $3.7 billion.

These investments are concentrated in the fields of tourism, industry, finance, real estate and telecommunications, in addition to information technology and agricultural investment, Nassar stated.

He pointed out that these figures do not amount to the level of common relations between the two countries, as Egypt looks forward to deepen these relations and increase the contribution of the private sector and companies in both countries under the umbrella and encouragement of the Egyptian and Kuwaiti governments.

Meanwhile, the Kuwaiti trade and industry minister said that Kuwaiti investors are willing to increase investments in Egypt.

On the sidelines of the forum, an exhibition was launched to review the most important activities of the sponsoring companies of the forum and the relevant governmental and private institutions, in addition to presenting the most important investment opportunities available in both countries.

Minister of Investment and International Cooperation Sahar Nasr signed in March five agreements with Kuwait Fund for Development General Director Abdel Wahab al-Badr, with a total value of KWD 86.1 million ($287 million/ 5 billion pounds), within the framework of developing Sinai.

Source: Egypt Today

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