Kuwait's Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah and Egypt's Prime Minister Dr Mostafa Madbouly chaired an official discussion session on Sunday at the Conference Building of Bayan Palace, focusing on enhancing bilateral cooperation in various sectors. Sheikh Ahmad welcomed Dr Madbouly and his accompanying delegation, highlighting the depth of Egypt-Kuwait relations and reaffirming support for Kuwaiti investments in Egypt. He stressed the importance of increasing trade exchange to reflect the strong political ties between the two countries and expressed interest in expanding Kuwaiti banking and investment activities in Egypt. Additionally, he noted Kuwait's desire to collaborate with Egypt in pharmaceutical manufacturing and food security. Dr Madbouly expressed gratitude for the warm reception and reiterated his commitment to strengthening economic ties. He invited the Kuwaiti Prime Minister to visit Egypt at the earliest opportunity. During the discussions, he outlined Egypt's economic reform efforts aimed at improving the investment climate and attracting more foreign direct investment. He noted that Egypt's economic strategy prioritises private sector participation, with a target of increasing private investments to 65 per cent of total investments, up from the current 60 per cent. The Egyptian Prime Minister highlighted major investment opportunities across various governorates, particularly in the North Coast, the Red Sea, and along the Nile. He also underscored efforts to streamline investment procedures, including the introduction of the "Golden Licence," issued directly by the Egyptian Cabinet to facilitate priority projects. Regional Crises Dr Madbouly addressed the impact of regional crises on Egypt's economy, particularly on Suez Canal revenues, which have been significantly affected. He emphasised Egypt's ongoing initiatives to reduce external debt levels relative to GDP and to enhance macroeconomic indicators to ensure a strong and resilient economy. He also called for the swift convening of the Egypt-Kuwait Joint Business Council to enhance private sector collaboration. Additionally, he highlighted the expertise of Egyptian companies in executing projects in Kuwait and expressed readiness to undertake further projects in support of the Gulf nation's development plans. Attribution: Amwal Al Ghad English
