Kuwaiti PM inaugurates first Egyptian-Kuwaiti cooperation forum

Kuwaiti Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al Sabah inaugurated on Wednesday the first Kuwaiti-Egyptian cooperation forum held under the slogan "brotherly partners."

At the opening session, the head of the Kuwaiti side in the Egyptian-Kuwaiti Cooperation Council Mohamed Jasem Saqr said the forum is aimed at supporting the Egyptian economy and the development plans adopted by Egypt to encourage foreign investors to pump more investments into the country.

He underlined the deeply-rooted ties between the two countries, adding that the investment climate in Egypt has greatly developed over the past few years, especially after implementing the ambitious economic reform programme.

He said foreign investments in Egypt exceeded $110 million, adding that Egypt came in third – after Saudi Arabia and the UAE – as the most investment friendly Arab country.

He added that the volume of trade exchange between Egypt and Kuwait – excluding petroleum products – hit $500 million, stressing that this number does not meet the two countries' aspirations.

He praised the strenuous efforts exerted by Egyptian Ambassador in Kuwait Tareq Qouni in arranging the forum.