Talks to set up Egyptian Kuwaiti business council underway
The Secretary General of the Egyptian Chambers of Commerce Association, Abdulsattar Ashara, stated that the Chambers of Commerce Associations from Egypt and Kuwait are conducting intense talks in order to set up a joint business council.
According to Al-Rai Al-Aam newspaper, the council will be commissioned with exploring and stimulating joint investment opportunities. The council will also strengthen bilateral exchanges and economic ties. Moreover, it will promote joint investment projects throughout the Arab World.
Ashara stated that the available Kuwaiti investments in Egypt constitute a concrete portion of the available Arab and foreign investments in the country. The Kuwaiti investments are divided between nearly 150 different projects of $3 billion total capital. The secretary general estimates the value of the Kuwaiti investments in Egypt at nearly $1 billion. Thus, Kuwait captures the second place after Saudi Arabia, in terms of the available investments in Egypt. –(Albawaba-MEBG)