Engineer Ibrahim Al-Arabi, Chairman of the General Federation of Chambers of Commerce and Chairman of the Egyptian side of the Egyptian-Kuwaiti Economic Cooperation Council, said that the preparation of an integrated strategy to develop economic relations with the Kuwaiti side has begun to achieve the interests and aspirations of the two friendly peoples and achieve the aspirations of the business community in the two countries.
He added that the opportunities for developing joint economic relations, whether at the level of commercial or investment relations, have promising indications supported by historical friendship and brotherhood relations between the two peoples.
He explained that the volume of trade exchange between Egypt and Kuwait was 4 billion dollars during the year 2019, while it decreased slightly during the past year due to the decline in the volume of global trade due to the impact of the Corona pandemic, indicating that the most important Egyptian exports to the Kuwaiti market are electrical cables, food products, dairy products, ready-made clothes and marble Granite and stone coal, while the most important Egyptian imports from Kuwait are polyethylene polymers and polypropylene polymers, tourist cars, all kinds of clothing, and auto accessories parts.
On the Kuwaiti direct investments in the Egyptian market, he explained that Kuwaiti investments ranked second as the largest Arab country invested in Egypt after Saudi Arabia, and its investments were estimated at about $ 1.5 billion, which represented about 25% of the total Arab investments according to the data of the Egyptian Ministry of Investment, adding that Kuwaiti investments It contributes to 38 financing projects, five housing projects, five contracting projects, five infrastructure projects, five hospitals, and 45 tourism projects, in addition to 98 industrial projects, 22 of which are in the engineering industries and 15 in the food industries sector in addition to food, chemical and mineral projects in the district system. Free.
On the volume of Kuwaiti tourism coming to Egypt, he said that Egypt represents an important tourist destination for Kuwaiti tourists at a rate of 4 million nights, with a total expenditure of more than 600 million dollars annually at an average of 150 dollars per night, and in return there are about 150 thousand Egyptians residing in Kuwait as they join their families and represent permanent tourists. By spending more than $ 1.3 billion annually, at an average of $ 10,000 annually, and about $ 28 per day per person.
Al-Arabi stressed that the council, with its current formation, which includes prominent cadres in all Egyptian economic sectors, is able to achieve real growth in economic relations with the Kuwaiti side, noting that the formation of the new council takes into account that it includes many diverse sectors and promising activities that have great opportunities to contribute to the growth and expansion of Bilateral economic and trade relations between Egypt and Kuwait.
He pointed out that for the sake of commercial and economic coordination between Egypt and Kuwait, it had been agreed to establish a council for Egyptian-Kuwaiti cooperation in 2014 from private sector men in the two countries with the aim of accelerating the pace of economic and investment cooperation between the two countries.
Nevin Jama, Minister of Trade and Industry, issued a decision last week to reconfigure the Egyptian side in the Egyptian-Kuwaiti Economic Cooperation Council headed by Eng. Ibrahim Al-Arabi, President of the General Federation of Chambers of Commerce, and the membership of Eng. Muhammad Abdel Moneim, Engineer Tariq Tawfiq Muhammad Halawa, Engineer Ahmed Al-Suwaidi, Arafat Majed and Engineer Mohamed El-Sayed, Engineer Mohamed El-Kheshen, Awatef Abdel-Rahim, Dr. Ahmed Kilani, Dr. Riad Armanious and Abdou Abdel-Hamid.
The decision stipulated that the term of work of the Council shall be 3 years from the date of publication of the decision in the Egyptian facts and included in its second article that the head of the Egyptian side shall submit a periodic semi-annual report on the efforts and activities of the Council to the Minister of Trade and Industry, including the activities carried out by the Council and the proposals and plans he sees The future development of the common interests between the two countries, and for the concerned Egyptian authorities and Egyptian embassies abroad, as well as commercial offices to assist the Council in carrying out its tasks, facilitate its directing of its competencies, and provide it with the data or information it requests related to the Council’s activity.
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