Kuwait aims to establish a new industrial partnership with Egypt, the Kuwaiti ambassador to Egypt said during a meeting with the Minister of Military Production, Mohamed Al-Assar, according to a ministerial statement on Monday.
Both sides agreed on the importance of boosting cooperation between Kuwaiti companies and the subsidiaries of the military production ministry in both civil and military projects which will positively reflect on both countries.
Kuwaiti investments in Egypt registered $4.7bn through 1,302 companies working in the fields of industry, finance, real estate, tourism, services, and agriculture, Kuwaiti Minister of Finance, Nayef Falah, said earlier in April 2019.
Falah, who is also the chairperson of the Kuwait Investment Authority, gave these remarks during his meeting with the Minister of Investment and International Cooperation, Sahar Nasr, during the meetings of Arab finance institutions in Kuwait.
Egypt and Kuwait enjoy historical relations, the Kuwaiti ambassador asserted, inviting Al-Assar to attend the Kuwait Aviation Show which will be organised in Kuwait from 15 to 18 January 2020, under the patronage of the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
“The trade exchange between Egypt and Kuwait, in the non-oil sector activity, tripled in four years reaching $500m in 2017,” the Egyptian ambassador to Kuwait, Tareq Al-Koni, said in July 2018, adding that as for the oil sector activity, bilateral trade exchange has exceeded $3bn.