According to the Egyptian Finance Minister, Mohamed Maait, there are 150 collaborative agreements between Egypt and Kuwait in various areas, and the Egyptian-Kuwaiti Cooperation Council facilitates exports between the two nations.
He emphasised that Kuwait has roughly $15 billion in investments in Egypt and $5 billion in trade volume between the two nations, and he said that Kuwait is the third Arab trading partner and the fourth foreign investor in Egypt.
In the presence of Ahmed Samir, Minister of Trade and Industry, and Mohamed El-Etreby, President of Banque Misr, the Minister of Finance stated during a press conference at the Egyptian-Kuwaiti Business Forum held in Cairo that Egypt seeks to coordinate regional efforts in food security in light of the unrest in global trade supply chains.
The finance minister emphasised that the Russian crisis in Europe cast a shadow over all nations, particularly emerging economies, and that the Arab countries must strengthen their cooperative efforts to support the competitiveness of their exports to other nations and to create jobs in Egypt and its neighbours.
He said, “Welcome to the Minister of Finance, a problem solver,” when the South Korean Prime Minister welcomed him in South Korea.
This demonstrates the Ministry of Finance’s efforts to improve ties with Arab nations and the Egyptian economy.
He emphasised that in order to integrate the official economy into the official system and lower the cost of import and export operations, Egypt has made enormous expenditures in infrastructure, eliminating investment difficulties, roads, and transportation, as well as increasing technical solutions.
The Ministry of Finance, he said, is prepared to start any activities to boost export and import and encourage investment growth across all industries.
The Minister of Finance outlined how activating the golden licence is a good first step toward increasing the private sector’s GDP contribution through a number of key industries, including the production of aircraft components, electric vehicles, and energy. He also stated that he is getting ready to introduce legislation to increase taxes on free zone businesses.
According to him, Egypt intends to export gas at a rate of $1 billion per month in the near future. It also plans to issue Chinese Panda notes after having already done so with Japanese Samurai bonds.
from Cairo 24.
an enormous number. The amount of Kuwait’s investment in Egypt is disclosed by the Egyptian government.
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