KUWAIT, EGYPT EYE CLOSER INVESTMENT COOPERATION

CAIRO, Egypt, Sept 30 – Kuwait and Egypt on Monday expressed mutual keenness on plans to launch new joint investment projects, aiming to promote economic development.

The second joint meeting on supporting the Egyptian economy, discussed a range of plans for implementing joint projects, raised by Egypt, in such areas as infrastructure, economic and electricity, said Ambassador, Abdulmajeed Al-Failakawi, head of the Kuwaiti Foreign Ministry’s Arab World Department.

“The cordial and open talks showed that cooperation between the two countries is on the right track,” Al-Failakawi said, following the meeting.

Meanwhile, Assistant Undersecretary of the Kuwaiti Ministry of Commerce and Industry for International Organisations and Foreign Trade Affairs, Sheikh Namer Al-Sabah, said, the two countries will ink a memorandum of understanding (MoU), on economic and commercial cooperation soon.

“The MoU envisages holding trade fairs and encouraging direct investment,” he said, affirming Kuwait’s keenness on shoring up the Egyptian economy.

On his part, Egypt’s Assistant Foreign Minister for Arab Affairs said, today’s meeting was meant to expand and protect the safety of all Kuwaiti investments in Egypt.

The planned projects are of vital importance to Egypt; they cover such areas as power generating, energy, farming, banking, industry and agriculture, the official added.

He voiced hope that Kuwait will play a greater role in revitalising the Egyptian economy.

SOURCE: MENA