Big delegation representing Kuwaiti businessmen to visit Egypt in November

Trade and Industry Minister Tarek Qabil announced that Cairo will host a big delegation representing Kuwaiti businessmen early November.

The visit aims at expanding economic cooperation between Egypt and Kuwait, the minister said, adding that Sharm el Sheikh will host a business forum at the end of December under the auspices of the Egyptian and Kuwaiti governments.

The forum aims at increasing bilateral trade and investments during the coming phase.

These remarks came during a meeting here Monday held between Qabil and Kuwaiti Ambassador to Egypt Mohammad Saleh al Thwaikh.

The two sides probed the latest developments of joint economic cooperation.

Qabil stressed the importance of increasing investments between the two countries via exchanging official visits by businessmen.

The minister underlined that investors in both nations should benefit from the investment opportunities especially in the fields of small and medium enterprises, adding that they should use the funding mechanism ratified by the Arab economic summit recently which reaches 500 million dollars to support the SMEs in the Arab world.

Qabil reiterated that the volume of trade exchange between the two countries reached 234.4 million dollars from January to July 2016 which is not up to the level of the joint ties.

He further said that Egypt mainly exports to Kuwait citrus fruits, dairy and agricultural products as well as ready-made clothes.

For his part, Thwaikh highlighted Kuwait's support to Egypt in overcoming all the challenges, noting Egypt's unique standing.

He pointed out to the need of removing all the obstacles facing trade exchange between the two countries.

Source: MENA