Egypt and Kuwait have signed an agreement for trade and industry cooperation, and are eyeing a bilateral cooperation council that would convene its first meeting in January, Egypt’s Ministry of Trade and Industry said.
The agreement seeks to boost the exchange of commodities and technology, according to Minister Mounir Fakhry Abdel Nour, who is currently in a visit to Kuwait.
The five-year cooperation agreement eyes a qualitative shift in common economic relationships by setting a suitable atmosphere for private sector investors in both countries to create investment partnerships that would secure more job opportunities.
Kuwaiti Prime Minister Jaber Mubarak al-Sabah said Kuwaiti businessmen are eager to increase their investments in the Egyptian market, especially in the major projects adopted at present.
Kuwait has been a major financial supporter of Egypt following the ouster of former president Mohamed Morsy.
Kuwaiti investments in Egypt exceed US$3 billion, while Egyptian exports to Kuwait are estimated by more than $300 million.