Minister of Petroleum and Mineral Resources Tarek El Molla highlighted Egypt’s keenness to expand the base of joint investment cooperation with Kuwait in the oil and gas sector in its various activities, including research, production, refining and distribution, the ministry said in a statement.
This came during the meeting of the Egyptian-Kuwaiti Cooperation Council, in the presence of the Kuwaiti economic delegation that is currently visiting Egypt, headed by Muhammad Jassim Al-Saqer, Chairman of the Kuwait Chamber of Commerce and Industry and Chairman of the Council on the Kuwaiti side.
El Molla stated that the great development witnessed by industries that maximize added value in Egypt, such as petrochemicals and fertilizers, provides attractive investment opportunities through many ambitious projects to expand in this field, as Egypt is an important center for the petrochemical industry.
During the meeting, El Molla welcomed the Kuwaiti business delegation, saying that this visit reflects the strength of the historical ties between the two brotherly countries and the distinguished relations between the political leadership in both countries, and translating this into various projects and investments in various sectors to achieve integration and mutual benefit, especially in the energy sector.
El Molla highlighted Egypt’s interest in providing an appropriate investment environment and overcoming obstacles to investments, as the economic reforms that it has implemented have achieved positive results in this field in recent years after developing legislative and financial procedures, which represent pillars of investment.
Meanwhile, Al-Saqer pointed out the importance of this visit, which reflects the mutual desire of the two countries to increase cooperation and partnership, expressing his pride in meeting President Abdel Fattah El-Sisi and Prime Minister Mostafa Madbouly.
Al-Saqer indicated that during the visit and the meetings with the ministers, the investment opportunities available in Egypt for Kuwaiti investments were identified and reviewed in a distinct way. He stated that Egypt had taken great steps in economic and investment reform before the emergence of global challenges in the last two years, praising Egypt’s experience in developing the economy.