CAIRO: “We see more opportunities for investment [in Egypt],” Rachid Al-Hamed, Kuwait’s ambassador, said Wednesday at a conference in Cairo.
Entitled “Partners in Development,” organized by the General Authority for Investment, the seminar brought together representatives of the private sector from both countries to discuss increasing Kuwaiti-Egyptian cooperation.
“The truth is that there may be some worry by Kuwaiti investors about the situation in Egypt now, but I am sure this meeting will lead to more confidence for these investors,” he said.
Osama Saleh, chairman of GAFI, said, “The Egyptian economy is able to withstand the [currently] dire circumstances…there are strong fundamentals and opportunities for further investment.”
Over the years, Kuwait has become the fourth largest investor in Egypt, he added.
The Gulf state has invested $2.886 billion in Egypt since the 1970s, represented in the activities of 800 companies operating in the industrial, financial, tourism, services and agricultural sectors.
Trade between the two countries reached $1 billion in 2010.
Ahmed Al-Wakil, chairman of the Federation of Egyptian Chambers, highlighted the role of the private sector in the Arab economy. Al-Wakil said that Kuwait had set up a $1 billion fund to support small and medium businesses in the Arab region in 2009, vital for Arab social, economic and developmental cooperation.
Investment should focus on the developmental aspects such as strategic development programs that create jobs and growth. “Today Arab cooperation is not just an opportunity but a necessity, given the crises and events that are occurring like energy crisis, the food crisis and the global financial crisis,” he said.
He assured investors, Arab and foreign, that their ventures would be protected by the Egyptian people, its government and the Supreme Council of the Armed Forces.
“Kuwait is the fourth largest investor in Egypt, and now is the time for Kuwait to be the first,” he added.
Ali Al Ghanim, the head of the Kuwait Chamber of Commerce, said Kuwait is ready to take capitalize on the opportunities present now as Egypt works its way on the “path towards democracy its people have chosen.”
“The economic aspect of our visit is to show that the private sector in Kuwait has confidence in the fundamentals of Egypt’s economy and is commitment to participating in the development process,” he added.
“This confidence arises from the positive performance in the stock market, increasing Suez Canal revenues and prevention of a disruption of navigation through it, the protection of our investments in projects and deposits in banks,” he said.
