CAIRO – Minister of Investment and Foreign Trade Hassan el-Khatib affirmed that global economic disruptions present an opportunity for Egypt and other countries in the region to attract supply chains and transform into regional and international industrial hubs.
He explained Egypt is working to localize industries in the sectors of cars, technology, and clean energy by transferring international expertise in these fields to Egypt and facilitating investment in these sectors for local, Arab, and foreign companies.
Khatib’s remarks came at a meeting with Kuwait’s Minister of Commerce and Industry Khalifa Abdullah al Ajeel, who represents the current presidency of the Gulf Cooperation Council Supreme Council) and his accompanying delegation on Wednesday.
The two sides discussed ways of doubling the volume of bilateral trade and joint investments, as well as enhancing industrial integration between the two brotherly countries.
The minister reviewed Egypt’s recent achievements in improving the investment climate and enhancing competitiveness, thereby increasing the country’s capacity to localize industries and attract supply chains. This includes reducing customs clearance times and digitizing services and procedures related to investment.
The minister also confirmed Egypt’s readiness to export services to Kuwait, to strengthen the presence of Egyptian companies in Kuwait, and invest in Kuwaiti projects across various sectors – particularly in construction and real estate.
For his part, the Kuwaiti official expressed his country’s aspiration to double the volume of trade exchange with Egypt and its readiness to facilitate investment procedures in Kuwait for Egyptian investors across different sectors.
