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Kuwait expects Egypt-GCC trade forum to bolster economic ties

CAIRO -- A trade and investment forum linking Egypt and the Gulf Cooperation Council (GCC) is a step towards ratcheting up bilateral economic relations, Kuwait's Commerce Minister Khalifa Al-Ajeel said on Monday.

The six-member bloc, particularly Kuwait, is eager to propel economic relations with Cairo to greater levels, the minister told the gathering in the Egyptian capital, citing "promising" opportunities for investment in sectors running the gamut from infrastructure and renewable energy to tourism and agriculture, he said.

Kuwait was among the "first" Arab countries to have invested in Egypt through the works of investment funds and joint endeavors, both of which were instrumental in keeping economic growth on an upward trajectory, helping forge solid ties that continue to "bear fruit," to this present day, he added.

The minister went on to applaud the efforts of the Egyptian government to put in place an environment conducive to lure foreign investment, helping garner the "trust" of Gulf Arab investors, he said, citing that trade between Cairo and the Riyadh-based bloc was worth USD 25 billion in 2023, USD 8.6 billion of which amounted for GCC exports to Cairo.

Egypt and Gulf Arab states, through joint projects and common initiatives, plan to foray into promising sectors, chief among them food security and digital infrastructure, as part of efforts to achieve "economic integration," he said, emphasizing such a measure as crucial towards sustainable development plans.