His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced here on Friday Kuwaiti investments worth USD 4 billion in various economic sectors in Egypt and through diverse investment tools.
Addressing the Egypt Economic Development Conference, held in Egypt's Red Sea resort city of Sharm El-Sheikh, His Highness the Amir said Kuwaiti investments in Egypt are part of Kuwait's unlimited support to Egypt in its great effort to safeguard security and stability, provide a congenial atmosphere for economic growth, achieve aspired rates and create promising investment opportunities.
His Highness the Amir said the Kuwaiti private sector enjoys Egypt's promising market, available opportunities and comfortable investment atmosphere, estimating that one thousand Kuwaiti companies have been investing in Egypt.
His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah stressed the significance of the conference which comes at a time when there are major political and economic circumstances and challenges on both at regional and international levels.
"It's an opportunity to handle one of the most important economies in our Arab nation, explore various investment opportunities and discuss serious steps taken by Egypt to attract investments and create a congenial atmosphere for promoting and development them," he said.
"This large participation by many world countries, at this high-level representation, reflects Egypt's great regional and international status and world attention thanks to its huge and promising investment opportunities," His Highness the Amir said.
In this context, His Highness the Amir appreciated the great efforts of Egypt's President Abdelfatah Al-Sisi and government to achieve security and stability, hoping that the conference would meet its aspired goals.
Speaking highly of the idea of this economic gathering, His Highness the Amir remembered, with much appreciation and gratitude, the late Saudi King Abdullah bin Abdulaziz who had suggested the holding of this conference in June 2014.
To promote and attract investments, more efforts need to be exerted to adopt necessary legislations aiming to guarantee and encourage investment, he said, adding that Egypt was aware of this fact and that was why the government worked hard to provide promising investment opportunities and create the appropriate investment atmosphere.
His Highness the Amir cited the lately adopted investment law and recent economic reports by the Egyptian Ministry of Planning as clear-cut signs of Egypt's high economic growth rates and better investment atmosphere.
He also quoted a recent World Bank statement as showing that Egypt's current economic developments were positive and promising, considering this as another sign of economic progress.
His Highness the Amir added: "My country is aware of the significance of Egypt on both regional and international arenas, and trusts the ability of its leaders to safeguard its stability and protect investments there. It (Kuwait) began investments in the Egyptian market in 1959.
Such investments have been ever since variably increasing in all economic sectors so that Kuwait is now the second-largest Arab investor in the Egyptian market." He added that Kuwaiti investments continued in Egypt in spite of its difficult circumstances just out of Kuwait's belief in the importance of such investments and out of conviction that the Egyptian economy is a vital Arab economy that boasts basic potentials to become a well-established and developed world economy.
Although Egypt has many potentials and its economy can grow and resist crises, the necessity of improving the performance of the economy in order to create activities targeting sustainable growth has become more pressing than ever, given that Egypt enjoys manpower, geographical position, great history, knowledge and capital, he said.
However, His Highness the Amir maintained, it is necessary to overhaul its legislations in order to draw foreign investment, improve the business atmosphere, push forward economic opening-up and create a congenial attractive business atmosphere for the private sector.
His Highness the Amir concluded his speech by hoping that the conference would fulfill the expectations and hopes of the Egyptian people and even the entire Arab region.