The head of the Kuwait Chamber of Commerce and Industry, Muhammad Al-Saqer, said that Egypt has never closed its door in the face of Kuwaiti investments.
Al-Saqr confirmed, during the Chamber’s reception of the Minister of Planning and Economic Development and Chairperson of the Board of Directors of the Sovereign Fund of Egypt, Dr. Hala Al-Saeed and a high-ranking government delegation said that Kuwaiti investments are the pioneers of Arab investments in Egypt, as Kuwait ranks fourth among countries with direct investments in Egypt.
Al-Saqr added, “Egypt’s youth, qualified with the modern educational and technical level, have reached a high level not only of professional competence, but also of a deep understanding of the importance of international economic cooperation, the developmental role of the private sector, and economic freedom based on competition, justice, and equal opportunities, and immune to public scrutiny and proper planning.”
Al-Sager went on to say, “The main and future role of Kuwaiti foreign investments in the Kuwaiti economy makes us look at the soundness of capital and the high economic and financial return as the most important criteria for choosing these investments. Because achieving a fair return for the guest and host is what determines the feasibility of investment, deepens its course, and increases its abundance.
He stated that the Kuwaiti private sector does not require special incentives or exceptional support for its investments, but rather all it requires is an encouraging investment environment, based on sound economic standards, advanced infrastructure and institutions, and that it be treated on an equal footing with its Egyptian investor brothers and partners.
Al-Saqr mentioned that it must be said that if the development and modernization of legislation is definitely necessary, then it is also necessary and certain that the legislation should be stable and respect the rights, duties and legal positions established by previous legislation.
He added that confidence in respect for rights and integrity of policies is much more important than tax and customs incentives and the forms of support they represent.
He added, “It is my duty here to mention, with much admiration and appreciation, that Egypt has taken, since 2016 until now, broad and courageous steps in this direction, and within the framework of Vision 2030. More importantly, Egypt’s youth, who are qualified with the modern educational and technical level, have reached a high level” not only from professional competence, but also from a deep understanding of the importance of international economic cooperation, the developmental role of the private sector, and economic freedom based on competition, justice and equal opportunities, and fortified by public oversight and sound planning.”
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