KCCI reveals “ambitious” economic plan

CAIRO, Kuwait has an “ambitious plan” in store aiming to rejuvenate the local market and lure foreign investment with promising projects, said the Gulf state’s Chamber of Commerce and Industry (KCCI).

Tariq Al-Muttawa, a chamber member, made the remarks amid talks over Kuwaiti-Egyptian economic cooperation, held as part of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah’s visit to Cairo.

“This plan will enable Kuwait to contribute towards development in Egypt,” he said, disclosing that total Kuwaiti non-oil investments in Egypt are more than USD four billion, citing official Egyptian government statistics.

These investments cover “vital sectors such as tourism and real estate,” added the official, saying that bilateral trade was worth USD 482 million last year.

He went on to commend the Egyptian government on introducing a spate of economic reforms as of late, helping usher in sustainable development.

Source: Kuwait News Agency