Egypt Looks Forward to Arab Industrial Integration

The Egyptian Ministers of Industry, Supply and Finance during the inauguration of 13th Kuwait Week Exhibition in Egypt on Tuesday, December 20, 2022. (Asharq Al-Awsat) 
The Egyptian Ministers of Industry, Supply and Finance during the inauguration of 13th Kuwait Week Exhibition in Egypt on Tuesday, December 20, 2022. (Asharq Al-Awsat) 
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Egypt Looks Forward to Arab Industrial Integration

The Egyptian Ministers of Industry, Supply and Finance during the inauguration of 13th Kuwait Week Exhibition in Egypt on Tuesday, December 20, 2022. (Asharq Al-Awsat) 
The Egyptian Ministers of Industry, Supply and Finance during the inauguration of 13th Kuwait Week Exhibition in Egypt on Tuesday, December 20, 2022. (Asharq Al-Awsat) 

Egypt’s Minister of Trade and Industry Ahmed Samir inaugurated on Tuesday the 13th Kuwait Week Exhibition in Cairo. 

More than 60 major Egyptian and Kuwaiti companies have taken part in the two-day event, which is held under the theme “Kuwait in Egypt” and organized by the Kuwaiti embassy in Cairo and Jabriya Exhibition Group.

Ministers of supply, finance, civil aviation, immigration and public business sector also attended the opening ceremony.

Samir said Cairo is keen to bolster economic cooperation and integration among Arab states, which would contribute to achieving food security and launching an industrial system based on exchanging expertise, technologies, and production inputs to reach the level of Arab industrial integration.

“Egypt and Kuwait enjoy strong economic relations at the bilateral and multilateral levels, in line with the Greater Arab Free Trade Area (GAFTA) agreement,” Samir said, noting that the two countries also play an important role within the joint Arab action system.

He pointed to the investment opportunities available in Egypt for Kuwait’s business community in various productive and service sectors to provide the needs of the Egyptian market and export to foreign markets,

Samir indicated that the products manufactured in Egypt have free access to many markets and major economic blocs across the world thanks to the preferential free trade agreements signed between Egypt and these countries and blocs.

He said that the event represents an economic bridge that helps boost bilateral economic cooperation in various fields and at different levels.

“Both governments are keen to take advantage of the great potentials and capabilities enjoyed by Egypt and Kuwait and translate them into tangible cooperation projects that serve their people’s interests.”

He underlined the common visions between Kuwaiti and Egyptian officials that stress the importance of strengthening joint efforts to address the negative repercussions of the current global economic crisis resulting from the coronavirus pandemic and the Russian-Ukrainian crisis.

The volume of trade exchange between Egypt and Kuwait amounted to about $306 million in 2021, compared to about $252 million in 2020, up 21.4%.

Meanwhile, the volume of trade exchange between the two countries amounted to about $401 million during the first 11 months of 2022.

Kuwait's Ambassador to Egypt Ghanim al-Ghanim, for his part, said holding the event in Cairo underscored the importance of boosting joint cooperation in various fields and at various levels.

He said the event is an expo of Kuwaiti and Egyptian industry, trade, investment, banking, medicine, tourism, media, culture and communication businesses and government bodies.



Kuwait, China Sign Contract for Mubarak Al-Kabeer Port Study and Design

A general view of the city of Kuwait (Reuters)
A general view of the city of Kuwait (Reuters)
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Kuwait, China Sign Contract for Mubarak Al-Kabeer Port Study and Design

A general view of the city of Kuwait (Reuters)
A general view of the city of Kuwait (Reuters)

Kuwait's Ministry of Public Works said on Sunday it signed a contract with a subsidiary of the Chinese Ministry of Transport to conduct studies, design plans, and provide pre-implementation services for the completion of the Mubarak Al-Kabeer Port project.

The Mubarak Al-Kabeer port is a vital strategic project located on the eastern side of Boubyan Island in North Kuwait that aims to establish a secure regional corridor and a commercial hub in the region.

The Chinese side seeks to link the port to the Belt and Road Initiative.

In January, the Kuwaiti Cabinet approved the direct contracting process with the China State Construction and Communications Corporation Limited, affiliated with the Chinese Ministry of Transport, to implement, manage and operate the Mubarak Al-Kabeer Port throughout its entire phases.

Kuwaiti Minister of Public Works Noura Al-Mashaan said the project aims to establish a commercial port in Kuwait to serve as a regional transportation hub within the strategic transformation vision of New Kuwait 2035, designed to develop the northern region as an integrated economic and urban system based on a comprehensive and integrated development vision that considers all economic and urban aspects.

She added that the project will significantly contribute to diversifying and increasing the gross domestic product and restoring Kuwait to its regional commercial and financial role.

Kuwait says that around 50% of the first phase of Mubarak Al-Kabeer Port is complete. It does not specify the nature of this phase or the cost of the project.

Kuwait signed multiple MoUs with China during Sheikh Mishal Al-Ahmad Al-Sabah’s visit to Beijing while he was Crown Prince, before becoming Emir in December 2023. Among these agreements, the Mubarak Al-Kabeer Port project was the largest.

In a separate development, Kuwait’s Finance Minister Noura Al-Fassam said on Sunday the public debt law is in its final stages and will be submitted to the government for approval.

She said the law will enable the government to borrow from international markets and will use the funds for financing infrastructure developments and increase state capital expenditure to develop the economy.

Al-Fassam, who is also Minister of State for Economic Affairs and Investment, said that the Kuwaiti state budget for the 2025/2026 fiscal year is indicative of the government’s commitment towards financial “balance” that can only be achieved after implementing economic reforms.

She said the bulk of planned spending for the 2025/2026 fiscal year will be on some 90 key infrastructure and development projects, running the gamut from education and healthcare to tourism and culture.

The Minister noted that a state hiring boom could be a potential by-product of the state budget, which is expected to provide 15,853 jobs.