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Kuwait, Egypt eye closer investment cooperation

Kuwait, Egypt eye closer investment cooperation
Kuwait and Egypt on Monday expressed mutual keenness on plans to launch new joint investment projects aiming to promote economic development.

The second joint meeting on supporting the Egyptian economy discussed a range of plans for implementing joint projects, raised by Egypt, in such areas as infrastructure, economic and electricity, said Ambassador Abdulmajeed Al-Failkawi, head of the Kuwaiti Foreign Ministry's Arab World Dept.

"The cordial and open talks showed that cooperation between the two sisterly countries is on the right track," Al-Failakawi told KUNA following the meeting.

Meanwhile, Assistant Undersecretary of the Kuwaiti Ministry Commerce and Industry for International Organizations and Foreign Trade Affairs Sheikh Namer Al-Sabah said the two countries will ink a memorandum of understanding on economic and commercial cooperation soon.

"The MoU envisages holding trade fairs and encouraging direct investment," he said affirming, Kuwait's keenness on shoring up the Egyptian economy.

On his part, Egypt's Assistant Foreign Minister for Arab Affairs said today's meeting was meant to expand and protect the safety of all Kuwaiti investments in Egypt.

The planned projects are of vital importance to Egypt; they cover such areas as power generating, energy, farming, banking, industry and agriculture, the official added.