Choosing Kuwait as a guest of honor at the Cairo International Fair, opening here on Wednesday, is a vivid testimony to the growing relations between Kuwait and Egypt, said a Kuwaiti official.The fair aims to create favorable conditions for local and foreign enterprises and trade organizations to search for business partners; expand markets; develop production, business and import - export activities; as well as showcasing new products and services, said the assistant undersecretary for international relations at the Ministry of Commerce and Industry in Kuwait and head of the delegation to the fair Dr. Abudullah Al-Uaisi, in remarks here to KUNA.He said that Kuwait is the second largest Arab and the fifth largest international investor in Egypt, where the size of Kuwaiti investments top USD 38 billion and bilateral trade is in the range of USD 195 million. The major areas for Kuwaiti investments are in the industrial and tourism sectors in addition to those in finance, communications, construction, and services, he said.
Kuwaiti industries participating in the fair represent the food, chemical, clothes, and constructions sectors in addition to inputs from the Kuwait Chamber of Commerce and Industry and the Center for Traditional Kuwaiti Handicrafts, among others. Up to 850 local Egyptian and foreign companies are taking part in the fair which runs until March 28. This event will effectively contribute to strengthening Egypt's exports, investment and economic cooperation, especially in the context of its ongoing efforts to greatly intensify its integration into the global economy.