(MENAFN- Arab Times) SHARM EL-SHEIKH March 13 (Agencies): His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced here on Friday Kuwaiti investments worth $4 billion in various economic sectors in Egypt and through diverse investment tools. Addressing the Egypt Economic Development Conference held in Egypt's Red Sea resort city of Sharm El-Sheikh His Highness the Amir said Kuwaiti investments in Egypt are part of Kuwait's unlimited support to Egypt in its great effort to safeguard security and stability provide a congenial atmosphere for economic growth achieve aspired rates and create promising investment opportunities. His Highness the Amir said the Kuwaiti private sector enjoys Egypt's promising market available opportunities and comfortable investment atmosphere estimating that one thousand Kuwaiti companies have been investing in Egypt.
His Highness the Amir Sheikh Sabah Al-Ahmad Al- Jaber Al-Sabah stressed the significance of the conference which comes at a time when there are major political and economic circumstances and challenges on both at regional and international levels. 'It's an opportunity to handle one of the most important economies in our Arab nation explore various investment opportunities and discuss serious steps taken by Egypt to attract investments and create a congenial atmosphere for promoting and development them' he said. 'This large participation by many world countries at this high-level representation reflects Egypt's great regional and international status and world attention thanks to its huge and promising investment opportunities' His Highness the Amir said. In this context His Highness the Amir appreciated the great efforts of Egypt's President Abdelfatah el-Sisi and government to achieve security and stability hoping that the conference would meet its aspired goals.
Speaking highly of the idea of this economic gathering His Highness the Amir remembered with much appreciation and gratitude the late Saudi King Abdullah bin Abdulaziz who had suggested the holding of this conference in June 2014.
To promote and attract investments more efforts need to be exerted to adopt necessary legislations aiming to guarantee and encourage investment he said adding that Egypt was aware of this fact and that was why the government worked hard to provide promising investment opportunities and create the appropriate investment atmosphere. His Highness the Amir cited the lately adopted investment law and recent economic reports by the Egyptian Ministry of Planning as clearcut signs of Egypt's high economic growth rates and better investment atmosphere. He also quoted a recent World Bank statement as showing that Egypt's current economic developments were positive and promising considering this as another sign of economic progress.
His Highness the Amir added: 'My country is aware of the significance of Egypt on both regional and international arenas and trusts the ability of its leaders to safeguard its stability and protect investments there. It (Kuwait) began investments in the Egyptian market in 1959. Such investments have been ever since variably increasing in all economic sectors so that Kuwait is now the second-largest Arab investor in the Egyptian market.' He added that Kuwaiti investments continued in Egypt in spite of its difficult circumstances just out of Kuwait's belief in the importance of such investments and out of conviction that the Egyptian economy is a vital Arab economy that boasts basic potentials to become a well-established and developed world economy.
Although Egypt has many potentials and its economy can grow and resist crises the necessity of improving the performance of the economy in order to create activities targeting sustainable growth has become more pressing than ever given that Egypt enjoys manpower geographical position great history knowledge and capital he said.
However His Highness the Amir maintained it is necessary to overhaul its legislations in order to draw foreign investment improve the business atmosphere push forward economic openingup and create a congenial attractive business atmosphere for the private sector. His Highness the Amir concluded his speech by hoping that the conference would fulfill the expectations and hopes of the Egyptian people and even the entire Arab region
Aid
Egypt's Gulf Arab allies promised it $12 billion in new investment and aid on Friday as President Abdel-Fattah el-Sisi opened an international conference to promote an ambitious recovery plan for his country's ailing economy. Speaking to an assembly of businessmen royals heads of state and international officials el-Sisi depicted Egypt as vital to Mideast stability and a bulwark against Islamic militancy making his case that the country needs world backing to rebuild an economy devastated by four years of turmoil. He said his recovery plan aims to achieve at least six percent annual growth in GDP within the next five years up from about 2 percent currently and reduce inflation to about 10 percent. He also promised fair taxation and lower inflation.
His Highness the Amir of Kuwait the crown prince of Saudi Arabia and the ruler of the prosperous emirate of Dubai attended the opening the session in the Red Sea resort town of Sharm el-Sheikh. Also on hand were the kings of Bahrain and Jordan the Palestinian President as well as US Secretary of State John Kerry.
His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah who addressed the gathering after el-Sisi announced that his oil-rich nation would invest $4 billion in Egypt. He gave no details. The crown prince of Saudi Arabia Prince Muqrin announced another $4 billion in an aid package. The prime minister of the United Arab Emirates and ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum announced $4 billion in aid including a $2 billion deposit in the central bank. The pledges continue a flow of largesse that has come from the three Gulf Arab nations ever since Egypt's military then led by el-Sisi ousted the elected president Islamist Mohammed Morsi in July 2013.
More than 20 billion dollars from the three nations since then have kept Egypt's economy afloat. El-Sisi who was elected last year in a landslide victory used the gathering to emphasize what he called Egypt's uncompromising stand against Islamic militancy and terrorism as well its nonaggressive foreign policy and respect for its neighbor. 'Egypt has and will always be the first line of defense against the dangers faced by the region' said el-Sisi wearing a dark suit and a purple tie. He was repeatedly interrupted with applause. 'You will find Egypt safe and secure' el-Sisi told the delegates alluding to his government's battling against a burgeoning Islamic insurgency which has lately shifted focus to a campaign of small bombings targeting local and foreign business interests in Cairo and other cities. He concluded his 26-minute speech with what has by now become his trademark slogan of 'long live Egypt!' Meanwhile US Secretary of State John Kerry delivered words of encouragement Friday for Egypt's efforts to attract greater foreign investment but no new military assistance as demanded by the country's president. Kerry's hands are tied because the Obama administration is undecided about whether to affirm Egypt's progress on democracy and human rights or issue a national security waiver. It must do one or other under the 2015 federal budget to unblock hundreds of millions of dollars in military aid for Egypt.
In the Red Sea resort of Sharm El- Sheikh America's top diplomat said investment was needed to restore confidence in Egypt and provide stability for the region. 'This part of the world is blessed with a stunning amount of commercial potential' Kerry said at an American Chamber of Commerce event. He said the US whose companies invested $2 billion in Egypt last year stood ready to help. Kerry attended an Egyptian economic conference later Friday and met with Egyptian President Abdel-Fattah el-Sisi who has been clamoring for US tanks planes and other materiel held up since the military's 2013 takeover of the government. El-Sisi said earlier this week the logjam was creating the impression that the US isn't standing by the Egyptians as they battle the Islamic State and other extremists. The country's need for weapons and equipment is 'dire' he told Fox News. Kerry had hoped to announce on his three-day trip to Egypt the delivery of F16 fighter jets according to US officials who weren't authorized to speak publicly on internal deliberations and demanded anonymity. But no path forward has emerged from multiple White House discussions in recent weeks over funds which were suspended 21 months ago when el-Sisi then military chief overthrew Egypt's first democratically elected leader Islamist President Mohammed Morsi.
The US has been providing hundreds of millions in counterterrorism assistance to its ally which isn't stalled as a result of the coup. Egypt says it needs the money to face growing threats from extremists creeping over the border from lawless Libya or operating in the Sinai Peninsula and the US sees the funds as critical for stability in the volatile Middle East. But Washington cannot provide almost half of its $1.5 billion annual aid package along with assistance held up from previous years until it does one of two things. It must certify advances by el- Sisi's government on democracy human rights and rule of law or tell Congress the assistance should go through because it is in America's national security interest. The administration has reservations about both options. It doesn't want to endorse a post-coup Egyptian crackdown on political opponents that started with hundreds killed in street clashes and thousands jailed. There have since been mass trials and death sentences. The administration is likewise uncomfortable with a national security declaration that would recall the decades of American support for Egypt's former autocrat Hosni Mubarak despite his government's obvious shortcomings. Officials said the focus of Kerry's trip wasn't on military matters but rather the investment conference. Top executives from General Electric Microsoft and other US companies attended. Egypt's economy was rocked after Arab Spring protesters chased Mubarak from power in 2011. El-Sisi has sought to make the county more conducive for investment and is reforming Egypt's tax code among other efforts to spur renewed economic vitality. Kerry also met Friday with Palestinian President Mahmoud Abbas and Jordan's King Abdullah II. From Egypt he will travel to Switzerland Sunday for another round of nuclear talks with Iran. Negotiators hope to reach a framework deal by month's end
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