Speeches



Speech by His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during the Opening Ceremonies of Egyptian Economic Development Conference, held under the title of (Egypt the Future) in Sharm el-Sheikh Resort on Friday, March 13, 2015

 

In the Name of Allah, the Merciful, the Compassionate

 

His Excellency Abdul Fattah Al-Sisi, President of the Arab Republic of Egypt,,,
Majesties, Highnesses and Excellencies,,,
Ladies and Gentlemen,,,
Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh,

In the beginning, I would like to thank President Abdul Fattah Al-Sisi and the Egyptian people for the care and attention we received since our arrival to Egypt, and for the distinguished preparation for this important conference.

Majesties, Highnesses and Excellencies,

We meet today under great regional and international political and economic challenges that double the necessity to hold this important conference. This conference represents and amble opportunity to handle one of the most important economies in the Arab World, to seek and investigate diverse investment opportunities as well as the serious steps taken by the Egyptians to attract continuous investments and create the amble environment for their support and development.

The vast participation by a great number of countries around the world, and with such an elite level of representation reflects the superior position of Egypt in both the regional and international arena. It also reflects the interest of other countries in Egypt’s huge and promising investment opportunities, after being blessed with safety and stability due to the great and appreciated efforts of His Excellency President Abdul Fattah Al-Sisi and his wise government, which enjoys popular support, for elevate this country. This doubles our hopes concerning the outcomes of this important conference and deepens our optimism in achieving its goals.

The idea of holding this leading conference reflects enlightened thought, precognition and a wise reading of the conditions affecting the region and Egypt.

Let me here remember with all appreciation the creator of this wise initiative, who worked on materializing it, but the well of God did not let him attend it; this is the custodian of the two holy mosques the late King Abdullah Bin Abdul Aziz Al-Saud. He was the one to suggest holding this conference in June last year. It was an idea of an inspired leader who worked on its implementation based on his wise view of the situation of our Arab and Islamic nation, which need moving forward toward their treatment and facing the challenges they impose.

May Allah bless the soul of the late, rest him in peace in his heavens, guide the custodian of the two holy mosques King Salman Bin Abdul Aziz Al-Saud, King of the Kingdom of Saudi Arabia, and help him shoulder responsibility and continue on the same good trajectory.

Majesties, Highnesses and Excellencies,

Working on promotion of investment and creating amble opportunities for attracting capitals requires doubling the efforts by issuing necessary legislations that keep the investment safe and provide it with necessary guarantees that encourage it work. The Egyptians realized this fact and worked hard to come up with promising investment opportunities, and provide the appropriate atmosphere for them to work and grow. The recently issued investment law is true materialization of such efforts.

Economic reports we follow, including that of the Egyptian Ministry of Planning, show a great increase in growth rates, which is a clear indicator of the improvement of the investment environment, and the great efforts exerted by the Egyptians. We hope such efforts shall continue to achieve the anticipated sustainable and balanced growth.

The remarks of the Executive Director of the World Bank during last October that the ongoing positive and unbeaten reform in Egypt are another evidence of such advancement and optimism, and a source of happiness and hope for all of us in anticipation of a promising future for Egypt.

Majesties, Highnesses and Excellencies,

My country, Kuwait, is aware of the importance of Egypt in both the regional and international arena. We are quite confident that its leaders are capable of maintain its stability and protect investments therein. Kuwait started its first investment in the Egyptian market since 1959. Such investments continued to increase and diversify in all economic sectors until the state of Kuwait became the second largest Arabic investor in the Egyptian market. These investments continued despite the difficult conditions due to our belief in their viability and that the Egyptian economy is of vital importance in our Arab world, and enjoys the main potentials to turn into a well-established and sophisticated international economy. We believe that what Egypt encountered are considered temporary, and that Egypt is capable, though its potentials and the strong will of its people to pass them and restore situations to normal conditions.

Despite of our conviction of the large potentials of Egypt, and the ability of its economy to grow and respond well to crisis, improvement of economy performance through the creation of activities capable to reach the level of sustainable development is no longer a choice but a necessity than ever. Egypt enjoys the elements of success of any investment represented in human capital, geographical position, profound history, knowledge and capital. What is needed is only to improve the legislations encouraging foreign investment, fostering business environment, further economic openness, providing encouragement for the private sector, in order to complete the circle of successful investment leading to creating opportunities for attracting further foreign investments and maintaining them in the Egyptian market.

The Kuwaiti private sector found in Egypt the promising market as well as amble and diversified opportunities, and therefore settled there and well operated in such comfortable atmosphere. The number of Kuwaiti companies currently operating in Egypt exceeds 1000.

Majesties, Highnesses and Excellencies,

I reiterate the unlimited support of my country to the Egyptians for their great efforts they exert to maintain security and stability, and provide the appropriate environment for the growth of their economy, achieve the desired rates, and creating promising investment opportunities that attract capitals.

In activation of the above, and out of our keenness to enhance the historical course of Kuwaiti investments in Egypt, I am pleased to announce that the investment authorities in the State of Kuwait shall direct US$ 4 billion of their investments into different sectors of the Egyptian economy via diversified investment tools.

In conclusion,

I reiterate my thanks to you all, and wish our meeting all success to achieve the hopes expected from this conference, as anticipated by the Egyptian people and the whole Arab World.

Wssalamu Alaikum Wa Rahmatullahi Wa Barakatuh,

 

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