Egyptian - Iranian discussions for establishing sugar factories

Egypt and Iran are holding talks for establishing 5 factories for producing sugar in Tehran at a cost of $ 150 million to be deducted from the Iranian debts to Egypt.

This came during the meeting between head of "Khalek" company for the Iranian sugar industry Mohammed Salam who is currently visiting Cairo and officials in some of the Egyptian sugar companies.

Shawki Hussein, manager of the engineering projects in "El-Hawamdyea" Egyptian Company said that the first factory was establishing in last February.

The Iranian President Mohammed Khatamy will open two factories in November and two more on March of 2001.

Iran intends to participate in establishing a large industrial assemblage for textile and cloths in the free zone in the Suez Gulf at a cost of $ 100 million and there is effort to export agricultural tractors to Egypt in the coming period at a value exceeding $ 10 million.