Egyptian- Iranian agreement on economic cooperation

Egypt and Iran signed the first protocol for developing economic relations and joint cooperation in trade and investment between the unions of industry in the two countries.

They agreed on establishing exhibitions for Egyptian and Iranian products in Tehran and Cairo to give a better chance to developing commercial exchange and investment between the two states.

From Egypt, Abdul Monem Saudi, the head of the industries' union signed the agreement, and from Iran, Engineer Ali Khamoush, the head of the trade and industry union signed the agreement.

Saudi confirmed that Egypt and Iran wish to enhance economic cooperation and optimize the chances available for encouraging investment and tourism.

He also said the 27-member Iranian delegation currently visiting Egypt is studying the Egyptian economic climate to get acquainted with major Egyptian projects and customs and tax privileges granted to investors, and to make sure that there are no restrictions on remitting profits or capital and that there is the freedom to own companies. He added that the two countries have huge markets as the population in each of them numbers 62 million citizens, which enhances the chances of developing trade.

From his side, engineer Ali Khamoush called for removing the obstacles that obstructed Iranian - Egyptian relations for 20 years.

Khamoush confirmed Iran's wish to enhance relations with Egypt and to overcome any obstacles in the way of its development.

Khamoush called for a study on establishing a direct air line and direct phone lines between the two countries, as well as having a customs tariff to encourage trade, adding that Iranian - Egyptian cooperation advances relations among the Islamic countries.