Iran to purchase some Egyptian companies being privatized

The head of the Iranian investment department, Akbar Turkan, confirmed that Iranian businessmen are currently discussing the chances for investment in Egypt through buying the companies floated in the Egyptian privatization program.

In press statements yesterday at the headquarters of the Egyptian Ministry of Trade and in light of the first exhibition of Egyptian products in Iran to be held in July, Turkan confirmed that the Egyptian and Iranian sides desire to upgrade economic relations between them while there are current negotiations between organizations in the two countries for cooperation in textile navigation, insurance, and petrochemical projects.

Iran has investments in Egypt valued at 4 million pounds, which are Misr Iran Bank, the Egyptian - Iranian company for investment, and the Egypt - Iran company for fabrics and textiles, all established during the period in which the Shah ruled Iran and Anwar Sadat ruled Egypt.