Meeting Between Egypt and Iran Ministers Opens New Avenues for Economic Cooperation

Iranian Economy Minister Ehsan Khandouzi met with Egyptian Finance Minister Mohamed Maait on the sidelines of the Asian Infrastructure Investment Bank meeting in Egypt, where they discussed the developments in bilateral and trade relations. The Iranian Economy Minister stated that "Iran is ready to develop cooperation in the fields of banking and Asian infrastructure, the Economic Development Bank, the joint bank between Egypt and Iran, the Egypt-Iran Textile Company, and the joint shipping company. There is also a priority for transferring pharmaceutical technology and medical equipment." He proposed the formation of a joint committee between the Iranian Deputy Economy Minister and the Egyptian Deputy Finance Minister to continue communication and follow up on the projects that were discussed. For his part, the Egyptian Finance Minister affirmed his country's readiness to implement the proposals put forth by his Iranian counterpart, noting that Egypt sees it as important to expand and develop relations with the Islamic Republic of Iran. He explained that the two countries could collaborate in tourism and encourage investment through agreements, customs memoranda, reducing tariffs and taxes, and cooperation in joint production.