CAIRO: A recent report issued by the Egyptian Investments Authority revealed that the volume of Iranian investments in Egypt has reached $331 million through 12 companies registered at the General Authority for Investment since 1970 through 2010. The Iranian investments in Egypt come in a range of areas such as spinning and weaving in the industrial area north of the Gulf of Suez at a cost of $400 million pounds, and a joint factory to produce Egyptian cement in the city of Beni Suef, with a capacity of 1.3 million tons, with investments exceeding $226 million, while the Iranian side contributes about 50 percent. In addition to the contributions of Iran in the field of cars through Suzuki Egypt and two other Iranian Companies and a joint Egyptian-Iranian-Saudi project, investments are massive, with over $200 million in the production of petrochemicals. 6 other areas where there are Iranian investments in Egypt and most signatures of Iranian companies to Egyptian businessmen, such as Iranian carpets, which the imports are about 10 million pounds annually. The report said that Iranian investment in Egypt started in the 1970s, “specifically in 1974, and despite the passage of more than 34 years, these investments have not increased much, to $331 million.” There are also many Egyptian products, which were able to successfully invade the Iranian markets through trade, most notably food products, medicine and building materials, chemicals, metal and engineering industries, the report said. BM
