Egyptian govt dispels fear over nationalization of textile firms
27 Oct '11
1 min read
Egypt's minister of industry and foreign trade, Mahmoud Eissa sought to dispel worries that the country would revert to a state controlled economy over a free market economy.
Eissa reiterated his commitment in the backdrop of a court order suspending the privatization contracts of the three companies, which include two textile producers, which earlier were under state control.
The court ruling triggered a fear in foreign investors that Egypt could take up the route of nationalization of private companies.
Mahmoud Eissa said that the country would not backtrack on its commitment to a free market economy in Egypt. He said the government was also trying to forge free market deals with African countries and the European Union.
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