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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.
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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