Video - Former Egyptian Diplomat Gamal Bayoumi, Secretary-General of Arab Investors Union, Defends Peace with Israel: It Allowed Us 40 Years of Building up Egypt's Economic Power

Gamal Bayoumi : My position with regard to Iran is based on two things. One is that Iran has been hostile to the Egyptian peace process throughout. Iran has not just expressed its opposition, but has acted to destroy it.

Interviewer : Peace process with whom? With Israel?

Gamal Bayoumi : Yes, ma'am. With Israel. Egypt initiated the peace with Israel.

Interviewer : But this was years ago...

Gamal Bayoumi : This is something that annoys me. You weren't around in 1979.

Interviewer : What happened in those discussions?

Gamal Bayoumi : When, in 1979, Anwar Sadat returned from Washington, millions came out to welcome him. Today, people pretend that they were heroes, who opposed it. By no means. The accords ended 50 years of conflict, and since then, we have had 40 years of building up Egypt's economic power. We may not have accomplished all our aspirations, but we are much, much better off than we were in 1970, 1980, or 1990.

In 2002, the Arab summit in Beirut ratified the Egyptian peace initiative, which became the initiative of Saudi Crown Prince Abdallah, who is the Saudi king today. It was embraced as the Arab world's position - land in return for peace. That is what Egypt did - it restored all its national lands in return for peace.

Interviewer : So why didn't Egypt rectify its relations with the countries that had opposed peace?

Gamal Bayoumi : Iran is a different story. To this day, Iran is opposed to this initiative.

Interviewer : Why is there no [Egyptian] embassy there?

Gamal Bayoumi : I will tell you why. [Egypt] is trying to ease the confrontation, but when Iran names a street in Tehran "The Martyr Khaled Istambouli Street," after Sadat's assassin, what are we supposed to do? When Egyptian diplomacy went into action and we talked to them, they said they would change the street name. To what? To "Martyr Street." Come on. This is in addition to the bombs they plant here and there.

Interviewer : Is this sufficient reason to cut off ties with Iran? When [Egypt] halts the trade, the diplomatic ties...

Gamal Bayoumi : No, the trade between the countries is just fine.

Interviewer : Then tell me, Sir, what the extent of the Egyptian-Iranian trade is.

Gamal Bayoumi : There are investments, there is trade, and everything. I don't remember the figures, and don't want to misquote them. But I can say with confidence that there is trade, and the Egyptian Bank is active there... They are proposing to come and invest here. The main Arab reason [for the tension] - and there is some contradiction in the Egyptian position in this case - is that Iran is occupying Arab lands.

Interviewer : Which are part of the UAE...

Gamal Bayoumi : Israel is not occupying Egyptian lands.

Interviewer : But if the UAE itself, whose islands are occupied, maintains good relations with Iran, should Egypt be holier than the Pope?

Gamal Bayoumi : Iran must renounce this policy, and say that it is willing to negotiate. These are UAE islands, which are in UAE territorial waters, yet Iran insists that it will not negotiate.Source: Memri.