Iranian foreign minister said Wenesday that the Islamic republic is ready to welcome Egypt's new President to the upcoming Non-Aligned Movement (NAM) summit slated for late August in Tehran, the official IRNA news agency reported.

Talking to reporters after a cabinet meeting, Foreign Minister Ali-Akbar Salehi said all international gatherings, including the NAM, has a troika which consists of its previous, present and future heads.

"Egypt currently chairs NAM and is to hand over its rotating presidency to Iran during the summit meeting, so we will host (Egyptian President) Morsi for the event," Salehi was quoted as saying.

The 16th NAM Summit will be held in Tehran on Aug. 26-31.