A delegation of China’s Beijing Enterprises Group recently visited Egypt, in a step to support the plans of the Egyptian government, and move towards closer cooperation for the implementation of development projects in Egypt and Africa, according to the chairperson of the Egyptian Gas Association (EGA) Khaled Abu Bakr.
Abu Bakr said that the high-level visit included the president of the company and a number of heads of its subsidiaries, reflecting Beijing Enterprises Group’s seriousness in figuring out investment opportunities in Egypt.
He added that the company is one of the largest Chinese, state-owned companies and that it runs a number of major companies under its management in the field of gas distribution, water treatment, petrochemicals, and fertilisers.
The Chinese delegation said they had a strong desire to visit Egypt to look at investment opportunities, especially after meetings at the G20 summit.
Moreover, Abu Bakr explained that the company found that investment opportunities in Egypt are promising, and that the investment climate is improving, noting that they wanted to get familiar with available gas projects.
Beijing Enterprises Group has the desire to invest in the New Administrative Capital and Suez Canal Economic Zone, seeing Egypt as a gateway to Africa.
The company had some concerns regarding local investment laws, the instability of the US dollar, and some financial transactions, but it believes that those challenges are temporary, and that the Egyptian market is a large, strong market that can get over these challenges, Abo Bakr said.
