World / Middle East

Wealth of opportunities in Egypt, investment minister says

By Mu Chen ( Updated: 2014-09-09 19:13

Egypt provides ample investment opportunities for Chinese companies, especially in energy, with the country looking to restart its economy after years of political instability, said the Egyptian minister of investment on Tuesday.

Speaking to representatives from Chinese companies at the Egyptian embassy in Beijing, Ashraf Salman said: "Egypt is offering you an opportunity for growth, and for China especially there is an opportunity for a strategic partnership that will continue into the future."

Power generation is at the top of Egypt's investment plan. The government is drafting an energy bill that will privatize large areas of the sector with opportunities in conventional and renewable sources, the minister said.

Egypt aims to increase electricity output by 70,000 megawatts within 10 years, with 12,000 MW to be accounted for by renewable energy.

The production side of the sector will be open to private investment, but the national grid and transmission will remain solely in the hands of the government, Salman said.

Despite political turmoil in recent years, the Egyptian economy has remained resilient, achieving 2.1 percent growth in 2012-13.

With the return of political stability under President Abdel Fattah el-Sisi, "Egypt has adopted an ambitious plan to ensure fiscal stability and fiscal consolidation, and to solve macroeconomic imbalances to regain the confidence of investors," said the minister

Chinese companies operate in a wide range of sectors in Egypt. So far, $468.5 million has been invested by 1,198 companies.

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