Khaled Abu Bakr, Executive Chairman of Taqa Arabia, said that the greatest challenge facing Egypt is legislative, reported Yum7. Laws must be amended in a way congruent with present requirements, especially in a way that allows the revitalization of the industrial sector.

In this regard he highlighted the threat posed by incomplete investment laws issued by the government that are constantly being changed, something that scares off foreign investors.

Abu Bakr made these remarks during the second day of the 20th Egypt Euromoney Conference. He also stressed that the new natural gas find made on Egypt’s northern coast would not bear concrete results before four years, at the very least, until the company that made the find can develop production wells fully.

Nonetheless this discovery will change the map of energy production not only in Egypt, but in the whole world, he added. There are several international companies carrying out exploration in Egypt – such as Eni and Dana Gas Egypt – that portend other major discoveries and investment opportunities.

He stressed that Egypt has the necessary infrastructure to launch the country as a commercial natural gas hub in the region like Russia, Turkey and Iran.

He also explained that the new discovery will cover local needs and will make it possible for the country to become an exporting nation, activating its strategic energy plan to meet its growing needs.