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FINANCIAL NEWS
Egypt prepares for drastic steps to boost auto industry
10 Dec 2015
(MENAFN) Egypt Automotive Summit stressed on the inadequacy of the new automotive industry strategy not to mention the essential requirement for top substructure investments.
There’s also a need to elaborate on the measures of evaluating the rate local components in cars industry, which would determine whether companies are allowed to export their products or not.
Additionally, the formulation and preparation of the new strategy must take into account the international standards and principles in determining the local component rates.
Basically, what should be done is to enhance the quantity of cars produced in Egypt, as it is not reasonable that each factory only produce 1,000 cars, plus exporting them on a wide-scale.
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