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FINANCIAL NEWS
Egypt’s GB Auto to invest USD1.5b in new factories
05 May 2015
(MENAFN) Egypt’s GB Auto is ready to invest a total of USD1.5 billion in new factories as a part of its expansion plans amidst a little bit shaky confidence in the country’s political solidity, Reuters reported.
GB Auto is considered Egypt’s one and only provider of Hyundai, Mazda and Geely cars in addition to the infamous three-wheel tuk-tuks and Indian motorbikes.
The auto assembler and distributor is presently mulling over a procedure in which the government taxes, on imported cars from the United States and Asia, are to be lowered as a precautional move that an upcoming free trade agreement would distort competition.
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