ICEC

Auto industry strategy to be issued next October: Nassar

The Minister of Industry And Trade announced that his ministry seeks to finish drafting a strategy for auto industry before the convention of the parliament session in October 2018.

on a sidelines of a press conference, Nassar said that the ministry is currently drafting all the articles of the strategy.

on the other hand, according to the latest report conducted by the Automobile Marketing Information Council (AMIC), Car sales declined by 31.6 percent in Egypt during last year  reaching a total of around 135.632 cars.

The proposed strategy stimulates the local automotive industry and exports through exempting local or imported cars from part of the taxes, less than the planned industrial development tax.

The strategy is based on imposing an industrial development tax for cars with 1,600cc capacity worth 30% of its value, 100% for cars with 1,600–2,000cc capacity, and 135% on cars with more than 2,000cc capacity.

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