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Wednesday, 21 December 2016

CBE forms committee to look into developing an alternative to the directive

A rival to the automotive directive? CBE governor Tarek Amer formed a committee to look into a strategy for the automotive sector following a meeting with the Egyptian Automotive Manufacturing Association (EAMA) and Investment Minister Dalia Khorshid, Al Mal reports. The committee, to be headed by EAMA CEO Hussein Moustafa, is to develop a strategy that will boost domestic component manufacturers, draw in foreign investment and raise exports, said EAMA member Khaled Saad. Sound familiar? They’re largely the same goals as those of the automotive directive, which EAMA vehemently opposed for “catering” to larger assemblers and neglecting the auto-feeder industry.

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