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Wednesday, 28 November 2018

Japanese companies want clarity on gov’t policy toward automotive assembly industry before committing to new investments

Japanese companies want clarity on gov’t policy toward automotive assembly industry before committing to new investments: Japanese automotive companies are interested in investing more in Egypt, but are waiting for clarity on government policy, Japanese Ambassador to Egypt Masaki Noke said. “If you have a trade agreement, you can import from Europe, Turkey and other countries tax-exempt, and companies have to decide whether to export from your trade partners or invest and produce here in Egypt,” he noted. “In order to invest here in automotive production, Japanese companies have to be sure that it is more rewarding to produce here than to export from trade partners, the ambassador said.

Duties on EU cars will fall to 0% in exactly 34 days. Automotive assemblers had been angling for a package that would give them a measure of protection against imports if they moved further up the value chain into manufacturing.

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