Gov’t targeting USD5bn auto sector FDI over the coming years
The government is hoping to attract USD5bn of foreign direct investment (FDI) into the automotive sector within the coming two years, two government sources told Enterprise. The target is part of a plan to develop the sector by growing local car assembly and manufacturing through a package of incentives authorities revealed last month, one of the sources said. The proposed incentives programme could see the finance and trade ministries provide custom breaks to local assemblers and manufacturers that use at least 45% local components.
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