By Ahmad Abu El-Hamd
Brilliance Auto, the china-Africa Development Fund, and Bavarian Auto Group (BAG) have decided to reconsider their frozen investment plan to invest $120 m in order to build Brilliance Egypt Automotive Factory in the Economic Zone of Suez Canal.
This came after reviewing the incentives of the new investment law to the car manufacturing projects, Khalid Saad, the company’s general manager in Egypt, said. The new investment law aims to attract foreign investors to the Egyptian market; It provided tax and customs exemption for companies established under the law provisions, and offered land necessary for projects and simplified incorporation procedures.
The new investment law gives the right to redeem 40 percent of project investment cost deducted from net profit taxes for car manufacturing projects in the Economic Zone.
