Shadi Rashad, INDE business development manager, said that three years ago, the company started manufacturing motorised tricycles. It started producing 1,000 units per month. The vehicle is composed of 48% local components from eight suppliers. Currently, the company has increased the local component to 60%.
During the fourth annual Egypt Automotive summit, Rashad said that the company aims to increase the production of the vehicles to 2,000 units per month.
“Among the problems we face in the market is the fact that companies evade the payment of taxes, custom duties, and value-added tax (VAT),” he said.
Rashad suggested that the government set standards and controls for companies with regard to the VAT, in addition to strict controls over tax payment.