Egypt settles $39 mln dispute with Mercedes-Benz importer -ministry

Sun, 2019-01-13 14:27

CAIRO: Egypt has settled a 700 million Egyptian pound ($39.2
million) dispute between its customs authority and an importer of
Mercedes-Benz vehicles, the finance ministry said on Sunday.
The ministry did not name the company and said in a statement that
a governmental committee tasked with resolving investment disputes
ordered the settlement, without providing details.
The announcement came two days after an Egyptian cabinet statement
said that Mercedes-Benz production chief Markus Schaefer had told
Prime Minister Mostafa Madbouly that the carmaker was looking to
resume operations in Egypt and is considering assembling additional
models in the country.
Mercedes-Benz halted assembling its vehicles in Egypt in 2015, but
in 2017 the company had agreed in principle to a resumption in
production, state-run news outlet Al-Ahram said.
Egypt announced in 2017 that Mercedes-Benz would return to the
country with a new 50,000 square meter distribution center in the
Suez Canal Economic Zone. ($1 = 17.8600 Egyptian pounds)

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Source: FS – All-News-Economy
Egypt settles mln dispute with Mercedes-Benz importer -ministry