The Industrial Development Authority (IDA) has agreed to raise domestic content in locally manufactured vehicles to 60% from 45% over the next eight years at its meeting held to prepare the executive regulations of the automotive directive. According to sources, the Trade and Industry Ministry has reached an agreement with car manufacturers to set quotas for a gradual increase of domestic components each year, allowing them to inject more investments in the manufacturing of these components. The meeting also discussed measures to increase car exports gradually to 45% from 25% over the next eight years in case car manufacturers fail to meet the local component requirements of cars manufactured in Egypt. The executive regulations of the automotive directive are expected to be drafted by end of November 2016. (Al Mal)