Colombia plans tax cuts to boost auto output

Colombia’s government is studying measures to ease restrictions on imports of auto parts in a bid to reverse a fall in local vehicle assembly, Finance Minister Mauricio Cárdenas said.

“To make this sector more competitive we’re going to have to move toward allowing auto parts to come without restriction from any country, so that Colombia’s vehicle assembly industry doesn’t disappear,” Cárdenas said.

Colombia’s vehicle industry contracted 28.9 percent in August from a year earlier, contributing to a 3.9 percent percent drop in industrial output, according to the country's statistics agency.

Source: Bloomberg