Brazil's auto manufacturers will invest 22 billion U.S. dollars by 2015 to improve the sector's competitiveness, President of the Motor Vehicle Producers Association (Anfavea) Cledorvino Belini said Wednesday.

Belini, along with other representatives of the automotive industry, met with Finance Minister Guido Mantega to discuss new regulations for the sector announced last week.

The new rules will be effective from 2013 to 2017. The government will offer incentives to manufacturers that increase the share of locally-produced parts in their vehicles.

The government also said that Brazil's Development Bank will offer cheaper credit to the auto producers.

State-run banks Caixa and Banco do Brasil also announced cuts in their interest rates for financing.