Two Chinese tech companies have reached an agreement at the Faisalabad Industrial Estate Development and Management Company (FIEDMC) office to set up a smartphone manufacturing plant in Faisalabad.
According to the details, the agreement was penned between Vice President VIVO Duam Tai Ping and Director Manufacturing Zhang Bin in the FIEDMC office. Provincial Minister for Industry and Commerce Mian Aslam Iqbal was also present while the agreement was finalized.
As per the agreement, Chinese companies will jointly set up the first smartphone manufacturing plant at M3 Industrial Estate, Faisalabad. Initially, Chinese companies will invest $10 million in the project. With the setup of the manufacturing plant, smartphones will be manufactured locally.
The Provincial minister welcomed the development, saying that local investors are turning towards Punjab due to the beneficial policies of the Punjab government. The provincial minister said that the investors will be provided facilities and complete protection on a priority basis.
This development will not only promote employment opportunities for the locals, but will also boost the local smartphone manufacturing space.
The local manufacturing of smartphones will also attract foreign investment and earn foreign exchange via exports. Pakistan is the seventh-largest importer of mobile phones with a market size of over 40 million. Therefore, local manufacturing will also save foreign exchange on mobile phone imports.