Two Chinese technology companies have reached an agreement to set up a smartphone manufacturing plant in Faisalabad at the Faisalabad Industrial Estate Development and Management Company (FIEDMC) office.
The agreement was signed between Vice President VIVO Duam Tai Ping and Manufacturing Director Zhang Bin at the FIEDMC office, according to the details. Mian Aslam Iqbal, Provincial Minister for Industry and Commerce, was also present when the agreement was decided.
As per the agreement, the first smartphone manufacturing plant at M3 Industrial Estate, Faisalabad, will be jointly set up by Chinese companies. Initially, $10 million will be invested in the project by Chinese firms. Smartphones will be assembled locally when the manufacturing plant is set up.
The Provincial Minister welcomed the development, saying that because of the Punjab government’s beneficial policies, local investors are turning towards Punjab. The provincial minister has announced that facilities and full security will be given to investors on a priority basis.
This growth will not only facilitate job opportunities for locals, but will also increase the manufacturing space for local smartphones.
Local smartphone production will also draw foreign investment and receive foreign exchange through exports. With a market size of over 40 million, Pakistan is the seventh-largest importer of cell phones. Local production will also save foreign exchange on imports from cell phones.
