Two companies from China have reached an agreement at the Faisalabad Industrial Estate Development and Management Company (FIEDMC) office to establish a smartphone manufacturing plant in Faisalabad.
According to the reports, the agreement was signed between the Vice President VIVO Duam Tai Ping and Director Manufacturing Zhang Bin in the presence of Provincial Minister for Industry and Commerce Mian Aslam Iqbal, at the FIEDMC office.
Under the agreement signed between the two parties, the Chinese companies will establish the first smartphone manufacturing plant at M3 Industrial Estate, Faisalabad. Both companies will initially invest $10 million in the project, and with the establishment of the manufacturing plant, mobile phones will be manufactured locally.
The provincial minister while welcoming the new development in the tech industry said that the local investors are turning towards Punjab due to the beneficial policies placed by the Punjab government. He also said that every possible facility will be provided to the investors for the set-up of the plant and complete protection will also be provided on a priority basis.
While speaking with journalists, the Minister said the provincial government will extend its maximum support to the Chinese investor for setting up the manufacturing plant.
This development will not only promote employment opportunities for the locals but will also boost the local smartphone manufacturing space.
The manufacturing of smartphones in Pakistan will help to attract major foreign investment and earn foreign exchange, as Pakistan is the seventh-largest importer of smartphones with market size of over 40 million.
Image source: Tribune