An agreement has been reached with China for the manufacture of mobile phones in Pakistan.
A partnership agreement was signed between two Chinese companies in Lahore. Chinese companies will set up a smartphone manufacturing plant in Faisalabad.
Initially, Chinese companies will invest 10 million in the project. Provincial Minister Aslam Iqbal said that mobile phones would be manufactured locally from the factory.
He welcomed the smartphone factory project together with Chinese companies. He said that thanks to investor-friendly policies, domestic and foreign investors are turning to Punjab.
The Engineering Development Board (EDB) approved the mobile device manufacturing policy in February 2020. The policy will promote local investment and foreign direct investment. Local mobile manufacturing will create about 200,000 jobs in the country, and the country will be able to become a part of the global supply chain. The brand of 'Made in Pakistan also will be promoted within the global markets.
It is estimated that 34 million mobile phones are sold annually in Pakistan. After the manufacture of mobile phones at the local level, it will be possible to make smartphones available in Pakistan at low prices.