The news is now official. China has announced to set up the first smartphone manufacturing plant in Pakistan. Two Chinese tech companies have reached an agreement at the Faisalabad Industrial Estate Development and Management Company (FIEDMC) office to carry out the project. The plant will be built in Faisalabad.
The agreement was signed 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 being signed.
The first manufacturing plant will be built in M3 Industrial Estate, Faisalabad, the agreement said. The total initial investment by the Chinese companies will amount to $10 million.
The provincial minister appraised this pleasant development and promised to provide more facilities to the local and international investors. He also said that more investments of similar nature are likely to take place in the near future.
What benefits are we going to get?
The investment is seen as a welcoming development in the technology sector in Pakistan. It is safe to say that any investment in an industry has certain benefits, this one, in particular, has more to it. Let’s have a look at what benefits we as Pakistanis are going to get from this project.
- This smartphone manufacturing plant will create more jobs for the local technicians and engineers
- The direct investment by the world’s prominent economy will encourage more international companies and investors to work in Pakistan.
- This project will transfer the technology of smartphone manufacturing to Pakistan. The transfer of technology can create a lot of new doors for Pakistani businessmen and investors in particular.
- Last but not the least, local manufacturing will mean cheaper smartphones and better after-sales service.
CPEC is truly developing as a flagship project for Pakistan. The fruits of the corridor have just started, there is a lot more to come in the future. What are your thoughts on this?
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