Two Chinese tech companies have reached an agreement at the FaisalabadIndustrial Estate Development and Management Company (FIEDMC) office to setup a smartphone manufacturing plant in Faisalabad.

*According to the details*link,the agreement was penned between Vice President VIVO Duam Tai Ping andDirector Manufacturing Zhang Bin in the FIEDMC office. Provincial Ministerfor Industry and Commerce Mian Aslam Iqbal was also present while theagreement was finalized.

As per the agreement, Chinese companies will jointly set up the firstsmartphone manufacturing plant at M3 Industrial Estate, Faisalabad.Initially, Chinese companies will invest $10 million in the project. Withthe setup of the manufacturing plant, smartphones will be manufacturedlocally.

The Provincial minister welcomed the development, saying that localinvestors are turning towards Punjab due to the beneficial policies of thePunjab government. The provincial minister said that the investors will beprovided facilities and complete protection on a priority basis.

This development will not only promote employment opportunities for thelocals, but will also boost the local smartphone manufacturing space.

The local manufacturing of smartphones will also attract foreign investmentand earn foreign exchange via exports. Pakistan is the seventh-largestimporter of mobile phones with a market size of over 40 million. Therefore,local manufacturing will also save foreign exchange on mobile phone imports.