According to the recently signed agreement at the Faisalabad Industrial Estate Development and Management Company (FIEDMC) office. Two Chinese companies will establish a smartphone manufacturing plant in Faisalabad.
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.
Both the companies will be investing $10 million in the project initially, and the mobile phones will be manufactured locally. The manufacturing plants will be located at M3 Industrial Estate, Faisalabad.
The provincial minister welcomed the new development in the tech industry. He said that the local investors are turning towards Punjab due to the beneficial policies placed by the Punjab government. He further shared that it will help to attract major foreign investment, as Pakistan is the seventh largest importer of smartphones with a market size of over 40 million.