CPEC Authority chairman hails development, claiming it will boost country’s exports and generate employment
A subsidiary of Lucky Cement Limited has inked an agreement with Samsung Gulf Electronics Company, FZE to manufacture in Pakistan the company’s mobile devices.
According to a stock filing on Friday, Lucky Cement said that its Lucky Motor Company subsidiary—currently involved in the manufacture, assembly, marketing, distribution and sales of Kia and Peugeot vehicles—had initiated the process of seeking necessary regulatory approvals, including filing an application for license with the Pakistan Telecommunication Authority.
The filing says that the production facility for the Samsung mobile devices would be located at LMC’s existing plant at Bin Qasim Industrial Park, Special Economic Zone, Port Qasim. “The production facility is anticipated to be completed by the end of December 2021,” it added.
Lucky Cement said further information on the amount that would be invested in the production facility, and its capacity, had yet to be discussed between Samsung and the Motor Company subsidiary.
Since the Engineering Development Board approved a Mobile Device Manufacturing Policy in 2020, 21 companies have been authorized to assemble cellphones in Pakistan. The government has also announced duty protection to the industry, potentially reducing by up to 50 percent prices of locally manufactured handsets.
China-Pakistan Economic Corridor Authority Chairman Lt. Gen. (retd.) Asim Saleem Bajwa on Friday hailed the agreement between Samsung and Lucky as a “landmark” development, adding that it and similar agreements would boost the country’s exports and generate employment. “This landmark development, coupled with a number of upcoming Chinese mobile phone manufacturing facilities in Pakistan, will expand our manufacturing base, help boost exports and create more jobs,” he said in a posting on Twitter.