VIVO To Establish Smartphone Manufacturing Facility in Pakistan
VIVO plans on bringing heavy investment in Pakistan which will boost local economy
WEB DESK: The Chinese smartphone company VIVO will invest $10 million in Pakistan for building a production facility at the M-3 Industrial Estate in Faisalabad.
The facility will be set up as a result of the agreement signed between the Chinese company and the Punjab government last month.
Federal Minister of Industries and Production Hammad Azhar tweeted, “Intl Smart Phone Brand VIVO has decided to establish a smartphone manufacturing facility in Pakistan. Deployment of DIRBS eliminated smuggled phones. It was followed up by Mobile Manufacturing Policy. Revenues already doubled & now local manufacturing taking off”.
Intl Smart Phone Brand VIVO has decided to establish a smart phone manufacturing facility in Pak. Land purchased.
Deployment of DIRBS eliminated smuggled phones. It was followed up by Mobile Manufacturing Policy. Revenues already doubled & now local manufacturing taking off. pic.twitter.com/VEL7gYgI2T
— Hammad Azhar (@Hammad_Azhar) December 2, 2020
Speaking to news 360, Qadir Memon, ex-president Pakistan Tax Bar Association was of the opinion that, “This is good news for Pakistan’s economy as it will create employment”.
In addition, sales and income tax will get a boost, he added.
Furthermore, Qadir Memon said , “VIVO’s investment in setting up a mobile manufacturing plant will be very beneficial for Pakistan as it will encourage other international mobile manufacturing companies to invest in Pakistan”.
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Last week, Punjab Minister for Industries Mian Aslam Iqbal chaired a ceremony to sign an agreement for setting up a smartphone manufacturing plant in M-3 Industrial Estate Faisalabad through bilateral collaboration.
VIVO Vice President Duam Tai Ping and Director Manufacturing Zhang Bin signed the agreement at the Faisalabad Industrial Development Estate Development And Management Company (FIEDMC).
Establishing a local manufacturing unit will not only reduce costs for company and consumers but also help in eliminating the problem of smuggled devices.
