Chinese Smartphone manufacturer, Vivo, has officially signed an agreement to set up a manufacturing plant in Pakistan.
According to details, Vivo will invest $10 million in Pakistan for building a production facility at the M3 Industrial Estate in the Faisalabad Industrial Estate Development and Management Company (FIEDMC).
ALSO READ
Pakistani Rupee Continues to Hold Strong Against US Dollar
In this regard, Vice President Vivo, Duam Tai Ping, and Director Manufacturing Zhang Bin penned the agreement with FIEDMC over the weekend in the presence of Punjab’s Minister for Industries, Mian Aslam Iqbal.
While speaking with journalists, the Minister said the provincial government will extend its maximum support to the Chinese investor for setting up the manufacturing plant.
ALSO READ
MoIT Finalizes Draft for Personal Data Protection Bill 2020
He noted that the project will not only create employment opportunities for the locals but will also boost the local smartphone manufacturing industry.
He added that Pakistan, being the seventh biggest importer of smartphones, not only will save millions on its import bill but will also earn a huge amount of foreign exchange by exporting the Mobile Phones around the world.
