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Chinese IT company to set up smart phone manufacturing industry in Pakistan on the fast track

Finance Minister Senator Ishaq Dar chaired a meeting with the group of Chinese investors in IT sector at the Finance Ministry Friday during which he was informed that a Chinese company will set up smart phone manufacturing industry in Pakistan on the fast track.

The finance minister assured the group of investors that their concrete proposal prepared in consultation with the Ministry of IT and the BOI will be considered seriously to develop local mobile manufacturing units in Pakistan. He further assured the Chinese investors group that the government will provide incentives for local manufacturing of smart phones and IT related solutions during the next three years.

The minister informed the delegation that Foreign Direct Investment in IT sector will enjoy special corporate tax rate for the next five years if they complete their projects in three years time period i.e. till June 30, 2017. He also informed that Pakistan has educated and skilled young labor force and it can be used as export base to the whole region.

Chinese Mobile Companies Association Secretary General Lou Peide and head of the delegation informed that the group comprises of famous Chinese companies in smart phones manufacturing sector. He said that the delegation is in Pakistan to share Chinese experience as Pakistan’s domestic market presents a huge opportunity for manufacturing of smart phones capable of 3G/4G technology.

He mentioned that with nearly 200 million population and high growth rate in mobile industry, there is a huge requirement for local manufacturing units in the Country. He informed that Chinese companies own almost 80% of the global market and produce smart phones with the cost from US$ 22 to US$ 600.

He said that we have introduced multiple operating system and solutions to security requirements. The group expressed its commitment to set up smart phone manufacturing industry in Pakistan on the fast track.

The meeting was also attended by Minister of State for Information Technology Anusha Rehman and senior officials.