Friday, October 22, 2021

South Korean Tech Giant in a joint venture in Pakistan - Big News Network

Last updated Wednesday, October 6, 2021 21:53 ET , Source: TopWireNews

KARACHI: Adviser to Pakistan's Prime Minister on Commerce and Investment, Abdul Razak Dawood has revealed that Samsung Electronics, a South Korean tech giant will install its TV line-up plant in Pakistan in an alliance with a local company.
Taking to Twitter, Abdul Razak Dawood said, "I have been informed that Samsung Electronics is in the process of establishing their TV line-up plant in collaboration with the R&R Industries at Karachi. It [plant] will become functional in Q4 of 2021 and is expected to produce 50,000 units annually."
This joint venture is a vindication of the Ministry of Commerce's "Make-in-Pakistan policy for industrialization via rationalization of input costs and other incentives," he added.
In July, the South Korean company signed an agreement with Lucky Motor Corporation to start manufacturing its phones in Pakistan. Samsung's decision to assemble phones in Pakistan demonstrated the success of the Mobile Device Manufacturing Policy (MDMP) initiated by the Pak government in June 2020.
The policy's aim was precise that by 2022, 80 percent of all mobile phones sold in Pakistan should be manufactured locally.
Last year in August, Prime Minister Imran Khan declared that the government was vigorously pursuing a Make-in-Pakistan policy to promote export-oriented industrialization.

Read Full Story: https://www.bignewsnetwork.com/news/271414989/south-korean-tech-giant-in-a-joint-venture-in-pakistan

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