KARACHI:
Pakistan has saved around $410 million in foreign exchange through import substitution of cellphones, the Ministry of Commerce revealed in a statement.
In a meeting held to examine the progress made for export of locally manufactured cellphones, Adviser to Prime Minister on Commerce and Investment Abdul Razaq Dawood remarked, “the Make-in-Pakistan policy has been a resounding success.”
During July-November 2021, import of completely built units (CBUs) decreased by 73% to $179 million as compared to $661 million during the same period of previous year. “This has saved $410 million in foreign exchange.”
In contrast, import of mobile phone components for local assembly increased by 407% to $674 million from $133 million in the previous year.
“Earlier, Pakistan was a net importer of mobile phones but the situation has now been reversed and jobs are also being created in this sector,” Dawood said.
“Our vision is to make Pakistan a hub of mobile phone manufacturing and exports.”
On the occasion, the adviser was told that around 85% of Pakistan’s market was for phones priced at $200 or below. As a result of the Mobile Device Manufacturing Policy, which contains duty incentives for the local assembly of cellphones, a majority of phones cheaper than $200 are now being assembled in Pakistan.
In terms of market share, Chinese manufacturers controlled about half of the market as they were quick to utilise the incentives offered by the government, the adviser was informed.
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Read Full Story: https://tribune.com.pk/story/2332924/country-saves-410m-in-phone-imports
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