ITIDA, OPPO Sign MOU to Establish Mobile Factory Worth Dlrs 20 MnSource: www.export-egypt.com 9/13/2022, Location: Africa |
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Prime Minister Mostafa Madbouli witnessed the signing of a memorandum of understanding (MOU) between Information Technology Industry Development Agency (ITIDA) and Chinese smartphone maker Oppo whereby the Chinese company will establish a mobile phone factory in Egypt with investments worth dlrs 20 million.
ITIDA CEO Amr Mahfouz signed the MOU for the authority, while OPPO Egypt's Official Zhang Zuchwan signed for the Chinese side. Minister of Communication and Information Technology Amr Talaat attended the signing ceremony. On the fringe of the signing ceremony, Talaat said the signing of the agreement comes as part of the presidential initiative launched by President Abdel Fattah El Sisi under the title of "Egypt produces electronics" with the aim of upgrading the electronics industry to support the national economy and increase the E gyptian exports along with supplying the local market with its needs of electronics. He also said the Ministry of Communication and Information Technology is tasked by the government to oversee the implementation of the electronics initiative through cooperation with ITIDA, asserting that all bodies concerned will exert utmost efforts to ease measures for establishing the factory at such critical time when the government is keen on luring more foreign direct investments to the various sectors. Meanwhile, OPPO Egypt representative said the MOU stipulates that initial investments hit dlrs 20 million and the factory's production capacity will reach 4.5 million units annually, adding that such investments will provide 900 job opportunities over a period of three years. |
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