Egypt targets presence of 4 global smartphone producers
Updated 5/12/2024 3:01:00 AM
Arab Finance: Egypt is currently targeting the presence of four global smartphone producers in the local market, Prime Minister Mostafa Madbouly announced during his inspection tour at the 10th of Ramadan factories on May 11th.
These major mobile phone manufacturers are Samsung, Oppo, Xiaomi, and Vivo, Madbouly highlighted.
He also pointed out that the country used to import about $1.5 billion worth of smartphones two or three years ago.
In the same vein, Asharq Business reported that Madbouly referred to the government’s efforts to persuade Apple to establish a manufacturing facility in Egypt.
During his inspection tour, Madbouly also revealed agreements with some international automotive manufacturers to commence local production by 2025.
This marks a key step in light of the country’s high car import bill, which was previously estimated at over $4 billion annually, he added.
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