Islamabad (Business Reporter): Economic Coordination Committee approved mobile manufacturing policy today. This will usher huge investment in the country.
A press release of Finance Ministry stated: “The ECC also discussed the Mobile Device Manufacturing Policy as proposed by the Ministry of Industries and Production with the objectives of technology acquisition and localization of mobile devices through local investment, joint ventures, and foreign direct investment.”
Ministry of Finance expected “creation of 200,000 direct and indirect jobs” after approval of this policy. Prices will also be reduced once production will start in Pakistan. Manufacturing of Mobile phones will increase in digitization through supporting 4G/5G technologies, development of efficient manufacturing eco-system and enable exports of competitively manufactured handsets, press release stated.
“The ECC discussed various components of the policy and approved it in-principle with instructions to the Ministry of Industries and Production to further fine-tune its various features and incentives for promoting localization and research and development leading to export of mobile phones,,”
Pakistan is importing mobile phone devices worth of billions of dollar every year. Prices of mobile phone devices also varied with the fluctuation of dollar prices, making new smart phones out of reach for many people. The policy is approved at a time when many mobile manufacturers are looking for new places for production plants due to US and China trade war.
ECC also approved PKR 56.6billion package for the agriculture sector and a subsidy of PKR 37 billions for farmers to buy fertilizers. Money inflow for the fertilizer companies will improve after this subsidy.
ECC also approved supplementary grants for defence services and other institutions.