Lucky Motor Corporation (LMC) has entered into an agreement with Samsung Gulf Electronics Co., FZE for the production of Samsung branded mobile phones in Pakistan.
The development comes after LMC sent a notice in this regard to the Pakistan Stock Exchange (PSX) on Friday. “In pursuance of this transaction, LMC has also initiated the process of seeking necessary regulatory approvals to carry on the said business and, in this endeavor, has filed an application with the Pakistan Telecommunication Authority (PTA) for securing the license,” stated the notification.
Furthermore, the production of Samsung mobile phones will take place at the Lucky Motor Corporation (LMC) existing plant facility at Bin Qasim Industrial Park, Special Economic Zone, Port Qasim, Karachi.
“The production facility is anticipated to be completed by end of December 2021. That further information on the amount contemplated to be invested in the production facility and the capacity thereof shall be discussed between the Parties (Samsung and LMC) in due course of time.” the notification added.
Lucky Motor Corporation (LMC), which is a subsidiary of Lucky Cement Limited, is known for the production of Kia branded vehicles in Pakistan.
It is pertinent to mention that Xiaomi is also rumored to start smartphone production in the country and joining other mobile phone manufacturers such as Tecno, Infinix, Gfive and Realme, which are already producing their smartphones in Pakistan.
The Minister for Energy Hammad Azhar also announced the development on Twitter. “I congratulate Lucky Group and Samsung on entering into a JV to manufacture smart phones in Pakistan.” he said. “These positive developments are evidence of the success of DIRBS system that eliminated smuggling of phones and then followed up by Mobile Manufacturing policy last year.”
I congratulate Lucky Group and Samsung on entering into a JV to manufacture smart phones in Pakistan. These positive developments are evidence of the success of DIRBS system that eliminated smuggling of phones. And then followed up by Mobile Manufacturing policy last year. https://t.co/UCEsF0dKVq