Chinese smartphone maker Xiaomi Technology has inaugurated its manufacturing plant in Pakistan with Air Link Communication, Federal Energy Minister Hammad Azhar informed on Friday.
With a planned investment of $500 million, Xiaomi is entering a huge Pakistani market for mobile exports, the minister added in a tweet.
The development comes days after Air Link announced that it is set to start production of Xiaomi handsets in the country.
In a notice to the Pakistan Stock Exchange (PSX) on Monday, Air Link had informed that the inauguration ceremony of the mobile device manufacturing plant for the production of Xiaomi handsets in Pakistan is scheduled to be held on March 4, 2022 in Quaid. -e-Zam Industrial Estate, Kot Lakhpat, Lahore.
Air Link said the initiative is expected to generate sales volume of $550 million per year while creating thousands of jobs in Pakistan.
Xiaomi is a global tech giant with a current position of 334 in the Fortune Global 500 companies, Air Link said. “It became the world’s second-largest mobile phone maker in the second quarter of 2021, overtaking Apple at the time, and is currently number one in Europe and many other major markets, including India.
“The Chinese smartphone maker achieved a record 190.4 million smartphone shipments in 2021.
“This production facility is a step forward in the direction of PM’s vision of ‘Make in Pakistan’ and will have a huge impact on the Pakistani economy, driving the export of locally produced Xiaomi mobile phones,” Air added. Link.
Last year in April, Air Link started locally manufacturing mobile phones in Pakistan with a monthly capacity of 400,000 units per month, which is expected to reach 550,000 units per month by FY23.
Blessed with a young and tech-savvy population, the Pakistani smartphone market has in recent years managed to attract the attention of a number of smartphone manufacturers, including Realme, Vivo, Samsung, among others, who have expressed their interest in expanding to Pakistan.