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HomeBuisnessGovernment Announces 3% Incentive for Local Phone Manufacturers: Dr. Saif - Pakistan ...

Government Announces 3% Incentive for Local Phone Manufacturers: Dr. Saif – Pakistan Pi News

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Pi News –

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The government has announced a 3% R&D (research and development) incentive for the local phone manufacturing industry to boost the production of high quality phones in Pakistan.

Information Technology Minister Dr. Umar Saif announced this in a post on X social media platform on Monday.

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“We have announced a 3% R&D incentive to make the industry globally cost competitive,” the minister said.

The caretaker minister said the government will also announce a plan to manufacture components in Pakistan and make locally made phones cheaper than imported phones.

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Dr. Saif said Pakistan is the seventh largest mobile market in the world with 191 million mobile connections. “However, we import most of our mobile phones. We need to manufacture them locally and develop the industry to export phones made in Pakistan,” he said.

“Our cell phone exports could grow into a billion-dollar industry in the next few years,” he said.

“People will soon be able to buy phones in installments through mobile phone finance schemes,” he added.

Earlier, Dr. Saif while addressing the Pakistan Mobile Summit organized under the Ministry of IT and Telecommunication and Mobile Phone Manufacturers in Islamabad said that R&D will be encouraged in the local phone manufacturing sector by the end of this financial year.

“This will increase from 3% to 8%, which is comparable to the regional policy,” he said.

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Talking about the local phone manufacturing industry, Dr. Umar Saif said that around 57 million smartphones have been manufactured so far. “Considering that our domestic requirement is only 25 million phones per year, this is a huge number. Thus, most of the local demand can be met by local phone manufacturers,” he said.

According to him, the government is encouraging local producers, who are now able to meet a large part of the domestic demand.

“They (domestic mobile manufacturers) have managed to produce 16 million phones in 2021 and about 24 million in 2022. But when will the real benefit of this industry come, they will be able to export these phones in a globally competitive market.” , – he says. he said.

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