Egypt’s Information Technology Industry Development Agency (ITIDA) has signed a memorandum of understanding (MoU) with OPPO, a China-based consumer electronics manufacturer.
Under the agreement, OPPO will establish a mobile phones factory in Egypt with a production capacity of 4.50 million units annually and at initial investments worth $20 million, according to official statements.
A representative of the Chinese firm pointed out that the initial investments will lead to the creation of 900 job opportunities over the coming three to five years.
Amr Talaat, the Egyptian Minister of Communications and Information Technology, noted that the deal comes in line with the Egypt Makes Electronics (EME) presidential initiative, which aims to boost the electronics industry as one of the key factors for Egypt’s economic growth, by doubling local exports and reducing imports of electrical appliances.
The new factory, which should operate in the near future, will be added to the current 10 industrial establishments owned by OPPO across the globe.
Talaat noted that there are about 6,000 Egyptian employees working for the Chinese firm. Zawya