CAIRO - 13 September 2022: Information Technology Industry Development Agency (ITIDA) signed Tuesday a memorandum of understanding (MoU) with the Chinese electronics company OPPO to establish a mobile phone factory in Egypt with investments of $20 million.
According to the MoU, the plant's production capacity is scheduled to reach 4.5 million units annually, according to a statement from the Council of Ministers on Tuesday.
These investments will contribute to creating 900 job opportunities over the next three to five years.
“The signing of the MoU comes within the presidential initiative to advance the electronics industry as one of the largest pillars of the growth of the Egyptian economy,” according to the Minister of Communications and Information Technology, Amr Talaat.
Talaat added that his ministry will work in coordination with ITIDA and other concerned parties to expedite the procedures for establishing the new factory, which comes at a very important time during which the government is seeking to attract more foreign direct investment in all sectors.
For his part, the representative of the Chinese company said that according to the MoU, about $20 million will be invested initially to establish the new factory, with a production capacity of 4.5 million units annually.
The Chinese company "OPPO" was officially established in 2004, and it is the owner of one of the global brands in the field of mobile phones. Furthermore, it cooperates with 10 smart manufacturing facilities located around the world, as well as a global design center located in London.
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