The signing of the agreement comes as part of the presidential initiative launched by President Abdel Fattah El Sisi under the title of “Egypt produces electronics”, a press release reads.
The aim of the initiative is to upgrade the electronics industry to support the national economy and increase the Egyptian exports along with supplying the local market with its needs of electronics.
Egypt’s Minister of Communication and Information Technology, Amr Talaat said that “the Ministry of Communication and Information Technology is tasked by the government to oversee the implementation of the electronics initiative through cooperation with ITIDA, asserting that all bodies concerned will exert utmost efforts to ease measures for establishing the factory at such critical time when the government is keen on luring more foreign direct investments to the various sectors”.
OPPO Egypt’s Official, Zhang Zuchwan said the MoU stipulates that initial investments hit dlrs 20 million and the factory’s production capacity will reach 4.5 million units annually, adding that such investments will provide 900 job opportunities over a period of three years.
