AVN 64.70 Decreased By ▼ -0.60 (-0.92%)
BAFL 29.26 Decreased By ▼ -0.24 (-0.81%)
BOP 4.02 Decreased By ▼ -0.03 (-0.74%)
CNERGY 3.48 Decreased By ▼ -0.07 (-1.97%)
DFML 11.65 Decreased By ▼ -0.05 (-0.43%)
DGKC 42.45 Decreased By ▼ -0.08 (-0.19%)
EPCL 46.16 Increased By ▲ 0.17 (0.37%)
FCCL 12.08 Increased By ▲ 0.33 (2.81%)
FFL 5.48 Decreased By ▼ -0.07 (-1.26%)
FLYNG 5.80 Decreased By ▼ -0.12 (-2.03%)
GGL 10.63 Increased By ▲ 0.03 (0.28%)
HUBC 67.04 Increased By ▲ 0.04 (0.06%)
HUMNL 5.42 Decreased By ▼ -0.02 (-0.37%)
KAPCO 24.05 Decreased By ▼ -0.05 (-0.21%)
KEL 2.07 Increased By ▲ 0.01 (0.49%)
LOTCHEM 25.17 Decreased By ▼ -0.03 (-0.12%)
MLCF 25.85 Increased By ▲ 0.43 (1.69%)
NETSOL 74.05 Increased By ▲ 0.04 (0.05%)
OGDC 83.83 Decreased By ▼ -0.22 (-0.26%)
PAEL 10.58 Decreased By ▼ -0.04 (-0.38%)
PIBTL 3.76 Increased By ▲ 0.01 (0.27%)
PPL 63.72 Increased By ▲ 0.87 (1.38%)
PRL 12.26 Decreased By ▼ -0.19 (-1.53%)
SILK 0.86 Decreased By ▼ -0.02 (-2.27%)
SNGP 39.09 Increased By ▲ 0.09 (0.23%)
TELE 7.63 Decreased By ▼ -0.19 (-2.43%)
TPLP 14.17 Decreased By ▼ -0.15 (-1.05%)
TRG 105.44 Decreased By ▼ -1.46 (-1.37%)
UNITY 13.08 Decreased By ▼ -0.09 (-0.68%)
WTL 1.18 No Change ▼ 0.00 (0%)
BR100 4,035 Increased By 0.4 (0.01%)
BR30 14,332 Increased By 16.9 (0.12%)
KSE100 39,848 Decreased By -31.5 (-0.08%)
KSE30 14,767 Decreased By -4.3 (-0.03%)
Follow us

In another major development for Pakistan's manufacturing sector, South Korean electronics giant Samsung is in the process of establishing a television line-up plant in Karachi, announced Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood on Tuesday.

“I have been informed that Samsung Electronics is in the process of establishing their TV line-up plant in collaboration with the R&R Industries at Karachi,” said Dawood in a tweet.

The advisor added that the said plant would become functional in the fourth quarter of 2021 and is expected to produce 50,000 units annually.

“This is a vindication of MOC’s "Make-in-Pakistan" policy for industrialization via rationalization of input costs and other incentives,” added Dawood.

As per the financial results for the second quarter ended June 30, 2021, Samsung Electronics posted consolidated revenue of Korean Won (KRW) 63.67 trillion, a 20% increase from the previous year and a record for the second quarter. Operating profit increased 34% from the previous quarter to KRW 12.57 trillion as market conditions improved in the memory market.

The development also comes as a major boost to Pakistan that has been promoting local assembly/manufacturing in a bid to reduce reliance on imports.

Back in July, Lucky Motor Corporation (LMC), a subsidiary of Lucky Cement Limited, announced in a notice to the Pakistan Stock Exchange that it has entered into an agreement with Samsung Gulf Electronics Co., FZE (Samsung) for the production of Samsung-branded mobile devices in Pakistan.

The notice added the production facility for producing Samsung mobile devices will be located at LMC’s existing plant facility producing vehicles at Bin Qasim Industrial Park, Special Economic Zone, Port Qasim, Karachi.

PTA issues MDM approval to Lucky Motor Corp for Samsung phones

The production facility is expected to be completed by end of December 2021.

Last month, the Pakistan Communication Authority (PTA) issued the Mobile Device Manufacturing (MDM) authorisation to LMC to manufacture Samsung-branded phones in the country.

The authority said this is a landmark achievement and “will further revolutionise the vibrant mobile manufacturing ecosystem in the country by ensuring the presence of major local and foreign players in the market".

Comments

Comments are closed.

Sharjeel Sep 22, 2021 06:59pm
I am Ready to apply For job in this project
thumb_up Recommended (0)

Samsung Electronics setting up TV line-up plant in Karachi

Back to losing ways: SBP-held forex reserves fall $354mn, now stand at $4.2bn

Technical-level talks with IMF are over: Ishaq Dar

Rupee inches higher against US dollar, settles at 283.66

Oil rises on US crude draw, Iraqi supply risks

‘Five-member bench or full court’: Imran says 90-day constitutional provision ‘inviolable’

New SC bench to hear Punjab elections delay case tomorrow after Justice Aminuddin's recusal

Senate approves bill to curtail powers of chief justice

UAE president names son as crown prince, presumed future leader

KSE-100 ends jittery session on a flat note

Chinese loan rollover of $2bn to Pakistan in process: source