Chinese smartphone manufacturer Xiaomi Technology has inaugurated its manufacturing facility in Pakistan with Air Link Communication, informed Federal Minister for Energy Hammad Azhar on Friday.
With a planned investment of $500 million, Xiaomi is entering a huge Pakistani market for mobile exports, added the minister in a tweet post.
The development comes days after Air Link announced that its set to commence production of Xiaomi handsets in the country.
In a notice to the Pakistan Stock Exchange (PSX) on Monday, Air Link had informed that the inauguration ceremony of the Mobile Device Manufacturing Facility for the production of Xiaomi handsets in Pakistan is planned to be held on March 4, 2022 at Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore.
Air Link said the initiative is expected to generate a sales volume of $550 million per year while creating thousands of jobs in Pakistan.
Xiaomi is a global technology giant with a current standing of 334 in the Fortune Global 500 companies, said Air Link. "It became the world's second-largest mobile phone manufacturer in Q2-2021, surpassing Apple at the time, and is currently number one in Europe and many other major markets including India.
"The Chinese smartphone manufacturer made a record 190.4 million smartphone shipments in 2021.
“This production facility is a step forward in the direction of PM's vision of 'Make in Pakistan' and will have a huge impact on Pakistan's economy resulting in the export of locally-produced Xiaomi mobile phones,” Air Link added.
Last year in April, Air Link started to manufacture mobile phones locally in Pakistan with a monthly capacity of 400,000 units per month, which is expected to reach up to 550,000 units per month by FY23.
Featuring a budding young and tech savvy population, Pakistan’s smartphone market in recent years has managed to grab the attention a number of smartphone makers including realme, vivo, Samsung among others expressing interest to expand into Pakistan.