Lucky Motor Corporation (LMC) which is a subsidiary of Lucky Cement Ltd has signed an agreement with Samsung Gulf Electronics Co, FZE for manufacturing Samsung mobile devices in Pakistan.
The production facility for manufacturing Samsung mobile devices would be set up at LMC’s existing plant facility which is located at Bin Qasim Industrial Park, a special economic zone. The production facility is envisaged to be finalized by the end of December 2021.
LMC Signs a Deal with Samsung to Manufacture Mobile Devices in Pakistan
Furthermore, Lucky Cement has said that information regarding the amount which would be invested in the manufacturing plant and the capacity would be negotiated between Samsung and LMC in due course of time.
In late 2020, the Engineering Development Board (EDB) of Pakistan had approved Mobile Device Manufacturing Policy (MDMP) and till now around 21 companies had been granted permission for setting up cellphone assembly in the country.
An official from Lucky Cement Ltd has stated that as soon as the production facility is completed, the company would initiate mobile manufacturing. According to an expert, this venture can generate yearly revenue of around $300-600m and along with that, the project can generate net profits of Rs1.0-1.5bn in its early years.
Currently, LMC is engaged in the business of manufacturing, assembly, marketing, distribution, and sales of Kia and Peugeot vehicles. And soon it will start Samsung mobile manufacturing in Pakistan. In terms of value, the market size of mobile phones in the country is estimated at $2.5bn, based on imports data provided by the Pakistan Bureau of Statistics (PBS).