CAIRO, Sept 13 - Prime Minister Mostafa Madbouli on Tuesday witnessed the signing of a memorandum of understanding (MOU) between the Information Technology Industry Development Agency (ITIDA) and Chinese smartphone maker
Oppo whereby the Chinese company will establish a mobile phone factory in Egypt with an initial investment worth USD 20 million.
ITIDA CEO Amr Mahfouz signed the MOU for the Agency, while Oppo Egypt's signatory Zhang Zuchwan inked for the Chinese side. Minister of Communication and Information Technology Amr Talaat attended the signing ceremony.
On the sidelines of the signing ceremony, Talaat said the signing of the agreement comes as part of the presidential initiative launched by President Abdel Fattah El Sisi under the title of "
Egypt Makes Electronics." EME aims at supporting the electronics industry to boost the national economy and increase the Egyptian exports along with supplying the local market with its needs of electronics.
He also said the Ministry of Communication and Information Technology is charged by government of Egypt to oversee the implementation of Egypt Makes Electronics initiative through cooperation with ITIDA, asserting that all bodies concerned will exert utmost efforts to ease measures for establishing the factory. The government works on attracting more foreign direct investments to the various sectors.
Meanwhile, OPPO Egypt representative said the MOU stipulates that initial investments hit USD 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.