Egyptian prime minister Moustafa Madbouly witnessed on Tuesday the signing of MoU between OPPO company and Information Technology Industry Development Agency (ITIDA) to establish a mobile phone plant in Egypt with investments of $20 million. This MoU included that the plant's production capacity is scheduled to reach 4.5 million units yearly. The agreement was signed by CEO of ITIDA Amr Mahfouz and Zhang Zhushwan authorized signatory on behalf of OPPO Egypt. These investments will contribute to creating 900 job opportunities over the next three to five years. "The signing comes within the framework of the presidential initiative, launched by Egypt's President Abdel Fattah al-Sisi, "Egypt Makes Electronics" with the aim of promoting the electronics industry as one of the largest pillars of the growth of the Egyptian economy, by contributing to the increase or doubling of Egyptian exports." the Minister of Communications and Information Technology Amr Talaat stated. "It is seeking to reduce imports of electronic devices to the local market, and creating job opportunities for thousands of engineers and technicians." Amr Talaat said. "The Ministry of Communications and Information Technology is the government authority tasked with overseeing the implementation of the program through ITIDA of the Ministry of Communications." The minister added. Talaat insured that the ministry will work in coordination with ITIDA to expedite the procedures for establishing the new factory, which comes at a very important time during the government is seeking to attract more foreign investment in all sectors. "According to the MoU, about $20 million will be invested initially to establish the new factory, with a production capacity of 4.5 million units annually." the representative of the Chinese company stated.
