ISLAMABAD: Finance Minister Ishaq Dar on Friday said the government would provide incentives to local manufactures of smartphones and IT-related solutions during the next three years.
Chairing a meeting with a group of Chinese investors in information technology sector, the finance minister said foreign direct investment (FDI) in IT sector would enjoy special corporate tax rate for the next five years if they complete their projects in three years time period, till June 30, 2017.
He also informed that Pakistan has educated and skilled young labour force which can be used as export base to the whole region. Mr Dar also discussed the proposed budget which “provides special incentives for foreigners investing here”.
Lou Peide, Secretary General of Chinese Mobile Companies Association and head of the delegation, said they are here to explore Pakistan’s domestic market which “presents a huge opportunity for manufacturing of smartphones capable of 3G/4G technology”.
He mentioned that with nearly 200 million population and high growth rate in mobile industry, there is a huge requirement for local manufacturing units in the country.
Chinese companies owned almost 80 per cent of the global market and produced smartphones whose costs ranged from $22 to $600, he said.
The group expressed its commitment to set up smartphone manufacturing industry in Pakistan.
Mr Dar assured the investors that their concrete proposal prepared in consultation with the Ministry of IT and the Board of Investment (BoI) would be considered seriously to develop local mobile manufacturing units here.
Published in Dawn, June 7th, 2014
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