Chinese smartphone maker Oppo said Tuesday that it has signed an MoU with Egypt’s Information Technology Industry Development Agency (ITIDA) to build a mobile phone manufacturing facility in an investment worth $20 million (EGP 387.4 million).
The production facility is expected to produce 4.5 million mobile phones annually and create around 900 job opportunities for three years, according to the state-run Middle East News Agency. The investment is part of President Abdel Fattah El Sisi’s “Egypt produces electronics” initiative that is aimed at enhancing the North African country’s electronics industry to support the national economy and increase exports.
Egypt’s communication minister Amr Talaat said that his ministry will manage the implementation of the project in close cooperation with ITIDA.
Founded in 2004, Oppo is one of China’s major electronics manufacturers, operating in over 50 countries and employing more than 40,000 people. Oppo’s investment is part of Egypt’s broader strategy to attract $40 billion (EGP 773.57 billion) in foreign investments in the next four years to mitigate the fallout from the war in Ukraine.
