The mobile phone manufacturing industry is expected to grow more under the second phase of China Pakistan Economic Corridor (CPEC). The Federal Minister for Industry and Production said that mobile manufacturing is a relatively new industry and all the politicians, the private sector and stakeholders have to work together to improve this industry.
The development of the mobile industry can help the country by fulfilling its local manufacturing needs. It will also help the country in increasing its exports for sustainable economic growth. The minister further added that a long-term policy will be launched in order to ensure the smooth functioning of the industry.
CPEC has provided Pakistan’s industrial sector with an opportunity to modernise and improve its efficiency. The numerous energy projects would assist in addressing some of the major growth-restraining factors, along with improvements in the infrastructure and transportation systems.
The development of Special Economic Zones (SEZs) is also meant to assist industries in streamlining supply chains, improving collaboration and innovation capabilities and helping gain considerable economies of scale. It would also help in reducing the country’s imports, generating job opportunities and saving huge foreign exchange reserves.
With the rising demand for smartphones both locally and globally, the mobile phone manufacturing industry could give a competitive advantage of low labour costs. This has the potential to grow into a significant sector that can provide an export surplus and offer “Made in Pakistan” mobile phones. The mobile industry can potentially contribute $500 million to $1 billion through the export of engineered goods.
Considering the fast pace of the work being carried out, CPEC will soon fulfil its mission of rapidly upgrading Pakistan’s required infrastructure and strengthening its economy through the development of the mobile phone industry, construction of modern transportation networks, numerous energy projects, and special economic zones.
Additionally, with its enormous potential, CPEC will continue to expand exports, employment opportunities, infrastructure development and energy production for Pakistan, thus boosting the country’s economy by a large scale.