The Egyptian company SICO Technology has signed a partnership agreement with the China Megaun Group for the construction of an assembly plant for tablets and mobile phones in Egypt. The $ 20 million plant, funded in half by both parties, will be built in the Borg-El Arab Technology Zone in the Governorate of Alexandria.
According to Mohamed Salem, the president of SICO Technology, whose remarks are reported by dailynewsegypt.com, the production capacity of this factory during its first year of operation (2017) will be 6,000 devices per day. In 2018, this capacity will increase to 12,000 devices. Mohamed Salem said the plant will produce smartphones and tablets for the Egyptian market as well as the markets of Southern and Eastern Africa, the Gulf and Latin America.
Once the plant is in operation, SICO Technology plans to open its capital on the Egyptian Exchange (EGX) to raise funds to finance its future expansion plans. Through this factory, Mohamed Salem explains that his ambition is to make Egypt a manufacturer of electronic equipment instead of remaining a mere consumer. In addition, this infrastructure will create jobs and increase the country’s foreign exchange earnings.
The important internal market of Egypt, with an increasingly important attraction for electronics, and its position of gateway towards the African and European markets, are among the assets on which Mohamed Saleh counts for the success of the assembly plant for tablets and smartphones in the country.