Local smart phone manufacturers to be given incentives: Dar

ISLAMABAD: Federal Minister for Finance, Ishaq Dar on Friday that the government would provide incentives to local manufactures of smart phones and IT related solutions during the next three years.

While chairing a meeting with group of Chinese investors in Information Technology sector here, the Finance Minister informed the delegation that Foreign Direct Investment in IT sector will 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 labor force and it can be used as export base to the whole region.

The Finance Minister briefed the investors on the latest economic indicators and performance of economy during the last one year.

He also discussed the proposed budget which provides special incentives for the foreign investment in Pakistan.

Lou Peide Secretary General of Chinese Mobile Companies Association and head of the delegation informed that the group comprises of famous Chinese companies in smart phones manufacturing sector.

He said that the delegation is in Pakistan to share Chinese experience as Pakistan’s domestic market presents a huge opportunity for manufacturing of smart phones 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.

He informed that Chinese companies own almost 80% of the global market and produce smart phones with a cost from US $22 to US$600.

He said that we have introduced multiple operating system and solutions to security requirements.

The group expressed its commitment to set up smart phone manufacturing industry in Pakistan on the fast track.

The Finance Minister assured the group of investors that their concrete proposal prepared in consultation with the Ministry of IT and the BOI will be considered seriously to develop local mobile manufacturing units in Pakistan.

The meeting was also attended by Ms. Anusha Rehman, MOS for Information Technology, Finance Secretary, Secretary M/o IT, Chairman Federal Board of Revenue, Chairman Board of Investment, and senior officials of the Finance Ministry.