Pakistan’s Air Link Communication Limited on Monday announced that it is all set to commence production of Xiaomi handsets in the country next month.
In a notice to the Pakistan Stock Exchange (PSX), Air Link informed that the inauguration ceremony of the Mobile Device Manufacturing Facility for the production of Xiaomi handsets in Pakistan is planned to be held on March 4, 2022 at Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore.
Air Link said the initiative is expected to generate a sales volume of $550 million per year while creating thousands of jobs in Pakistan.
Xiaomi is a global technology giant with a current standing of 334 in the Fortune Global 500 companies, said Air Link. “It became the world’s second-largest mobile phone manufacturer in Q2-2021, surpassing Apple at the time, and is currently number one in Europe and many other major markets including India.
“The Chinese smartphone manufacturer made a record 190.4 million smartphone shipments in 2021.
“It’s a historic event for our country where Xiaomi, one of the largest smartphone companies, is kicking off production in Pakistan by joining hands with Select Technologies (Pvt) Limited (the wholly-owned subsidiary of AIRLINK),” read the statement.
Select Technologies (Pvt) Limited was incorporated last year to manufacture mobile devices of ‘selected brands’.
“This production facility is a step forward in the direction of PM’s vision of ‘Make in Pakistan’ and will have a huge impact on Pakistan’s economy resulting in the export of locally-produced Xiaomi mobile phones,” Air Link added.
Last year in August, Air Link launched its Initial Public Offer (IPO) that was oversubscribed by 1.6 times.
The company is one of the largest mobile phone distributors of Pakistan with a market share of around 20% within imported mobile phones, said Ismail Iqbal Securities at the time of the IPO.
Air Link also started to manufacture mobile phones locally in Pakistan in April with a monthly capacity of 400,000 units per month, which is expected to reach up to 550,000 units per month by FY23.
Pakistan’s smartphone market has witnessed a surge of international players in recent years, with a number of smartphone makers including realme, Samsung among others expressing interest to tap into the country’s young population.
Source: Business Recorder