Oppo to invest EGP 100 million in Egypt’s smartphone market
Egypt is receiving a boost to its stalled smartphone market, where pricing of top end smartphones have left the vast majority of the population on the outside of the sector. The announcement from Oppo Electronics will see massive investment in the North African county and aims to boost both production and jobs for the sector.
Oppo announced it would be putting EGP 100 million into the country’s smartphone market. According to Oppo’s Executive Director Sky Lee, the target is to hire “1,000 Egyptian employees.” For a country where unemployment rates remain staggeringly high, the push for new jobs should help boost the IT sector even further as it comes out of political uncertainty in the country after nearly four and a half years of unrest.
Lee added that there was a “possibility of establishing a factory in Egypt” with the condition that the company achieved “determined sales rates in the country.” He did not add what those “targeted figures” need to be.
For Egypt, however, the move is likely to be met with positive reactions as jobs have become hard to find and the IT sector, after nearly a decade of forward movement up to 2011, has found it hard to maintain its push.