Lucky Motor Corporation Limited (LMC), a subsidiary of Lucky Cement Limited, has announced a strategic move into the electronics market by entering into an agreement with Samsung Gulf Electronics Co. FZE (Samsung) to produce Samsung-branded mobile devices in Pakistan.
The announcement was made on Friday through a notice to the Pakistan Stock Exchange (PSX), signaling a significant expansion in LMC’s business portfolio.
As a prominent player in the manufacturing and assembly of motor vehicles, LMC has been assembling KIA and Peugeot branded vehicles. Now, the company is set to diversify its operations by venturing into the production of Samsung mobile devices, further strengthening its position in the market.
The agreement with Samsung Gulf Electronics Co. FZE marks a pivotal moment for LMC, as it signifies the corporation’s foray into the rapidly growing mobile technology sector. To facilitate this strategic move, LMC has initiated the process of obtaining necessary regulatory approvals. In particular, the company has filed an application with the Pakistan Telecommunication Authority (PTA) to secure the required license for the production of Samsung-branded mobile devices.
The production facility for Samsung Mobile Devices will be housed at LMC’s existing plant located at Bin Qasim Industrial Park, Special Economic Zone, Port Qasim, Karachi. This facility, renowned for its vehicle manufacturing capabilities, will be repurposed to accommodate the assembly and production processes for Samsung mobile devices. The company has set an ambitious target, aiming to have the production facility operational and ready for use by December 2021.
This strategic move not only aligns with LMC’s vision for diversification but also contributes to the promotion of local manufacturing and assembly in Pakistan. By producing Samsung mobile devices domestically, LMC aims to tap into the burgeoning demand for smartphones and contribute to the country’s economic growth.
The collaboration between LMC and Samsung Gulf Electronics Co. FZE represents a synergy between automotive and electronics industries, highlighting the adaptability and versatility of LMC’s manufacturing capabilities. As the production facility gears up for the new venture, industry observers are keenly watching the developments, anticipating the positive impact of this collaboration on the local economy and job market.
The announcement comes at a time when the Pakistani market is witnessing increased demand for electronic devices, including smartphones. LMC’s entry into the mobile device manufacturing sector is expected to not only meet this demand but also position the company as a key player in the rapidly evolving technology landscape.
In summary, Lucky Motor Corporation Limited’s decision to produce Samsung Mobile Devices in Pakistan represents a strategic alignment with market trends and consumer demands. The move underscores the company’s commitment to diversification and innovation while contributing to the growth of the local manufacturing sector. As the production facility nears completion, all eyes are on LMC as it prepares to make its mark in the competitive world of mobile device manufacturing.