Egypt's SICO plans to produce more than 2M devices, export to Africa
Newspaper Title: https://www.egypttoday.com/
Newspaper Number:
Wednesday - 6 October 2021
The Egyptian company, SICO Technology, plans to assemble devices for other companies and increase its exports to Africa, with the production of more than two million devices of various brands in 2022, according to Bloomberg.
SICO is the first Egyptian company to manufacture smart phones, 20 percent of which is owned by the Egyptian Ministry of Communications and Information Technology, and it has factories near Cairo and in Assiut.
The company recently started manufacturing smart phones for Indian and Chinese companies, and will also produce other devices such as: TVs, satellite receivers, and electronic payment devices, according to CEO Mohamed Salem.
SICO produces its own brand of Nile X for mobile phones that sell for as low as $80.
It aims to produce more than two million devices of various brands in 2022, compared to 1.5 million devices in 2021, according to Salem.
The Egyptian company sells its mobile devices and tablets in the Arab Gulf countries, France and Rwanda, and exports between 15 and 20 thousand units annually.
SICO is seeking to export its products to four other African countries, namely Tanzania, Liberia, Mauritania and Namibia, in the coming months.
“International companies will benefit from the presence of a manufacturing center away from East Asia,” the CEO of SICO said, indicating that this will help them increase their sales, especially after the impact of the epidemic on global supply chains, which drew attention to the importance of the presence of regional manufacturing centers.
The demand for mobile phones is booming in Africa, as the number of internet users is increasing as the prices of services are falling, as well as the growth of mobile banking, which is particularly popular.
“45 percent of SICO’s smartphone components are locally sourced, and we import other parts from places like China,” Salem noted.
The unveiling of SICO's plan comes as Egypt, one of the continent's three largest economies and its largest manufacturing country, looks to boost trade with sub-Saharan Africa.
Egypt's exports to the continent are minor compared to its exports to Europe, the Middle East, or the United States, but it is expected to benefit from the African Continental Free Trade Area.
