Egyptian firm SICO Technology signed an agreement with partnership with China Megaun Group to build a tablet-and-mobile phones assembly unit in Egypt. The $20 billion plant funded by both parts, will be built in the Borg-El Arab tech zone, in the Governorate of Alexandria.

Cited by dailynewsegypt.com, Mohamed Salem, CEO at SICO Technology, said that the plant in its first year will be able to produce 6,000 devices per day and increase to 18,000 devices in 2018. The Salem added that the plant will manufacture smartphones and tablets for the Egyptian market as well as for Southern and Eastern African, the Gulf and Southern American markets.

Once the assembly unit is operational, SICO Technology intends to open its capital on the Egyptian Exchange (EGX) to raise some cash to finance its expansion. Mohamed Salem says he aims with this unit to turn Egypt into more than a consumer of electronic devices but into a manufacturer. Moreover, jobs will be created via the infrastructure and Egypt’s revenues will be boosted.

Egypt’s internal market, its significance and the growing interest for electronics, added to its position as a bridge to other African and European markets, are the assets on which Salem plans to build the success of the new plant.