SICO to invest EGP200 mln in Asyut’s factory

Egypt-based SICO Technology is set to pump the investments in its factory at the technology park in Asyut of 200 million Egyptian pounds by the end of 2018.

Sico’s chairman Mohamed Salem said that the targeted investments are in the frame work of funding the company’s expansion plans and increasing the production volume to cover the local and foreign demand.

He added that the expansion plan includes increasing the area of the factory to 9 thousands metre square by mid 2019 compared to current area of 4000 metre square, in addition to increasing the number of production lines to 12 lines during next year.

SICO Technology has recently started to export its domestically-manufactured mobile phones to the UAE.

The company aims to export its units also to Tanzania, Kenya, Ughanda and Suadi Arabia.

The company is set to increase the investments of its factory at the technology park in Asyut to one billion Egyptian pounds during the next three years.

The company has acquired a market share of 3 percent since launching its domestically-manufactured mobile phones last February, seeking a market share of 6 percent by the end of 2018.

SICO, the first Egyptian brand specialised in the field of mobile phones, aims to carry on its expansion plans overseas and to export its products to the Arab and African countries over the coming period, he indicated.

In February, SICO had launched its first Egyptian android smartphone through six models, their prices range between 999 Egyptian pounds and 4,200 pounds