The plant will be collaboration with R&R Industries in Karachi which will produce the TV sets for the South Korean company which has established itself as a global leader.

The plant "will become functional in Q4 of 2021 and is expected to produce 50,000 units annually,” tweeted Dawood.

“This is a vindication of MOC’s "Make-in-Pakistan" policy for industrialization via rationalization of input costs and other incentives,” he added.

As reported by Business Recorder on Wednesday, "the financial results for the second quarter ended June 30, 2021, Samsung Electronics posted consolidated revenue of Korean Won (KRW) 63.67 trillion, a 20% increase from the previous year and a record for the second quarter. Operating profit increased 34% from the previous quarter to KRW 12.57 trillion as market conditions improved in the memory market."

Many see this announcement as a major boost to Pakistan which has been advocating for more local assembly/manufacturing units as a way to reduce reliance on imports.

Samsung entered an agreement in July with a local company to produce Samsung mobile phones in Pakistan.