Cairo  - HMD Global, the Finnish manufacturer of Nokia mobile phones, plans to produce four million traditional and smartphones annually in Egypt for African exports starting in 2024.

The company also intends to export an additional 200,000 units annually from Egyptian facilities to North African markets, CEO Jean-Francois Baril stated, according to a cabinet statement.

HMD Global is set to allocate two million devices for local Egyptian sales, Baril added during a meeting with Amr Salaam, Egyptian Minister of Communications and Information Technology.

The meeting, attended by HMD and Egyptian Silicon Industries Co. executives, highlighted the government's efforts to develop the local electronics industry and attract foreign investment under an initiative to make Egypt a manufacturing hub.

Talaat said several major electronics firms have recently set up plants in Egypt, citing HMD's decision as a vote of confidence in the supportive business environment and skilled workforce.

Baril affirmed HMD's commitment to its expansion strategy and increasing the local component ratio in Egypt-made devices.

He credited infrastructure improvements and government backing for creating an attractive investment environment.

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