Chinese Smartphone Brand Huawei all set to Re-Enter in Pakistan’s Tech market.
According to Company’s officials Huawei re-launch was expected by the end of this year or by early 2024.
In this regard a ceremony, organized to launch the company’s annual report for 2022, was aired in many countries, including Pakistan. The development comes as Huawei Chairman Eric Xu last week issued fighting words against US tech export restrictions on China.
The announcement was made during the ceremony to launch the company’s annual report for 2022 in the which company’s chairman Eric Xu announced the big news. The move to re-enter the Pakistani market comes amidst Huawei Chairman Eric Xu’s recent remarks.
“I believe China’s semiconductor industry will not sit idly by but take efforts around self-strengthening and self-reliance.”
During a press conference, he confidently announced that the US sanctions would lead to the rebirth of China’s chip industry. Xu said He told reporters at a press conference that China’s chip industry would be “reborn” as a result of US sanctions.
“For Huawei, we will render our support to all such self-saving, self-strengthening and self-reliance efforts of the Chinese semiconductor industry,” he said.
Huawei reentering the smartphone market would be very beneficial for Pakistan for the products and also the revenue it brings with it. Even now, Huawei is among the largest tax-paying and job-creative companies in Pakistan, said chief executive officer (CEO) of Huawei Pakistan Shahzad Rasheed.
“Huawei is utilizing around 25 percent of its total revenues on research and development (R&D) to spur growth through innovation and in Pakistan, it has provided 2,500 jobs in the last six months period”, said Rasheed while addressing at the launch of the annual report.
Huawei reported steady operations throughout 2022, having generated USD92.37 billion in revenue and USD5.12 billion in net profits.
The company released its annual report which noted that Huawei continues to strengthen investment in R&D, with an annual expenditure of USD23.22 billion in 2022, representing 25.1% of the company’s annual revenue and bringing its total R&D expenditure over the past 10 years to more than USD 140.55 billion.