SICO Tech, the first Egyptian producer of smartphones, expects to capture 17% of the country’s smartphone market by 2020 rise from the 2.7% it currently captures, as reported by Reuters. Mohamed Salem, the CEO of Silicon Industries Corporation (SICO), said in an interview that the company is targeting low-income clients that have long been priced out of being able to enjoy the benefits of smartphone usage. He expects the increase in market share to come directly from this demographic. SICO has sold approximately 120,000 handsets since the phone went on sale in February, Salem hopes to see 1.2 billion pounds in sales by the end of this year, and 2.5 billion pounds in sales by 2020. Speaking of the expected growth in a recent interview with Reuters, Salem said that “[SICO’s] target is for exports to reach 60 percent of our production by 2020,”, he added that the company hopes to “expand in Arab markets and in Africa during the coming period.” Salem also thinks that sales will be boosted as part of an effort on the part of Egyptians to buy locally. The company has invested 440 million Egyptian…
