The phone will be first launched in Indonesia, where the company still enjoys great popularity, in April.

Battered smartphone-maker BlackBerry plans on releasing a sub-$200 phone, which is a crucial price category in emerging markets, in a bid to overcome falling sales, decreasing popularity and flagging profitability.

The move to release the Z3, which will first hit Indonesia and then other emerging markets like India, comes on the same day that the Canadian mobile market decided to cut the price of its Z10 smartphone in the Indian market.

The Z10, which was first launched at Rs. 43,490 and then was later cut down to Rs. 29,990, is now available for Rs. 17,990 for a limited period offer.

Both these moves are being seen by analysts as last-ditch efforts to make a dent in the smartphone race.

"The Z3, with all its features, is competitive for emerging markets like India at its price of $200," said John Chen, Executive Chairman and CEO, BlackBerry, in response to a question from reporters at the Mobile World Congress trade fair here on Tuesday.

The Z3 smartphone comes with a 5 inch display, a full touch display, and will run the latest version of the BlackBerry operating system -- version 10.2.1. it is also the first phone made under a new five-year partnership the company has with Foxconn.

"The Z3 embodies all that BlackBerry 10 offers, with its exceptional productivity features and reliable communications," Mr. Chen said.

The phone will be first launched in Indonesia, where the company still enjoys great popularity, in April. No pricing details were announced.