The Ministry of Trade and Industry has signed a Memorandum of Understanding (MoU) with its counterpart in Belarus for the establishment of a US$10million tractor manufacturing plant in the country.

Belarus controls an over-14% share in the global manufacturing of tractors, and intends to take advantage of the ECOWAS market by making Ghana the hub of tractor manufacturing in the sub-region.

Other areas of cooperation agreed by the two countries include the development and promotion of the Ghanaian-Belarusian manufacturing sectors, and the maintenance of cooperation between industrial enterprises and research organisations of both countries.

Speaking at a brief signing ceremony in Accra, Minister for Trade and Industry Ekwow Spio-Garbrah said the agreement will help promote trade and industrial activities between the two countries.

“Ultimately, there will be increase in industrial production and exports to rake in the much-needed foreign exchange for growth and development of the Ghanaian economy,” he stressed.

He said the mutual cooperation between the two countries will also explore agro-processing in the areas of value addition for fruit, vegetables and other agricultural products in Ghana.

The two countries further agreed to form a Council on Trade and Industry to discover potential sectors for investment and mutual cooperation.

The Belarusian delegation was led by Vyacheslav Beskosty, Ambassador Extraordinary and Plenipotentiary of the Republic of Belarus in Ghana, and also included Mr. Ade Coker, the Honorary Consul of Belarus to Ghana.