Business News of Wednesday, 4 October 2017
The National Entrepreneurship and Innovation Plan-NEIP, under the ministry of Business Development, has entered into a memorandum of Understanding (MOU) with an indian manufacturing company to provide manufacturing equipment under the Industrialisation program of NEIP
The MOU under the supervision of the ministry for Business Development was signed between the national Entrepreneurship and Innovation Plan-NEIP and Action Construction Equipment Limited and Samdeb Company Limited, the consultant on the project
Touching on the terms of the MOU, the chief executive officer for national entrepreneurship and innovation plan, john Kumah said the responsibility of ACE was to provide equipment and installation under the industrialization program of NEIP, he said the NEIP industrialization will identify ten local private companies who will become beneficiaries of the various factories with NEIP acting as a facilitator for and on behalf of the government of Ghana and in partnership with Ghana Exim Bank.
NEIP under its Industrialization flagship program has plans to establish small scale manufacturing plants to promote youth entrepreneurship and create job opportunities among the Ghanaian Youth. He said this MOU with the ACE is an effective way to implement NEIP industrialization program to feed into the one district one factory agenda of government with particular emphasis on the youth.
The president of ACE Naresh Chandra Soral, said ACE have the capacity to produce all forms of Manufacturing equipment. He said; ACE will design the engineering of plant, development of mechanical and electoral drawings, general layout of the plant, machine foundation, preparation of operation ,maintenance manual and standard operation procedures(SOP,s)
‘ACE will also be responsible for procurement, supply of plants and equipment for production, tools and equipment for quality control, including associated auxiliary and equipment, supply spare parts”.
Funding for the project will be arranged from Ghana Exim Bank and will ensure the availability of funds during execution of the project.
Some of the areas under the MOU are the development of machines for nail manufacturing in three different regions of Ghana, sewing and tailoring in all ten regions, Automobile repairing and servicing workshop in three regions, steel fabrication workshop in two regions, concrete blocks manufacturing plant in ten regions etc.
The parties agreed to work exclusively with each other for the execution and implementation of these projects.