By Eric Appah Marfo, GNA
Accra, Nov. 25, GNA - The Ministry of Trade and Industry (MoTI) says it will pursue the implementation of the Strategic Anchor Industries Initiative to achieve an industrial transformation in 2020.
Mr Alan Kyerematen, the sector Minister, made this known when he led a delegation from some leading global Textile and Garment companies, who visited Ghana last week to tour some selected industries.
The Minister said the visit was to explore sourcing opportunities and consider establishing a vertically integrated textile and garment industry in Ghana on a long-term basis.
The delegation included senior representatives of three of the largest apparel brands: Vanity Fair, PVH, and H&M, whose combined annual revenue was worth more than 30 billion dollars in 2018.
During the presentation of the 2020 Budget and Economic Policy Statement to Parliament, the Minister of Finance noted that the Strategic Anchor Industries Initiative was one of the key components of the Ten-Point Industrial Transformation Plan of the Ministry of Trade and Industry.
This had been designed to diversify and transform the economy by creating new pillars of growth and expansion in the industrial sector.
Mr Kyerematen said the key strategic industries under the Initiative were; Petrochemical, Integrated Aluminum and Bauxite, Iron and Steel, Vehicle Assembly and Automotive Industry, and Garments and Textiles.
The others were Pharmaceuticals, Vegetable Oils and Fats (particularly Oil Palm), Industrial Starch from Cassava, Industrial Chemicals based on Industrial Salt, Machinery and Equipment Manufacturing.
He said the Ministry launched the Ghana Automotive Development Policy in August 2019, which had so far attracted investments and commercial interests from global Original Equipment Manufacturers (OEMs) including Toyota, Volkswagen, Nissan, Renault, Hyundai, Sinotruck and Suzuki.
“The Policy will also support existing local auto assemblers such as the Kantanka Group,” he said.
The Minister further disclosed that an Automobile Industry Development Unit had been established at the Ministry of Trade and Industry to act as a One-Stop Shop to coordinate the implementation of the programme.
It would also facilitate engagements with assemblers, component manufacturers and suppliers, auto dealerships and distributors, vehicle financing institutions and the public.
Mr Kyerematen assured the private sector players that in 2020, activities would be intensified on the implementation of all key ongoing Strategic Anchor Industrial programmes being implemented by the Ministry.
A Programme of Action would also be launched to attract strategic investors into these sectors to ensure sustainability and global competitiveness of Ghana’s industry.
He said the Ministry, in collaboration with the Ghana Investment Promotion Centre, the Ghana Integrated Aluminium Development Corporation, and the Ghana Integrated Iron and Steel Corporation, would pursue programmes to attract investments to develop the Aluminium, Bauxite, Iron and Steel downstream sectors to be the backbone of the country’s infrastructure development.
GNA
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