Ethiopian News Agency
Ethio Engineering Group has signed an agreement that enables it to produce 10,000 tractors annually with the Chinese company YTO-CAMACO.
The agreement was inked by Ethio-Engineering Group CEO Sulieman Dedefo and YTO-CAMACO Project CEO Wang Sun.
Signing the agreement, Sulieman said the MoU would enable to mainly produce tractors for local markets and gradually expand to market in other African countries.
The memorandum has a special place for Ethiopia as it transforms the assembling of tractors to producing them at home, he added.
Producing tractors in Ethiopia would also help to save foreign currency and to create jobs, the CEO noted.
In addition to producing tractors, combiners and other machineries, a sales center will be built.
YTO-CAMACO Company Project CEO Wang said the factory will strengthen the ongoing efforts of Ethiopia to modernize its agriculture.
Furthermore, he stated that it will enable the nation to earn foreign currency by exporting agricultural equipment and machineries to other countries.
The factory is expected to become operational within a year.
YTO-CAMACO (CHINA-AFRICA MACHINERY CORP) is a leading Chinese company in the production of agriculture tractor worldwide, with production capacity of forging, mechanical processing, assembly, and testing.