India-Russia: MoU on MSME cooperation gets Cabinet nod

The objective of the MoU is to promote cooperation between the Small & Medium Enterprises (SMEs) of the two countries

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) - a Public Sector Undertaking of the Ministry of Micro, Small & Medium Enterprises (MSME) of the Republic of India and JSC-Russian Small & Medium Business Corporation (RSMB Corporation), Russia. The MoU will be signed during the upcoming visit of Russian President to India.

The objective of the MoU is to promote cooperation between the Small & Medium Enterprises (SMEs) of the two countries. It would provide a structured framework and enabling environment to the MSME sector of the two countries to understand each other's strengths, markets, technologies, policies etc. It aims to enhance enterprise to enterprise cooperation and help initiate sustainable business alliances in terms of technology transfers, joint ventures and business partnerships in the MSME sector between the two countries. Cooperation in the field of capacity building, rapid incubation for entrepreneurship development, exposure to each other's market by encouraging participation in exhibitions are also envisaged in this MoU.

This cooperation is expected to open doors of new opportunities for Indian MSME sector by way of new markets, joint ventures, sharing of best practices and technology collaborations etc. NSIC, under the Ministry of MSME, has a considerable experience in carrying out such cooperation and is, therefore, an appropriate organization to implement the activities of this MoU.

(With inputs from PIB)