Gujarat CM Inaugurates IACC's First MSME Centre of Excellence in India

Gujarat Chief Minister Bhupendra Patel inaugurated the Indo-American Chamber of Commerce's first Centre of Excellence for MSMEs in India. Aimed at bolstering export capabilities, the centre is expected to enhance the MSME sector. The initiative supports Gujarat's significant economic contributions and strengthens India-US industrial relations.

Gujarat Chief Minister Bhupendra Patel on Thursday inaugurated the Indo-American Chamber of Commerce's (IACC) Centre of Excellence for MSMEs in the city, according to an official release.

This Centre, the first of its kind by IACC in India, aims to upgrade and strengthen Micro, Small, and Medium Enterprises (MSMEs) to effectively cater to the export markets, as per the release.

The chief minister praised the MSME sector as the backbone of the economy, asserting its crucial role in making India the third-largest economy during the third term of Prime Minister Narendra Modi. He highlighted that 19.80 lakh registered MSMEs in Gujarat employ nearly 1.07 crore people, thanks to initiatives like ease of doing business and supportive policies.

Patel also noted that Gujarat contributes 8.63% to the national GDP while covering only 5% of the country's land area.

He expressed confidence that the IACC's 'Centre of Excellence for MSMEs' will further strengthen industrial relations between India and the United States. IACC, with its 14 offices across India and 38 partner organizations in the US, aims to amplify bilateral trade, which reached USD 200 billion last year, said the release.

(With inputs from agencies.)