India and Russia are set to ink a pact for cooperation between Micro, Small and Medium Enterprises (MSMEs) of the two countries after the bilateral summit between Prime Minister Narendra Modi and Russian President Vladimir Putin.
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) and JSC-Russian Small & Medium Business Corporation (RSMB Corporation), Russia.
The agreement aims to promote cooperation between the Small & Medium Enterprises (SMEs) of the two countries. It would provide a structured framework and an enabling environment to the MSME sector of the two countries to understand each other’s strengths, markets, technologies, policies, etc.
It also aims to enhance the enterprises to seek cooperation and help each other and also to initiate sustainable business alliances in terms of technology transfers, joint ventures and business partnerships in the MSME sector between the two countries.
The pact also covers cooperation in the field of rapid incubation for entrepreneurship development, capacity building, exposure to each other’s market by encouraging participation in exhibitions.
This cooperation is expected to open new opportunities for the 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 organisation to implement the activities of this MoU.