Union Cabinet approves MoU to promote India-Russia cooperation in MSME

Union Cabinet approves MoU to promote India-Russia cooperation in MSME

Union Cabinet approves MoU to promote India-Russia cooperation in MSME

Union Cabinet chaired by Prime Minister Narendra Modi approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) - a Public Sector Undertaking of the Ministry of Micro, Small and Medium Enterprises (MSME) of India and Russian Small and Medium Business Corporation (RSMB).

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.
 

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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 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.

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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.