India finalises MoU on MSME cooperation with IORA nations

NEW DELHI: The Ministry of MSME today said it has finalised MoU on micro, small and medium enterprises cooperation with Indian Ocean Rim Association (IORA) member countries.

The focus areas of the pact are to finalise linkages and alliances amongst MSMEs organisations, associations and various institutions engaged in MSME development in their countries; and exchange best practices, policies and programmes for development of the sector.

The other focus areas include exchange greater involvement of MSMEs in the global supply chain, increase their market access; promote youth and women's economic empowerment and encourage synergies with the IORA forum.

"The MoU will take effect for each party upon signature by five countries. The MoU finalized would be signed soon at an appropriate forum," the ministry said in a statement.

The IORA member countries includes Mozambique, Sri Lanka, South Africa, Kenya, Seychelles, Malaysia, Mauritius, Singapore, Australia, UAE and Yemen.

It said that MoU amongst IORA member countries will provide an appropriate platform to MSMEs to interact with each other, participate in trade fairs, facilitate buyer-seller meetings and visits of delegations, acquire appropriate technology and explore trade and investment opportunities.

"The MoU will enhance market access, promote access to finance, promote innovation as a key competitive advantage for MSME, build capacity in management and entrepreneurship," it added.