The Ministry of Micro, Small and Medium Enterprise (MSME), Government of India has finalised a Memorandum of Understandings (MoUs) on MSME Cooperation with Indian Ocean Rim Association (IORA) member countries.

The MoU will take effect for each party upon signature by 5 countries. IORA comprises 21 member states and 7 dialogue partners. The MoU finalized would be signed soon at an appropriate forum.

MoU for MSME Cooperation amongst Indian Ocean Rim Association member countries will provide an appropriate platform to IORA 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.

MSMEs constitute more than 90 percent of all business enterprises in the world and provide nearly 70 percent of global employment. The overwhelming majority of MSMEs in the developing world are micro-enterprises with fewer than 10 employees. India has more than 48 million MSMEs. These contribute more than 45 percent of India’s industrial output, 40 percent of the country’s total exports and create 1.3 million jobs every year.

India has already signed Memorandum of Understandings (MoUs) with 18 countries for cooperation in MSME sector. The National Small Industries Corporation of India, Public Sector Enterprise under the Ministry of MSME has 34 MoUs with its counterpart organizations of foreign countries for cooperation in MSME sector.

The Ministry of MSME, Government of India in consultation with the Ministry of External Affairs, Government of India and IORA Secretariat organized this Workshop, wherein 29 representatives from 14 member countries, viz., Mozambique, Madagascar, Sri Lanka, South Africa, Comoros, Kenya, Seychelles, Malaysia, Mauritius, Singapore, Australia, UAE and Yemen participated.

Workshop on MSME Cooperation amongst IORA member countries was organized in pursuance of the commitment made by India in the Economic Business Conference - II (EBC- II) held in Dubai in April, 2016

Union Minister of MSME, Kalraj Mishra Thursday inaugurated Workshop on MSME Cooperation amongst Indian Ocean Rim Association (IORA) Member countries.

Speaking on the occasion, he said that this workshop will strengthen economic relationship amongst the member countries in the field of trade and investment facilitation especially in MSME sector.

He also stated that India has Memorandum of Understandings (MoUs) with 18 countries for cooperation in MSME sector.

The National Small Industries Corporation of India, Public Sector Enterprise under the Ministry of MSME has 34 MoUs with its counterpart organizations of foreign countries for cooperation in MSME sector.