Ministry of MSME,
Government of India finalised MoU on MSME Cooperation with Indian Ocean Rim
Association (IORA) member countries. The MoU will take effect for each party
upon signature by 5 countries. The MoU finalized would be signed soon at an
appropriate forum.
The focus areas of the
Memorandum of Understandings (MoUs) are:
1.
To
finalise linkages and alliances amongst MSMEs organizations, associations and
various institutions engaged in MSME development in their countries.
2.
Exchange
best practices, policies and programs for MSME development
3.
Exchange
greater involvement of MSMEs in the global supply chain, increase their market
access.
4.
Promote
youth and women’s economic empowerment.
5.
Encourage
synergies with the IORA forum.
IORA Secretariat at
Mauritius will be the coordinating agency for the implementation of the MoU.
IORA special fund created for the member countries to use it for to carrying
out activities envisaged under this MoU.

Representatives
of IORA member countries
Background:
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. 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.
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% of all business enterprises in the world and provide nearly 70% 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% of India’s industrial output, 40%
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.
********
AK