The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) and JSC-Russian Small & Medium Business Corporation (RSMB Corporation), Russia.
NSIC is a Public Sector Undertaking of the Ministry of Micro, Small & Medium Enterprises (MSME) of India. The MoU between NSIC and RSMB will be signed during the upcoming visit of Russian President to India.
The main 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 etc. 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.
MOU 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 doors of new opportunities for 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, appropriate organization to implement the activities of this MoU.