The Union Cabinet chaired by Prime
Minister Shri Narendra Modi has approved signing of a Memorandum of
Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) -
a Public Sector Undertaking of the Ministry of Micro, Small & Medium
Enterprises (MSME) of the Republic of India and JSC-Russian Small & Medium
Business Corporation (RSMB Corporation), Russia.
The MoU will be signed during the
upcoming visit of Russian President to India.
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 etc.
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.