The Cabinet on Wednesday approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation (NSIC) and Russia-based JSC.
NSIC is a Public Sector Undertaking of the Ministry of Micro, Small & Medium Enterprises (MSME) while JSC is Russian Small & Medium Business Corporation.
The MoU will be signed during the upcoming visit of Russian President Vladimir Putin to India.
The decision has been taken by the Cabinet chaired by Prime Minister Narendra Modi.
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 and policies.
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.
Cooperation in the field of capacity building, rapid incubation for entrepreneurship development, exposure to each other’s market by encouraging participation in exhibitions are also envisaged in this MoU.
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.