Union Minister of Micro Small and Medium Enterprises (MSME), Shri Kalraj Mishra inaugurated a Workshop on MSME Cooperation amongst Indian Ocean Rim Association (IORA) Member countries on January 19, 2017 in New Delhi
- Organizing a workshop on MSME Cooperation amongst IORA member countries was committed by India in the Economic Business Conference – II (EBC- II) held in Dubai in April, 2016.
- The Ministry of MSME in consultation with the Ministry of External Affairs and IORA Secretariat organized this Workshop.
- The workshop was participated by 23 representatives from 13 member countries, including Mozambique, Madagascar, Sri Lanka, South Africa, Comoros, Kenya, Seychelles, Malaysia, Mauritius, Singapore, Australia, UAE and Yemen.
Benefits of the Workshop
Workshop will strengthen economic relationship amongst the member countries in the field of trade and investment facilitation especially in MSME sector.
- It would also inspire the member countries to further cooperate and seek opportunities to support the progress towards mutual goals.
- Besides, it would facilitate exchange of ideas, concerns and experiences of IORA member states.
Key Highlights of the Workshop
Minister of State for MSME Shri Haribhai Parthibhai Chaudhary stated that India and IORA together represent a huge market in the world where suppliers can build efficiency and investors can allocate capital most productively with best results.
- The two has a combined population of about 2 billion and is highly attractive due to large segment of high consuming middle class of about 600 million persons in India.
- The workshop highlighted that IORA has continuously worked on enhancing cooperation between the IORA member countries in terms of industrial and cultural cooperation.
- MSMEs in the IORA member countries has also worked effectively to help in alleviating poverty by creating more job opportunities.
Government Signs MoU on MSME Cooperation with IORA Member Countries
The Ministry of MSME finalised the MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) member countries on January 20, 2017. This finalized MoU will be signed at an appropriate forum soon. The MoU will come into effect after 5 countries signs it.
- The IORA Secretariat at Mauritius will be the coordinating agency for the implementation of the MoU. Special funds have also been created by IORA for the member countries to utilize the fund for implementing the MoU.
- 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.
Aim of the MoU on MSME Cooperation
The MoU has been agreed upon to fulfill the following necessities:
- Finalize links and alliances among MSMEs organizations, associations and various institutions engaged in MSME development in their countries.
- Adopt best practices, policies and programs for MSME development
- Greater involvement of MSMEs in the global supply chain to increase their market access.
- Promote youth and women’s economic empowerment.
- Encourage synergies with the IORA forum.
Benefits of the MoU
Provide an appropriate platform to IORA-MSMEs to interact with each other by participating in trade fairs.
- Facilitate buyer-seller meetings and visits of delegations.
- Acquire appropriate technology and explore trade and investment opportunities.
- Enhance market access, promote access to finance, promote innovation, build capacity in management and entrepreneurship for MSME.
About Micro Small and Medium Enterprises MSMEs
The Ministry of Micro, Small and Medium Enterprises , a branch of the Government of India, is the apex body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India.
- MSMEs constitute more than 90% of all business enterprises in the world and provide nearly 70% of global employment.
- Majority of MSMEs in the developing world are those micro-enterprises that has 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.
About Indian Ocean Rim Association (IORA)
The Indian Ocean Rim Association (IORA is an international organisation consisting of coastal states bordering the Indian Ocean.
- The IORA is a regional tripartite forum bringing together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them.
- It is based on the principles of Open Regionalism for strengthening Economic Cooperation particularly on Trade Facilitation and Investment, Promotion as well as Social Development of the region.
- The headquarter of IORA is located at Ebene, Mauritius.