Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the signing of a Memorandum of Understanding (MoU) between National Small Industries Corporation Ltd. (NSIC) of India and Russian Small and Medium Business Corporation (RSMB).
NSIC is a Public Sector Undertaking of the Ministry of Micro, Small and Medium Enterprises (MSME) of India. The MoU between NSIC Limited and RSMB Corporation will be signed during the upcoming visit of the Russian President Vladimir Putin to India.
In order to promote the cooperation between the Small and Medium Enterprises (SMEs) of the two countries, the MoU will provide a structured and enabling environment to the MSME sector of the two countries for understanding each other's strengths, markets, technologies, policies etc.
By aiding to initiate sustainable business alliances in technology transfers, joint ventures and business partnerships in the MSME sector the MoU seeks to enhance enterprise to enterprise cooperation between the two countries.
The MoU also covers cooperation in the field of capacity building, rapid incubation for entrepreneurship development and exposure to each other's market by encouraging participation in exhibitions.
It is being expected that this MoU will bring forward new opportunities for Indian MSME sector by means of joints ventures, new markets and sharing of best practices and technology collaborations among other things.
Russian President Vladimir Putin, will pay a two-day official visit to New Delhi on October 4 and 5 for the 19th India-Russia annual bilateral summit. During the same period, the Russian Export Centre (REC) will also organise a large-scale business mission featuring Russian companies in India. (ANI)