Cabinet approves pact with Sweden on small enterprises

The union cabinet today approved the signing of a memorandum of understanding between India and Sweden on cooperation in Micro, Small and Medium Enterprises (MSMSEs).

The objective of the MoU is to promote cooperation between the Micro, Small and Medium Enterprises of the two countries. It provides a structured framework and enabling environment to the Micro, Small and Medium Enterprise (MSME) sector of the two countries to understand each other's strengths, markets, technology utilisation and policies etc.

It also contains an agreement between the two countries to enable their respective MSMEs to participate in each other's trade fairs / exhibitions and to exchange business delegations, to understand policy and explore markets so that joint ventures, tie-ups, technology transfer etc. could take place.

It does not contain or involve any financial, legal or political commitment on the part of either party. In no case does it attract any financial liability on the part of the Government of India.

This kind of cooperation opens up doors of new opportunities for the Indian MSME sector by way of new markets, joint ventures, sharing of best practices and technology collaborations etc.

The ministry of MSME has so far entered into long-term agreements for cooperation in the MSME sector with counterpart ministries / organisations of 17 countries -  Tunisia, Romania, Rwanda, Mexico, Uzbekistan, Lesotho, Sri Lanka, Algeria, Sudan, Cote d'lvoire, Egypt, Botswana, South Korea, Mozambique, Indonesia, Vietnam and Mauritius.