A public sector enterprise under the Union Ministry of Micro, Small & Medium Enterprises, National Small Industries Corporation Limited (NSIC) on 19 January 2015 signed a Memorandum of Understanding (MoU) of Cooperation with the Black Business Council (BBC) of South Africa.
The MoU was signed during the Conference on Cooperation in MSME Sector organized by NSIC and the High Commission of India in cooperation with Black Business Council.
Highlights of the agreement
• The agreement was signed for developing youth owned enterprises in South Africa.
• The MoU, besides cooperation in MSME sector, also focuses on BBC's efforts to economically empower the marginalized group in South Africa through NSIC's Rapid Incubation Programme.
• BBC plans to establish 5 Rapid Incubation Centres in South Africa in cooperation with NSIC.
India-South Africa cooperation is about sharing knowledge and expertise, exchange of best practices, supporting innovation and building capacity and skills.
The two nations have great prospects for synergizing their complementarities in areas of industry, services, trade and technology especially in the field of Micro, small and medium enterprises (MSMEs).
South Africa as a member of Southern African Development Community can be a good partner for Indian businesses. Similarly, India offers South African companies an excellent location for addressing the huge domestic Indian market as well as the wider Asian market.
When: 19 January 2015