Union Government finalises MoU on MSME Cooperation with IORA Member Countries

The Union Ministry of MSME on 20 January 2017 finalised MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) member countries.

The MoU will be effective once when it is signed by all the 5 countries of IORA.

Key focus areas of MoU
• To finalise linkages and alliances amongst various MSMEs organizations, associations and institutions engaged in MSME development in their respective countries.
• To exchange greater involvement of MSMEs in the global supply chain and to increase their market access.
• To promote youth and women’s economic empowerment.
• To exchange best practices, policies and programs for MSME development
• To encourage synergies with the IORA forum.

Highlights of the MoU
• The coordinating agency for the implementation of this MoU will be IORA Secretariat at Mauritius.
• This MoU is expected to provide an appropriate platform to IORA MSMEs to interact with each other and participate in trade fairs.
• It will facilitate buyer-seller meetings, visits of delegations and will acquire appropriate technology and explore trade and investment opportunities.
• It will enhance market access, encourage access to finance, support innovation as a key competitive advantage for MSME and will build capacity in management and entrepreneurship.
• Moreover, on the same occasion, the Union Government also created IORA special fund for the member countries to use it for carrying out activities that are envisaged under this MoU.

Background
Earlier in April 2016, a workshop on MSME Cooperation amongst IORA member countries was organized for implementation of the commitment made by India in the Economic Business Conference - II (EBC- II). It was held in Dubai.

Twenty nine representatives from 14 member countries participated in this workshop. These countries were Mozambique, Madagascar, Sri Lanka, South Africa, Comoros, Kenya, Seychelles, Malaysia, Mauritius, Singapore, Australia, UAE and Yemen.