The Memorandum of Understanding will be signed during the upcoming visit of Russian President Vladimir Putin to India.
The government approved the signing of an agreement to promote cooperation between the small and medium enterprises of India and Russia, which will open more opportunities for Indian MSME sector by way of new markets, joint ventures, sharing of best practices and technology collaborations.
The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi. The Memorandum of Understanding (MoU) will be signed during the upcoming visit of Russian President Vladimir Putin to India.
Putin will be on a two-day visit here beginning tomorrow to hold the annual India-Russia summit with the Indian Prime Minister, with a focus on further boosting bilateral ties and deliberate on a range of regional and global issues including US sanctions on import of Iranian crude oil.
The pact was signed between National Small Industries Corporation Ltd. (NSIC) - a Public Sector Undertaking of the Ministry of Micro, Small & Medium Enterprises (MSME) and JSC - Russian Small & Medium Business Corporation (RSMB Corporation).
"The objective of the MoU is to promote cooperation between the Small and Medium Enterprises (SMEs) of the two countries. It would provide a structured framework and enabling environment to the MSME sector of the two countries to understand each other's strengths, markets, technologies, policies etc," an official statement said.
The agreement aims to enhance enterprise to enterprise cooperation and help initiate sustainable business alliances in terms of technology transfers, joint ventures and business partnerships in MSME sector between the two countries."Cooperation in the field of capacity building, rapid incubation for entrepreneurship development, exposure to each other's market by encouraging participation in exhibitions are also envisaged in this MoU," the statement said.