The Union Cabinet chaired by the Prime Minister Narendra Modi, has approved the MoU between the India-Taipei Association (ITA) in Taipei and Taipei Economic and Cultural Center (TECC) in India. The MoU is on cooperation in the field of Micro, Small and Medium Enterprises.
The objective of the MoU is to promote the cooperation between the Micro, Small & Medium Enterprises between the two Parties.
It provides a structured framework and enabling environment to the MSME sector of the two Parties to understand each other’s strengths, markets, technologies, policies etc.
It also contains an agreement between the two Parties to enable their respective MSMEs to participate in each other’s trade fairs/exhibitions and to exchange business delegations with the other Party, to understand the policy and explore markets so that joint ventures, tie-ups, technology transfer etc. could take place.
This type 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.
The MoU 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 Parties.
The MSME sector has consistently registered higher growth rate as compared to the overall industrial sector. With its agility and dynamism, the sector has shown admirable innovativeness and adaptability to survive the recent economic crisis.
However, maintain and increasing its share in the total export as also in GDP of the country is a big challenge in the era of globalization and liberalization.