Govt approves India-Taipei pact for cooperation in MSME sector

Government today approved an agreement for cooperation with Taipei in the field of micro, small and medium enterprises (MSMEs).
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave nod to the MoU between India-Taipei Association (ITA) in Taipei and the Taipei Economic and Cultural Center (TECC) in India.
"The objective of the Memorandum of Understanding (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," an official statement said.

The pact 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.
"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," it added.