A meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday gave its approval for a Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Micro, Small and Medium Enterprises (MSME).
The objective of the MoU is to promote cooperation between the MSME of the two countries.
It provides a structured framework and enabling environment to the MSME sector of both the countries to understand each other's strengths, markets, technologies and policies.
It also contains an agreement between the two countries to enable their respective MSMEs to participate in each other's trade fairs and exhibitions.
It also proposes to encourage the exchange between business delegations of the two countries to understand policies and explore markets to facilitate joint ventures, tie-ups and technology transfers.
The MoU does not contain any financial, legal or political commitment on the part of either party. It also does not attract any financial liability on the Government of India's part.
This kind 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.
