MSME Secretary Arun Kumar Panda has said there is an enormous potential for cooperation between India and Taiwan in the micro, small and medium enterprises sector.
He made these remarks Wednesday at the India-Taiwan SME Development Forum in Taipei, being held from 13-17 November.
Speaking about integrating the Indian MSMEs with the regional and global value chains, Panda said there is a lot of potential for cooperation in MSME sector between India and Taiwan, according to an official statement issued by the MSME Ministry.
He said India welcomes investment both in terms of technology transfers and FDI by Taiwanese companies in India with Indian SMEs. Sectors like electronics, auto-components, textiles, automobiles, bamboo industry, in which Taiwan has largest concentration, are of special interest to India, he said.
Panda said the MSME sector in India occupies a position of strategic importance. Currently, there are over 63 million MSMEs across various industries that employ more than 111 million persons and produce more than 8,000 products, ranging from traditional to high-tech precision items.
He said MSMEs form the second largest employment generating sector in India after agriculture. Talking about the initiatives taken by Government of India under Start-up India, he said to promote a culture of entrepreneurship, programmes like 'Start Up India' and 'Stand Up India' have been launched and have resulted in India having the 3rd largest start up ecosystem in the world with more than 26,000 start-ups.
Disclaimer: No Business Standard Journalist was involved in creation of this content
