“Recognizing the need to modernize small units in Mauritius, National Small Industries Corporation (NSIC) and SMEDA have signed a Memorandum of Understanding for a period of three years,” K. H. Muniyappa, Minister of State for Micro, Small and Medium Enterprises (MSME), said in a Zee News report.

The Small and Medium Enterprise Development Authority (SMEDA)

The agreement solidifies training exchange program initiatives in addition to technology transfers and marketing and finance planning. According to NSIC Chairman and Managing Director H. P. Kumar, SMEs will be better represented in the business space while a fluid business environment will be encouraged.

SMEDA will oversee the creation of programs and SME planning while NSIC will deal with tech, marketing and finance as well as promotion and MSME growth.

“The pact will also include technology transfers from India to Mauritius, implementation of strategy for development of incubation centers in Mauritius, exchange of business missions, facilitate fairs and to carry out industrial surveys between,” Madhav Lal, MSME Secretary said.

Zee News reported that eight percent of India’s GDP stems from the MSME sector. Thirty-six percent of India’s total exports in addition to 45 percent of manufactured output can also be attributed to the MSME sector.

More than 6,000 products are produced by the 80,000 million people who are employed at MSME businesses.