New Delhi, Jan 27 (KNN) Eyeing at strengthening relations, the Ministry of Micro, Small and Medium Enterprises (MSMEs) signed an MoU with the SME Corporation Malaysia for exchange of information and cooperation in the SME sector.

The National Small Industries Corporation (NSIC) under the Ministry of Micro, Small and Medium Enterprises (MSMEs) on Thursday signed an MoU with SME Corporation Malaysia for exchange of information and cooperation in areas such as policies to aid development of small and medium businesses (SMBs) in the two countries, a release from the Ministry informed.

Speaking on the latest development, Minister of State (I/C) for Micro, Small and Medium Enterprises (MSME) Giriraj Singh said that with the pact in place, the small and medium business in the two countries are likely to benefit.

Also under the MoU, India and Malaysia will work towards sharing knowledge and expertise in different sectors including manufacturing and technology to drive growth in the SME sector.

The Minister further highlighted the strong relations and said that Malaysia and India are large trading partners and share cordial relations for a long time.

“Bilateral trade (between India and Malaysia) was registered at $12.02 billion in 2015 as against $13.84 billion in 2014 and $13.38 billion in 2013”, Singh said.

Also as a part of the collaboration, the MoU between Malamega (Malaysia) and Pupathy Enclave will explore the possibilities of sourcing and supplying fossil fuels and development of green renewable energy, the Minister informed. (KNN/DA)