EEN to facilitate trade between Indian units and European Union
“India has become an official member of the Enterprise Europe Network with three new partners, bringing the number of countries involved to a record 54. It will expand horizons in Asia for Network clients,” said an official notification.
The move is likely to facilitate trade, investment and technology between small and medium enterprises in India and the European Union (EU).
The consortium is led by the European Business and Technology Centre, which helps the business, science and research community in Europe and India, generating new business opportunities and encouraging cooperation. It works closely with other existing networks, initiatives, partners and institutions, with a focused knowledge of Indian market sectors such as biotechnology, energy, environment, transport and trade.
Other partners are Confederation of Indian Industry (CII) and the Federation of Indian Export Organisations (FIEO).
“EEN is a key instrument in the EU's strategy to boost growth and jobs. Bringing together close to 600 business support organisations from more than 50 countries, they help small companies seize the unparalleled business opportunities in the EU Single Market,” the notification added.
In other words, EEN works through local business organisations to help SMEs make the most of the European marketplace.
India's entry into the EEN will give the country's SMEs access to Europe's large database of cutting-edge technologies, with companies from the 27-member bloc both offering and seeking research and commercial applications in 17 sectors, including agro-food, automotive, transportation and logistics, biotech and health care, a media report said.
Given its complexities, stringent rules and protectionist tendencies, the EU has been a difficult market for Indian SMEs, but with India becoming a member, there is bound to be a difference.
Further, EEN will be able to provide insights on sources of venture capital and loans; the best way to sell a business plan to investors; getting aid from regional, national or EU authorities; and accessing public funds and grants for research and development.
The EEN's business cooperation database of some 23,000 profiles and business support organisations from 54 countries enables SMEs to utilise it to search for international business partners and sourcing new technologies and advisory services on issues such as intellectual property, going international, or EU laws and standards.
The network ensures that SMEs looking to expand their business to another country find competent and trustworthy partners, as well as assess how EU laws and regulations affect businesses.
EEN’s member organisations include chambers of commerce and industry, technology centres, research institutes and development agencies. Most of them have been supporting local businesses for a long time. They know their clients' strengths and needs - and they know Europe.
The Network was launched in February 2008 by the Commission’s Directorate-General for Enterprise and Industry. It builds on the former Euro Info Centre (EIC) and Innovation Relay Centre (IRC) Networks, established in 1987 and 1995 respectively. (KNN)