New Delhi, May 30 (KNN) Union Cabinet chaired by the Prime Minister Narendra Modi, has given an approval for signing of the Memorandum of Understanding between India and Sweden to promote cooperation in micro, small and medium enterprises (MSMEs). It provides a structured framework and enabling environment MSME sectors of the two countries to understand each other's strengths, markets, technologies and policies.

“The MoU also contains an agreement between the two countries to enable their respective MSMEs to participate in each other's trade fairs and exhibitions and to exchange business delegations, to understand policy and explore markets so that joint ventures, tie-ups, technology transfer etc. could take place,” said a release by the Cabinet.

It does not contain or involve any financial, legal or political commitment on the part of either party. In no case does it attract any financial liability on the part of Indian government, it said.

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 etc.

The Ministry of MSME has so far entered into long term agreements for cooperation in the MSME sector with counterpart ministries and organisations of 17 countries namely, Tunisia, Romania, Rwanda, Mexico, Uzbekistan, Lesotho, Sri Lanka, Algeria, Sudan, Cote d'lvoire, Egypt, Botswana, South Korea, Mozambique, Indonesia, Vietnam and Mauritius. (KNN/ST)